EPISODE 13

Ed Schudel: RGS Title

About This Episode

Go With John as he sits down with Ed Schudel of RGS Title. Ed discusses some interesting stories including his experience in television when he was on “Worst Cooks in America” as well as being apart of a BMW commercial. John and Ed also discuss what exactly title work is and share their experiences in the field.

SHOW TRANSCRIPT

[00:00:01] In case you missed it, I had the pleasure of sitting down with Jennifer Jacobs and Rachel Foster to discuss their safe at home mission at AHIP, a Virginia based nonprofit that helps keep people in their homes by making critical repairs.

 

[00:00:16] All of us at the Go with John show value our community. So we joined forces with AHIP to promote the community match challenge. And I’m so thrilled to announce that we helped raise six point seven thousand dollars for those in need of a safe, warm, dry home. Thank you to everyone who donated. If you’d like to support safe at home, go to AHIP VA and listen to the episode with Rachel and Jen and visit our show website at Go Watch on Dotcom. I’m sitting down with Ed Schudel, he is the director of social media for RGS title and the business development manager for a long and foster. We’re going to have a conversation about the ins and outs of title work, how it can differ from building a home as opposed to buying a home from a previous owner. And of course, true to the Go with John show, Ed will share stories about the journey to successfully reaching goals and how being yourself gets you farther than you may expect.

 

[00:01:22] Stay tuned.

 

[00:01:25] So I’m here today with Ed Schudel with our title. Ed, thank you for coming in today. Thank you for having me, John. Hey, so, you know, an interesting thing is we’re in a pandemic world. And I talked to an episode one about how we built this studio. And because of the pandemic, we could not use it. So we are doing things remotely and people are asking me, where are you recording?

 

[00:01:49] So I’m going to start saying today we’re at the long and foster office in McLean. Your office is just right down the hall, right, right here on Beverly Road. So when I was in the office working every day pre pandemic, you and I were bumping into each other in the hallways and things like that, actually. So, Ed, you’ve got an interesting story. So tell us what you do at RGS title for a second, and then we’re going to I want to talk about some of the other cool things you’ve done in your life, and then we’ll come and tell you some title stories.

 

[00:02:20] Yeah, John. So I’m director of social media for a long and foster settlement services, and we’re part of the long and foster family. So I help realtors with their social media, whether it be Instagram, Facebook, Twitter helped build and brand themselves. So that’s one of the roles I have and then the other role I have as business development and based out of here. McLean cover McLean Great Falls and Arlington. So my job is to build the relationships like we have with realtors to show them what we can do and more importantly, what you all need. I listen to the realtors. We help them and show them what our company can do and then help them be successful with their clients. Very cool. Sounds like a fun job. It is fun. It’s it’s been. I’ve been in the office since pandemic started. Yeah. Nonstop. Not complaining. That’s a good thing. Thank you and everyone else for their business. Long days. But hey, it’s helping people reach the American dream. And I’m seeing that more and more people are so happy that they can get a home in such a hot market.

 

[00:03:18] Right. Right, right. Cool. Well, so tell us, how how did you get here? So what are some of the things you did before you got into the title business in the title business?

 

[00:03:30] 23 years now. And it seems like maybe just a few years ago, I first got to college and I was a teacher and for a little while with Fairfax County Public Schools.

 

[00:03:41] Right. And I started at Pimmit Hill’s adult education. So I always felt if you can teach, you can preach, you can sell. Right. And then I went on to VCU or I headed up. That was actually in the late 90s there there Internet outreach to recruit students. And so I worked at the College of Admissions for the School of Engineering. And I was an NCAA compliance officer. And I also worked at the College Medical College of Virginia at MCV to help recruit students as well. And made the transition came up here. And I work with my sister Teresa, and everyone thinks Teresa hired me and she actually did it. I was a part time job because summer teacher salaries were off and my job was to get payoff’s to call all the all the lenders, get the payoff’s help out. And it was one of the founders of the company. And I was getting ready to go back to school. And he walked down the hall and he said, you really good at this. Would you like to do this full time? And I had what I enjoyed teaching, but it was time to do something different. I said, OK, and I was hired. Very good. I went down the hallway Citris. I’m working here full time.

