Sometimes what looks like a shortcut is actually the longest route to your goal.
These days almost everyone you know is looking to invest in real estate. And with the market as strong as it is, who can blame them? A while back someone came to us with a big problem.
He bought an investment property on his own based on a real estate investment course he took. He didn’t need an agent because, after all, the course taught him everything he needed to know. Also, he had a family member with some investment experience as well, so he could lean on their advice. All the advice was perfect—price point, location, the expected return on investment estimates, etc.—everything except for the actual closing, which took place at a Starbucks using a notary.
Unphased by the Starbucks closing, he and his partner got to work renovating and paying off their investment property, and when they were ready to list, he called an agent his investing partner recommended because “he would do it for cheap.”
The now updated house was listed and it sold very quickly—but there was a problem: they didn’t legally own the property they were selling
Because he used a notary and not a closing attorney, things got missed. Important things. Like the tool that legally transferred the property to him and his partner—THE DEED. This meant they were trying to sell their investment property and they didn’t legally own it–even though they had already paid for it in full.
“Tracking down that deed was a MAJOR headache,” the investor shared. “The Realtor (chosen by my investing partner) who listed the property provided no help whatsoever and assured us “everything would be fine.” Ben [Lastra] gave me some advice on a few solutions to work through, and after almost countless hours of my time, we were able to save the deal. It turns out there was never a deed that transferred the title to us when we closed at that Starbucks …The deal to sell the property that we invested a year’s worth of time and money into almost fell through because of that one detail [of ownership] that I had no idea about.”
One of the reasons it’s important to use a Realtor is that we’ll ensure your closing is done by a well-vetted attorney, who dots all the I’s and crosses all the T’s. We can save you time and money as we protect your interests.
“After this ordeal, I can personally vouch for the importance of using a qualified real estate agent to assist with any real estate transactions,” concluded the investor.
If you’re looking for a property, let us know. We’re glad to help streamline the process and protect your investment.