Don't buy real estate on eBay without getting title insurance

Don't buy real estate on eBay without getting title insurance

Attorney Tom Olsen: Dell you're on news 96.5 go ahead.

Dell: This is Dell.

Attorney Tom Olsen: Hey Dell.

Dell: I have a question, I bought a house on eBay. I was a high bidder, I paid them all their money that I was supposed to in cashier's check, I did take photocopies of them. Then we rented the house out and I also paid $299 to have it transferred over and I have been to the house, I saw it before I bought it and then I have been to the house twice there is a renter in there but they're paying the money to somebody else. I have never gotten a dime, I have never gotten a title, I tried to do so.

Attorney Tom Olsen: Dell, how much did you pay them?

Dell: I paid $5,950 for the house, I did-

Attorney Tom Olsen: Let's round it off to $6,000 Dell. You paid $6,000 for a house on eBay. How much do you think that house is worth Dell?

Dell: According to the market research I did it's worth about $20,25,000. It's in a run-down area but it's livable.

Attorney Tom Olsen: Dell, when you buy a piece of property you always get title insurance. Title insurance will ensure to you that you've gotten good title to a piece of property free and clear. Dell if you call me next week and said, "Tom, guess what, I got completely ripped off my $6,000 is gone and I get nothing in return." I will not be surprised to hear that Dell.

Dell:  Can I sue her?

Attorney Tom Olsen: Yes, can you find her? Do you know who she is? Do you have a physical-

Dell: Now she is not returning my calls. She hasn't returned my calls in like five months.

Attorney Tom Olsen: Dell do you have a physical presence address for her?

Dell: Yes I have two, one in here and one in Georgia. I made the checks out to a corporation in Georgia.

Attorney Tom Olsen: Then you're going to have to sue the Georgia Corporation. Guess what Dell it's an empty shell there is nothing there. Dell, I hate to say this but you were foolish to believe that this could ever be done legitimately over eBay and I hate to say it but I think your $6,000 is gone.

Dell: Ouch.

Attorney Tom Olsen: Ouch is right I'm so sorry for that Dell. Folks, number one, you don't buy piece of property without getting title insurance. Title insurance ensures you that you get what you think you're getting that is good title to a piece of property.