Buying Tax Sale Lots Inside Hot Springs Village

Click here to download the PDF of the flow chart used in today’s show.

Disclaimer: We are not legal, real estate, or tax professionals. This show is not a substitute for professional advice. Today’s episode is a conversation to help you take greater precautions and avoid the pitfalls of buying a lot inside Hot Springs Village, Arkansas that doesn’t have a clear title. As always, buyers should beware!

Here are some important things buyers can do to protect themselves: 

  1. Make the purchase only through a legitimate title company
  2. Do not send the seller money directly
  3. Get a legally clear title by having a title search done and get title insurance

Transcript courtesy of AI (artificial intelligence) technology

0:05
Hey, it’s another episode of HSV inside out with my co host, Randy Cantrell, and my good friend, Mr. Jeff Adkins. This is going to be a special episode. And we want to cover some things basically as kind of a consumer information. FYI, Jeff, come in there. What are you thinking?

0:24
Well, we’re talking about buying tax, deed sales or tax sell lots in hot springs village. It’s something that you and I have a lot of experience with over the years, and we hopefully we can educate the public a little bit on what goes on, and the recent Pewaukee action to purchase a bunch of lots from the Commissioner of state lands, maybe why that was done, and what’s the what the future holds? Yeah, and what consumers can do for themselves. Randy, what does this look like from the outside? What do you see this as just a? Well, obviously, the three of us have had some, some conversations. And prior to that, I absolutely knew nothing. So I’m kind of happy that we’re doing this disclaimer. None of us are attorneys, you know, I don’t have a real estate license. And these we’re not talking about homes being sold. So proceed at your own at your own risk. But I think it’s great. Because, as you guys have kind of taught me offline from this show. Yeah, the pitfalls are very real. So there’s no question that I think, buyer beware, buyer beware. And it just dawned on me, Jeff, between us we have roughly 40 years we met and a lot of people don’t know this, we met competing against each other. And we were bidding against each other and whatever. And we had a lot of lessons to learn, I think would be a fair way to put it. And I think that this information, although not professional information, we are not professionals in that way. I’m not a licensed professional or a licensed broker or licensed real estate. But over the days, I bought and sold over 250 lots I’m sure, Jeff, your numbers very close to that too, I would assume. Yeah. Mostly blank. Yeah, mostly.

2:12
I think a lot of people I think more than one realtor, Jeff has told me a collector. So let’s just leave it at that, shall we? Yes. Well, but to be fair, to be fair, I can almost guarantee there are people in the audience much like myself that don’t even really may not even really know the proper questions to ask and the proper things to just the pitfalls that absolutely could make a dream go south really quickly. It really could. And, Jeff, I think we need to address the elephant in the room here. And that is a lot of times people will say, Well, I can go get up a lot at the county for $500. How long ago did they quit doing that, Jeff? Oh, that was back in 2009. or so. That’s been at least a decade. You know, those were pra foreclosure auctions, those were pa initiated lawsuits, to get back lots that the owner had not been paying their assessments on. Those carried a one year right of redemption for the prior owner. But they were good titles, because they were judicial foreclosures after that one year. And if the prior owner wanted the lot back, they reimbursed you all your costs that you’d spent on taxes, or QA fees or anything like that. So there wasn’t that much risk in those. But those again, like you mentioned them and stopped for quite a while now, basically, is a money saving option for the PRA when money was tight, back in 2009 are 2010. But what that has done is it’s led off, lots go to the Commissioner of state lands for unpaid taxes. And those are what we’re mainly talking about today. And those have not good titles unless you get them cleaned. Or by either going through a legal process, or by contacting the prior owner and getting all the appropriate sign offs, which can be quite a hassle, if not impossible. So let’s recap just to be very, I want to be very elementary and very basic here. The $500 lot with a clean title that you could go to the county and get has not been available for over a decade yet people still think that’s what you can do. Right? Well, there’s Yeah, there’s a lot of people that probably still think there’s go on. Yeah, yeah. So it has moved from a foreclosure by the plla. Four dues to a foreclosure by the state for Texas. Correct? Correct. Okay, so and we’re gonna go through this process here in just a little and it can be kind of convoluted. This is a very simplified way of saying it. And Jeff, you brought up an excellent point. Let me go ahead and share this screen here real quick. If I’ve got that pulled up, I didn’t have that pulled up. Randy, you don’t see that yet. Do you? Not yet. Sorry. My mistake. All right, keep going to share that screen and that screen and share. There we go. Okay, so I’m in sweet this presumes a tie

