Heirs Often Don’t Have Good Title
We buy properties where the heirs don’t have good title.
Guarantees of Good Title
Most Florida real estate is sold with warranty deeds. A warranty deed says, in essence, “I guarantee the title to this real estate I’m selling you is good.”
Sellers usually provide title insurance along with warranty deeds. Any problems with the title are handled by the insurance company.
Title After Somebody Dies
After somebody dies, often nobody has good title to their real estate. The title is “clouded.” Clouds on the title add risk and reduce value. The value of inherited real estate can be significantly lowered by uncertainties on the title such as:
- Homeowner/condo association fees,
- Claims of creditors, including medical bills,
- Claims of other possible heirs,
- The inheritance not being certified by a court, and
- Other clouds on the title.
We Buy AS IS Title
When we buy inherited real estate from heirs, all we get are quit claim deeds. A quit claim deed says, in essence, “I sell you this real estate, AS IS, with no guarantee of how good the title is.”
The title we get from heirs is AS IS, with no title insurance, and might even be worthless.
Quality of AS IS Title
No title insurance company will insure the deeds we buy and almost no other buyers will buy real estate this way.
How do we know this? We’ve tried selling some of the real estate we’ve bought before clearing the clouds on the titles and nobody would buy it.
Even junk buyers ran, without making any offers. They said the title was too risky for them.
Value of AS IS Title
Heirs can’t expect to sell inherited properties with AS IS title for anything near the price for similar properties with good title backed by insured warranty deeds. There are many estate properties with so many clouds on the title even we can’t buy them.
Can We Do This for You?
With some properties, even with clouded title, we can still get the family some cash before the tax auction. We hope we can do this for your family.