Scammers exist in every business industry, but in real estate, it can be a much bigger financial hassle for everyone involved.
One of the most important things that you should be doing, especially as a real estate investor, is going through your title company.
Your title company - that you researched and trust, right? - should have your back when it comes to processing and tracking your deals.
Guys, when you start stepping outside of doing business with title, you run the risk of being the victim of so many unpleasant scenarios - fraudulent transactions, tax liens, spousal interest, etc.
There are definitely some I had never heard of before Dena Jones and I had these guests from Fidelity National tell us about them on an episode of Title Talk:
As you heard in the video, the dumpster fire that occurs when you step out of doing business with title companies just creates far more headaches than you probably need to handle.
Even in situations where you want to be added to a deed, like in a parents’ home, you still should go through a title company to ensure everything is on the up and up.
Situations like these can be avoided when you properly go through a reputable title company, but finding one does require that you do your research. Certainly, if there’s a company that you routinely work with that treats you well and does what you need them to do, keep them!
I’ve been using Fidelity National for quite some time and the reason I use them is because of their service, and because of how they’ve been able to help me and my AstroFlipping members do business in a manner that’s correct and ethical.
But this isn’t a one-way street.
While Fidelity takes care of me, I also want to make sure that I do my best to take care of them in return. Title companies, especially escrow officers, love clients who know what they’re doing and are cooperative with everyone that’s involved in the deal.
This includes being transparent about what’s happening with the deal, such as when a seller dies in the midst of the transaction and what the alternatives are to help get that deal across the finish line.
Everyone has to do their part.
Title companies should be an additional part of your team, coming in and doing what they need to do.
Above all, guys, never, never ever throw your escrow officers under the bus.
If you run into an issue or a problem, don’t just arbitrarily put the blame on your title company, especially if the issue happened because you hadn’t been entirely transparent about the full scope of a transaction.
Again, title companies are just another arm of your team, so take care of them and they’ll take care of you.
And as always, if you need support and guidance, AstroFlipping is the place to be for all your investing needs!