5:00
line that you just quit paying your taxes. And Jeff, you brought up a good point, if you quit paying your taxes for 2019, which they would be due in 2020,

5:10
then the these for these following events would happen. Right, this process is shorter than it used to be. It used to be more drawn out.

5:19
But basically, the lot sits at the county for a couple of years, and they get certified what they call certified to the state. And then once the state gets it, they set an auction date, and the property goes to auction. And you can see a nice little flowchart here of what happens, it can be sold at auction or not sold at auction.

5:39
Well, let me go back just a little. So from the time that you stopped paying taxes, you say, Well, I moved, and I didn’t know that I had to, you got to chuckle Geoffrey, I love that one. I didn’t know I had to file an updated form, I didn’t know I had to tell the county where my new address was, it’s not their job to follow you that chase you down. But if you stop paying your taxes for one reason or another, they will send a certified letter to the last good known address of the of the owner, because you’re still the owner, but it’s been certified to the state. And that process of certifying it to the state basically says the state has a claim on this property now. And unless you do something that’s going to happen, so roughly three years after there’s an auction date set, roughly and those will be upcoming shortly. If in the next event happens one or two ways, either the property is not sold at auction.

6:35
And Jeff, I want to just end this there. We’re in a completely different world now. But I’m going to remind people what used to happen. Randy, we would have pages and pages and pages and dozens and dozens and dozens of lots that were from Hot Springs village. And the commissioner would say, starting at the top of page 23, go into the end of page 31. Any bids? crickets, crickets crickets moving on next. And he would do because he has to do the entire county he hasn’t they do a county at a time. They don’t do one because there’s so many for the village, they just left them. So they would actually just go through lines at a time and there would be at the end of the auction, it wouldn’t be uncommon in days past, for there to be maybe the better part of 1000 properties not sold. It was easy with these USB properties that people just I don’t want to fool with it anymore. And I don’t mind losing it or what let’s do this. Let’s go through the process. Typically, Cooper would bring people out give them a 90 minute two or three day two night vacation, they stayed at the builder roadshow till they came out and a realtor showed them around and said do Don’t you like this in this beautiful blah, blah, blah, blah, blah, and the basic interior lot sold for the between four and $6,000 between the late 80s and the early 2000s. And Cooper would ride that for 13.6% or 13.9% interest and they would let you pay that out. So it was very inexpensive. Well, when that was paid off. And when those parents that maybe bought that died off and said, well, we’re gonna leave this for you, Randy, because you would love that. And you go, I’ve never been there. I remember we went a couple of times when I was a kid. It’s land land always gets more valuable, right, Jeff? Yeah. Yeah, whatever. Yeah. And so they would come forth and say they’ll call a realtor which every realtor in the village has had 1000 of these calls, and probably not an exaggeration by much. Well, I want to sell my lawn. Well, is it an interior? Lot? Is it that means? Is it not a golf lot? Not a lot? Not a view? Lot? Is it just a plain interior? Lot? And most realtors would go Okay, well, we might be able to get $1,000 for it. And oh, by the way, the minimum commission fee is what Jeff 1500. So yeah, you’re only gonna pay us 50 $500 to get rid of your lot. Got it. So you know, and then when you look at the taxes, and anyway, so as we go back to the flowchart here real quick, the property is not sold at auction.

9:01
Or I’m sorry, the property is sold at auction, just go over here to the right, my right.

