Depending on the property’s value, there are different ways to transfer ownership to a buyer. Quit claiming the property to a buyer is common for either low valued properties being sold at a deep discount, or vacant parcels of land, but if the property is valuable and you want to get top dollar for it then a warranty deed supported by title insurance on normal terms is by far the best way.
So how do you get insurance to support a warranty deed?
- Wait out Florida’s four-year statute Limitations of Actions (§95.192)—an unrealistic option for aggressive investors who prefer to keep their capital moving.
- Wait for the courts to conclude a lengthy and expensive quiet title action—again, not an attractive option to investors wanting to flip properties quickly and take profits.
- Use a fixed priced tax deed title-checking service like Cleartosell as a fast- track alternative that enables speedy release of capital and profits.
Let’s look at a couple of success stories from our clients to see how Cleartosell became a game-changer for their businesses.
One of our seasoned investor clients regularly buys high valued tax deeds and placed a property with us that he had bought for $54,000 at auction. When we were able to certify his property as having insurable title in only 11 days, he continued to the closing of the contract he had in hand when he instructed us and sold this property with a warranty deed and title insurance on normal terms for $88,000 which was $18,000 more than the Property appraiser’s assessed value. His profit before tax and costs was $34,000 realized in less than three weeks!
Another regular client purchased a tax deed for $144,200. Our research unveiled issues connected with notices to previous owners that posed a potential risk to the imminent sale. Without any further fees charged, our attorneys immediately took the appropriate curative measures required to get the issues fixed, without any fuss. With the noticing issues sorted out we were able to certify the title as insurable and our client went on to sell his investment for $195,000. His profit before tax and costs came out to a whopping $50,800!
Not convinced yet? Let’s recap on how both these seasoned tax deed investors benefitted by using Cleartosell:
- Both saved over 47 months of time compared to the four-year rule, and some 6-9 months compared to the average time delay of a quiet title action.
- The speedy turnaround of their properties allowed them to sell quickly giving them the opportunity to buy up more tax deeds and keep their capital moving.
- They were able to obtain title insurance on normal terms and sell their tax-deeded property at Full Fair Market Value with a warranty deed vs. a quit claim deed, thus maximizing their profits.
Now that’s what you call a win-win-WIN situation! Visit our YouTube channel to learn more about Cleartosell and how we can become game-changers for you, too.
admin January 6, 2016