Dear Investor:
In our continued effort to be your preferred title company, National Title has made another move to further distinguish ourselves from our competitors. Effective immediately, National Title has filed a new rate with the Department of Insurance allowing for a 30% discount on title insurance for investors. This will allow you to purchase a Binder at short term rate.
Example:
· $100K Binder is now $557.60 instead of $766.70
· If you resell the property for $120K the difference will cost $63.00.
I would be more than happy to discuss the significance and benefits of a title binder especially considering the value with the discounted price. In fact on Friday, an investor found out that $185K DOT was posted incorrectly and still outstanding on the property. This DOT was picked up when we were asked to handle a resale transaction and insure a subsequent transfer. Had the investor purchased a binder from the title company he used for his title information, upon receipt of the Trustee's Deed this would not be his issue, assuming they would miss it again when issuing the binder.
Or, had the investor used National Title's auction list, it showed "Bid with Caution, Unrel DOT $185K." In any event, due to the lack of a binder and using unreliable information, somebody has a big problem on their hands.
As you all know, National Title has been "all-in" at the auction since Day-One and I can give you numerous examples where the most notable investors have saved thousands by having a binder in place. There are certain issues that a 3 minute quick search will not pick up, especially by inexperienced searchers. There is big difference between Title Officers searching the properties as opposed to searchers with minimal experience. I think in most cases, you get what you pay for. Pay $10 -$12 an hour to have your properties searched and you’re likely to have issues missed. A searcher may not have the experience to know when something doesn't look correct, and the ability or experience to know when to dig deeper and find the hidden lien or what survives a foreclosure or is wiped out by a foreclosure.
National Title has always had experienced Title Officers researching the auction list. I think it is imperative to have the most experienced, thorough and knowledgeable professionals do the research because of hidden title issues and the rapid pace these properties need to be searched, not discounting the fact that collectively millions of dollars are being disbursed the very next morning utilizing this information.
A few of you have mentioned "Escrow Discount" to me the past couple months. National Title already has the lowest filed escrow rates in the industry. If a competitor is giving you a discount off a higher initial rate, it's not really saving you any money. National Title may not be your rock-bottom cheapest title company, but my goal was never to be the cheapest, my goal was to be the best! That said, I think our newly filed discount, is very competitive regarding fees.
Example:
$100K sale = $184 per side
National Title, without question, is the hardest working title company at the auction. From day one, we have gone "all-in" at the auction and have been the leader with the tools and expertise to minimize your risk and help grow your business.
o National Title was the first company to upload our title information to your software and the first company to stream updated title information as it's completed in 15 – 30 minutes intervals.
o National Title was and still is, the only company with escrow officers, bilingual assistants, marketing professionals and title officers on-site.
o National Title has always been the most accurate resource for title information.
o As owner of the company and 25 years of title and escrow experience I have made myself available 7 days a week and at any time to answer questions and make insurability decisions on the spot. My cell is always on and I'm always available to help:
o Our marketing team has been the industry leader in tools and continues to think of new ways to help grow your business.
o I have tried to always keep you informed of title issues and industry loss patterns as it relates to the auction.
o National Title is the only company that continues to work with PAC to help battle the HOA collection companies. We will continue to allocate resources to this cause.
o AND, although it’s a small thing, we do are best to make sure you guys have cold bottled water, coffee and cookies on site everyday. And, as resources allow, we bring in lunch as often as we can.
I understand and appreciate many of your relationships with other companies. However, I am still asking for your business. I think more now than ever, locals should support local business. The big corporate companies were the last ones at the auction and will be the first ones out. The auction is a tough business and has the most exposure, as soon as the market opens back up the Big Boys will thin out. National Title is a 26 year local business that has been "all-in" from Day-One. We are the most consistent, dedicated and hard-working title company at the auction.
If you don't use National Title, I am asking you to reconsider and allow us the opportunity to earn your business. Our success is dependent upon our ability to earn an exclusive relationship with you and to always be your title company of choice. We are committed to this goal and will continually work towards it.
Thank you for your business, it’s very much appreciated.
Sincerely,
Tracy R. Bouchard, President
National Title Company
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