9:07
The former owner is notified. I have a property that I haven’t paid on, Jeff buys it or makes a bid on it. I get a notice from the Commissioner of state lands, Jeff, what do I have 10 days to redeem it. It’s not very long. It used to be like three or four months. And now it’s like 10 days, I think, yeah, it’s not maybe 30 days. And let’s talk about what the price is the price is the legal fees, the processing fees, the minimum required. I think it used to be 20%. But they’ve changed that and the taxes. So an average lot might cost you between 615 $100. Okay, and you say they’ve dropped that 20% in the habit the starting price is not as high as it used to be right the starting price is now lower than it used to be. That’s correct. Yeah. But But so, Jeff comes in and he wants to buy a property that I have

9:59
and

10:00
I get notified, and I have 10 days to to send money and certified money and get my property, it becomes uncertified, I get it back and there’s no more claim on my dues on my deed anymore. It is fully clearly mine. Okay, got it. Jeffrey covered the other side. What happens if you don’t sell it at auction? Well, after all, if it doesn’t sell an auction? Well, I think it’s bad 30 days after the auction, you’re going to get a deed? Or they’re going to start preparing the deeds. Oh, you said if it does sell if it does sell? If it does sell? Yes, I’m sorry. If it does, yeah, if it does sell, the buyer is going to get your deed about 30 days

10:38
after the auction, because they have to wait for that expiration of the redemption time. And so at that point, you would have a limited warranty deed from the Commissioner of state lands. That is not considered a marketable title for 15 years. Under current Arkansas. Well, let me tell you, did you say this teen years to naturally metric? Yes, if you don’t take under current Arkansas law. Again, I’m not a lawyer, but you can read it yourself 15 years before it becomes a marketable title. And that doesn’t necessarily mean that a title company is required to write title insurance after 15 years, it’s just that under Arkansas law, it’s considered a good title. So you can’t necessarily get title insurance on it even after the 15 years, depending on your title company and their mood 15 years from now.

11:28
So what you have to do at that point is you have to get in touch with the prior owner, if you can, if they’re still alive, if you can trace them down if you if you can find them, because they may have moved five times from the last public address.

11:42
Or you have to go through a legal process, which typically would mean hiring a lawyer filing a lawsuit paying the lawyer anywhere, but Well, whatever. But I’ve got bids as low as 1500 and on up from there, to spend the money to get a good clear title. Now, if you’re just going to use that lot, so that you can come out here and have amenities. peewee doesn’t care that you don’t have a marketable title. But if you want to build a house, on that property, or you want to sell it as a retail sell, at some point in the future, you’re going to want to have a marketable title. Well, and, Jeff, just to make note, when we say build on that, that presumes that the conventional person would not pull out $300,000 or $200,000, and pay cash to get their house built from the ground up, that presumes you would go through a bank and the bank with the very first thing the bank does is they look at the chain of custody, I mean, the chain of title and to see if there’s any clouds on that title. Yeah. And that’s that’s an excellent point. That’s, I’m glad you pointed that out. You could always pay cash and build a house, can you get a loan to build a house? That depends on the lender? And I would say probably not, most lenders are not going to want to lend you money to build a house on property that you don’t have a good marketable title too.

13:02
So yeah, you could build a house with cash with your own money, it’s at risk, because you never know, if somebody is gonna come back in future and put a claim on that land. And there’s exemptions in the wall, the last time I read it, that if you’re overseas, serving in the military, mentally incapacitated, things like of that nature, that you have a right to get your property back. And that’s the risk. That’s why the title companies won’t write title insurance on these things without you going through a legal process. Well, let me interject one other thing, let’s say, Jeff, that this is a lot that I personally have not in a corporation, but that I personally owned. And I let it default, and you came up and bought it. Okay. From the time that I owned it to the time you buy it, I was married, maybe when I owned it, or or if Jeff’s got the laugh again. Or maybe, maybe, maybe, Randy, and I own this lot together. So Randy, and his wife would have to sign off, and I and my wife would have to sign off. But it was just a quick claim, we just kind of sold it over to you. And Randy said, I don’t want to be on it anymore. I’ll just sign a quick claim. And it’s all yours, Dennis. Well, if Marcia didn’t sign up, if Marcia didn’t sign on it, it doesn’t matter, either. So yeah, we talked about going back to the last known owner, the title search can go back seven different 10 different owners. And if any one of those did not sign off on that title, you still may not have clear title to it.

14:31
Well, you know, as long as the title company is happy that that’s a good thing. But if you’re having to do the legwork yourself, and I’m not sure how far they actually go back, they probably could go back to the last point that was written with title insurance. Mm hmm. But yeah, that with the marriages and divorces and partnerships, buying lots together. You know, the first one I own in the village, it was me and a golf buddy. So you know, we were both owners of that property. So

15:00
separately or together, however you want to look at it, we’re we’re both 50% owners. So there’s a lot of things that can go wrong in getting these things cleared. And you know, they could have an IRS lien on them. I’ve had lots before with an IRS lien, or a lot with a an IRS lien. There’s, there’s many things that can go wrong in this process. Well, I’m sorry to interrupt, but the PRA can actually put a lien on these two, because this is not for pra dues. This is for Tex eat well, they they can but they they tend to in the past, they’ve tended to release any liens that they’ve had on the property, when you have a new owner that’s paying the assessments,

15:40
they tend to do that, of course, now we haven’t mentioned yet that the PHA is going to want $125 transfer fee for every lot you buy. So so there’s that that’s kind of new in this cycle of, of flat values. You know, last time the lock values were up this high, there wasn’t really a transfer fee that you had to worry about.

16:01
Or they didn’t enforce it on these types of purchases from the Commissioner of state lands, because they were happy to get their assessment every month on an ongoing basis, but basically got a lot they went back into production as fast as they got one that was productive again. And they had people using the amenities, again, which was even more revenue, what just the assessments is the revenue they get from the golf and all the other activities that you might use your membership for. So it was in their interest that somebody buy this lot and start using it very much. Randy, did you have a question? No, no? Well, I’m gonna move on, we’re gonna get to I think what the button hopefully a lot of the viewers were actually looking at asking about is, let’s say the property does not sell at auction. Let’s say it goes in 30 days, it goes to a post auction sale, and I can buy it for full price or whatever. And if I can buy it for full price, well, I would not bought it at the sale for full price, right. So the next step down if you follow the little spreadsheet here is that it’s held for one year to and to be purchased. While it’s was I’m sorry for two years actually to be held at list. And in two years it moves to the negotiated sales. A lot of people are wondering why on earth the PRA bought all these lots. And I don’t want to give a full disclosure of everything that we’ve had a discussion about Jeff and I have been working on this for literally years now. But every one of the letter the notes in the in the the PRA notice that said for timber clearing and to secure the future of the village and to stabilize the market and all that every one of those is exactly correct. And it’s things that we’ve tried to talk to the PRA about for years. But here’s what happened. When you get to the negotiated sales this spring, there was a gentleman who was selling a course where he would show you Randy Yes, you Randy Cantrell, how to buy a lot at the Commissioner of state lands, not for 1499. But for 499, his course would show you how to buy a lot that you could buy for free in your own money. If you just did a little reading. And you could figure it out. Right, Jeff, and making a phone call to commissioner of state lands because they’re very helpful. You may learn more on this video, then, that guy’s customers learn from $499 course.

18:22
I didn’t take the course of course. And it’s no longer that website’s no longer active, and it could have been good information.

18:30
But

18:31
that really spurred a lot of activity and a lot of purchases, it seems, or it was coincidental with the improved real estate market and other investors coming into the village that lots were disappearing from the Commissioner of state lands negotiated sales list in big groups, because I was 100. Yeah, you You and I were watching it. And I had bought some so I was particularly watching it and I bought I think 17 and I had another 30 or 40 on my radar. And they were disappearing. And in so you know, we made that information available to the poi You and I together letting them know what was going on that and frankly expressing our concern that number one, these new buyers may not be paying the PRA dues, much less the transfer fees. Right. And you know, that’s something that you and I can’t see. And it’s really not our our business on a day to day basis to know who’s current and who’s behind. But just letting the PRA know, hey, you’ve got a lot of people buying lots they knew people were buying lots because they were getting notified from the Commissioner of state lands. But they it appears that they weren’t getting the associated revenue. And then that’s when they took the action that they took to purchase the 20 115 lots that were all the lights that were left on negotiating sales list, because they just couldn’t have these things out there in the wild and not paying assessments. They were sitting

20:00
Tuition and state lands, they weren’t paying assessments, but they could always go get them or somebody could buy them like myself for you, that would start paying assessments. But when we had people going in and buying them in large groups that weren’t going to pay the assessments, that wasn’t a good option. That was bad, actually, I’m sorry, I actually was reading some social media. And I’ve seen this, and I’ve actually had first hand knowledge of this, there was a couple that was from Brazil, that had bought hundreds, hundreds. And you know, hundreds is easy when you don’t have to pay $125 transfer fee, and you don’t have to pay $39 a month. And you’re, you’re basically looked back at the top of the list. If you paid $150 for one of these loads, well, guess what, you’ve got another six years before it goes back in negotiated sales again, before you have to pay a dime. That’s true. If they don’t pay the assessments, then the only option at this point is a judicial foreclosure, which,

21:00
which, which is expensive, we they used to average 750 or $800. Back in 2008. The last time they were really doing an actively.

21:10
So it’s expensive for the PRA to do a judicial foreclosure.

21:15
So that’s they can do the judicial foreclosure, or they can wait another six years. So it’s back on there negotiated. Or you know, they could wait another three years. And that’s assuming the people don’t pay the taxes, because they could pay the taxes, they could pay the dollars in taxes and not pay the assessments. And they then their only option is judicial foreclosure. Yeah. So that again, has 1000s of properties, these that are not performing, they’re not even in their control.

21:44
Yeah, and that’s a bad situation, if, if they’re not gonna be performing, they might as well be at the PRA, or with an entity that is friendly to the PRA, as opposed to an entity that may not be in the United States and doesn’t care a bit about how springs village, all they care about is flipping the property. So those 2000, those 2000 plus lots, were all on the negotiated list. So they had all they had already been a year or two on the app list. And had already moved down to the negotiated list. Right, most of them originally went to auction in the 2013 2014 timeframe. That was when that was when in RPI quit paying their taxes, which NRP was national recreational properties. And that’s when they quit paying their taxes. And they’d quit paying their pra dues long before that. And so there was just this glut of lots that came through the market. And you know, there were some good ones. There were some golf course lots there were some view logs. There were some Lake Lodge, but not the nuts of by far and away not the bulk of them in any way. Yeah. And just to to expand on that point. In RP and the people that took over their properties.

22:59
Yeah, successors, they hadn’t paid the taxes before that, because we picked up some lots in 2013 2014 that were already at the Commissioner of state lands, they’d already gone through the auction in no way did on.

23:14
And so this has been going on, I mean, the real estate market crashed in 2008. So what’s been going on since then it’s been a developing thing. And it just came to a head this year, because for the first time, the lats have some value at

23:29
that time, because

23:31
they, you know, how much is an interior lot with a bad title worth? Well, back three years ago, it wasn’t worth very much today it is if it’s got it, you can get the title cleaned up, and it could be worth something. But keep in mind that. Also the reason that a lot of these went to the Commissioner of state lands, the reason that people didn’t pay the taxes to start with is they couldn’t sell them because they weren’t good lots, if they could sell a lot, or even give away the lot. as an individual, they wouldn’t have let it go for taxes or pay dues, or anything else, they would have sold it, even in a bad market. But some of these things are very steep. Some of these lots are low. Some of these wallets have just not in a good spot. They’ll be in a dip or, or whatever. So you need to be very careful about the individual property. The thing I would say is, you know, for somebody that’s a homeowner in hot springs village, if the lot next to you is available, that might be in your interest to go pick it up. I’ve done that before I picked up a lot next to around property that for no other reason than I own the house next year. And it can kind of control who my neighbor was. So right now it won’t be anybody. But I want to make note also, some of those roads are paved. Some of the lots are highly irregular. I want to go back to something here, Jeff, and we’ve covered this on other shows, but the viewers may not have seen this. I want to make this explicitly clear. There is no such thing as an unbuildable lot in the village. Mr. Cooper was an attorney. He did not like to get sued. He did not like

25:00
EPA breathing down his neck. He did not like lawsuits, every lot is buildable. Jeff for one, I can give an example, Jeff has a 5.3 acre lot on an unpaved road not far from here. That is gorgeous. And if you have a billy goat that has his legs, two shoes, two legs shorter than the other, it’s a perfect lot for you. Now, the reason it’s a 5.3 acre lot is because there is one and I expressed one buildable home site on that lot. If you’ve got a third acre lot, there’s one buildable home site on there, if you got a five acre lot, there’s one buildable home site on that. So that was kind of Cooper’s crotch area. Well, Cooper did make the lots that were steep, bigger, so that you could have some options for building actually the one you’re talking about. Dennis is not quite as bad.

25:47
As you saying that was we talked about the same logic? I think so. I think so because those lots all in that area, all five acres, but they are rough. They’re they’re undulated. They’re they’re hilly, they would require Parson work. But you know, the thing is, they’re all buildable. If you’re willing to spend the money to build in in 1975, it was a lot cheaper to build on a steep why than it is in 2021 with material cost. Well, and to interrupt interrupt one more time Billina. And many of the hillside sites up here, they are steep, steep, steep, and the lats are 25 and $30,000. But you’ve got a million dollar view after you build your house. So what’s your point being that it was less to build back then very, very well put. And that’s another key, it’s one thing to build on a steep block. And you have a view when you get done with it, versus building on a steep block. That’s not going to happen. So there’s two versions of steep there’s a good steep and a bad steep.

26:43
And but they’re all expensive to build today. And the Home Builders want to build on flat lots they want to put in slabs. They don’t want to do any of the block and pure work that Cooper used to do. They just don’t they want to put down a slab and be done with it. Because it’s the cheapest way to build.

27:01
Jeff, didn’t we have a builder tell us the other day that for every layer of block it was about another $3,000? Yeah, it was something in that range and really surprised me. Yeah, I was I was really kind of startled that obviously, you don’t need the same lira block because many of the lats as you say are undulating here in the village. But, you know, you got to go up three blocks, there’s $10,000 for the better part, you know, right. And that doesn’t really increase the value of the house when you’re done. Exactly. Especially if you’re building a spec house, one of the builders told me that one time, when you build a spec house, nobody cares that you put $50,000 worth of foundation work, they just look at the top part of the house and go well, this is nice. Alright. Let’s go ahead. We’re going to wrap this up now. And thanks, everyone for joining so much. But we want to go back, I want to re emphasize this again, I cannot say this enough, do not settle online. And Jeff, we spoke about this yesterday, there are two components of a sale. What are the two components? And why do they need to be handled at a title company? Well, yeah, in our discussion when we were trying to figure this out, and what we really boil down to is you want a title company to handle the closing, because you don’t want us to be sending money out until you get the deed. And so you want an intermediary there, too, that gets the deed from the seller, and that you give the cash to and makes that trade for you. in a controlled environment, you’re not just sending a money order to some address, and I’ll give you a really good example is I had an individual that sold a lot that I owned, and gave people a deed for a lot that he didn’t know, backup backup, you had an individual that sold a lot that you owned, correct if he owned it, as if he owned it. And he gave the people a deed to that property. And according to the US Postal Inspector when we got in touch with legal authorities, at some point somehow I don’t remember it’s been years ago,

28:46
he informed me that the notary stamp that we used on the deed was a forgery. So it was a classic scam of selling somebody else’s what now did he realize that he no longer owned a lot because he had known a lot for several years, he had gone through one of those peewee foreclosures we talked about that you purchased. So you had to kind of quit battle. Exactly. And I think it was actually the county that they contacted me and said, what’s going on here, because this guy filed the deed against your law, and he didn’t own it. And that’s how he got started. So you got to be very careful. So that’s the first thing is you want that intermediary to handle the closing the trading of the money for the deed. But the second thing is, what’s most important is the title search, you want to know that you have clear title to it. And then associated with that is the title insurance that you get associated with a clean title search. And how much does that cost Jeff a couple of bucks. Well, it depends on who you go through. And you know, whether which title company it is, some of them charge more for the search and nothing for the insurance and so just kind of roll it all up together. So it just depends on who you’re dealing with. But it’s in the range of 150 to $250. It does matter

30:00
What the purchase price is to some degree, but mostly, a title search has a flat cost associated with it because it’s a certain amount of work. And whether you paid 10,000, or 20,000 doesn’t really matter.

30:13
Only the insurance part of that is variable because of the, the increased value of the coverage.

30:20
within range. I mean, most times when people write title insurance, they write it for $150,000, which is like a bare minimum house. Right? So Well, the title comp policy is only going to cover you for your purchase costs to my understanding, okay, if you if you read them, they, it appears that they only again, not a lawyer, but it appears that only covers you for your cost. It doesn’t matter the value. Right? Well, and I want to make note, one other thing here real quick is that many times for those of you who had to stay tuned to the end of this program so far, thank you. Number one, a lot of times in the what we call the real world, people will search back to abstract. I mean, we’ll literally go back to Lewis and Clark, you know, that’s not uncommon outside the village, because Cooper has a very clear title in 1970. When they purchased all this, that’s not a question. So they will search back to 70. And go, Okay, we’re good. You know, we don’t have to go back to 1772 or whatever, you know, so but the title company to reiterate the 15 times, a title company for closing, and title company for title for for title insurance. There is no way around that. Well, I’ll tell you what, Joe, if you’ll send me I know, we’ve got this list of great 1000. But if you’ll just go ahead and send me that cashier’s check for six today. We don’t even have to go through closing. It’s easy. Just Just send it on down and we’ll send you a warranty deed, a warranty deed, Jeff. And what does that mean? It means the paper it’s written on if it has nothing standing behind it. Right? The warranty deed is only as good as the person who issues that or the corporation that issues it. That’s correct. Ready? Any other questions? Have we run you over today? No, no, I just like I said at the outset, I mean, for me, it clearly has been a story of man, buyer beware. Because you can you can hop on Zillow, you can hop on any of these kind of sites, and you can find really dirt cheap, lots.

32:15
Maybe completely legit. But,

32:20
man, they’re completely legit. They will not have a problem closing at a title company. Yeah. Would you agree? Yeah, they won’t have a problem with that. That’ll be a good idea to them. If they’re not the you just go ahead and send that check that that’s okay, we’ll cut the price. And we can work something out. And don’t worry about it. Don’t worry about it. So honestly, we’re just trying to keep you from getting stuck and buying something that and Jeff, you said 1500. I’ve heard quotes between 20 530 500 per lot

32:50
cleaner to clean a title. So 1500 would be a bare bare minimum, I would say. And by the way, set aside about six to seven months for that process. And it takes a little while. Yeah. Well, if there’s no other questions for Randy and Dennis and Jeff, thank you so much for joining us at hotsprings village inside out this week. And if you have any questions, just go ahead and email us at the link on the page. If you wanted to come make any comments. We’re happy to have that too. But for Dennis Simpson Randy Cantrell, and Mr. Jeff Adkins. Thanks again.

 

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