 

[00:04:43] Oh, my God. She found out. What did she think about that? She was happy. Yeah.

 

[00:04:50] You know, when you work with family, you work all the time. Right. But I enjoy that. And she’s excellent. What she does. I just enjoy this business.

 

[00:04:58] Yeah. I think there’s a lot of people you know, my mom, Lillian Jorgensen, is a realtor. And I think when you’re when you’re in a business that’s all consuming, it’s there’s a there’s a lot of families. They get sucked into it. You know, I have a twelve year old twin boys and they’re already talking about going into real estate.

 

[00:05:14] So it’s it’s crazy.

 

[00:05:17] So so but you also were you were on TV, right? You had a so tell us a little bit about that. So a few years back, it’s a few years. It was like six years ago. Yeah. OK, so it was it was New Year’s Eve.

 

[00:05:30] And, you know, everyone has a resolution and I jokingly said, I’m going to get on TV. I was like, what? Yeah, I’m just my goals get on TV. And four months later, I was on Craigslist looking for furniture. I really in the mid century furniture. Right. And I was clicking around and I saw this category that. Said TV, film and editing, I thought, I wonder what that’s about, you know, I click on one of the first posts from the Food Network, right. And it said, Are you a bad cook? Do you know anyone who’s a bad cook? Nominate them or nominate yourself, right? Well, I’m not a good cook.

 

[00:06:04] So. So this is what I wrote just like this. I wrote.

 

[00:06:08] I wrote if I were to be on Iron Chef America, there’s only three people I could to battle with. Right. Colonel Sanders, General Tso and Chef Boyardee.

 

[00:06:18] And I wouldn’t win. Two weeks later, the phone rang.

 

[00:06:23] Your Food Network people. And they interviewed me as I’m in the car, right? Yes, it was. Go, go, go. I had done Radio prior and in graduate school at WRVQ Q94 Richmond. And I got that job because I want to contest. And I just knew for then you got to talk and then, you know, it was three months of auditions. Yeah, three months of auditions. I’m like every other day over the phone. And one of the best questions I think I’ve ever been asked and I always used to this day is John. They said, tell us something about you. We wouldn’t guess just by looking at you. And this was with the cameras. And I told them I’m ambidextrous. And they said, what does that mean? So I can slice, dice and chop with either hand.

 

[00:07:05] Yeah. So and then I made I made the show and I got kicked off after the first episode. All right. So you were clearly not the worst. Exactly. They said I was too good. So like but you know, it was fun. It was it was a good run. Awesome. Awesome. And then what else did you do? That was you did some other stuff that was TV related. Yes.

 

[00:07:24] BMW was launching the new M three at the time. This is ten years ago and I really want to go drive it. And it was an event pushed asked called Got Invited. And then one day we’re at the track. Well, actually, the night before that we had a dinner. There’s 40 of us at the Nürburgring and Norge Slipher and everyone’s going around the table and they’re asking them their favorite car.

 

[00:07:49] Yeah. What’s your favorite car? So you guys talk talking this and five next guys, 911, turbo Ferrari. Yeah. So a lot of wealthy guys get to me and I said my my XB and the table. Forty people just got quiet. They all work and I go, Haxby. I said, yeah, my Scion XB as title had a little box. Mobileye Yeah. I said, why, why would you pick that car. I said I can fit in it, I can park it anywhere in DC. Yeah, it’s great gas mileage. And you know what, my skills are better than the car, but on the high end cars, I seriously doubt anyone here can exceed the performance of the car. Next day we’re at the North Cipha, we’re walking by the BMW testing building and I come around the corner and there’s all these TV or movie cameras and productions and booms and lights. I thought, wow, the film in the commercial. And Martin Burkeman with BMW and products, he goes, Edward, ya come here. He’s like everyone else. Go in now. My name is German. Swiss we say Schudel but it should be Schootle so it should all come here. And he said, this is Miss So-and-so, this is her production team. OK, because we want you in a commercial. I said, why me. Because you’re honest. Yes.

 

[00:08:58] Said Yeah. How so. He goes because no one admits to liking A Scion XB And then I did videos and they used my voice for the launch of the car.

 

[00:09:07] That’s great. And it was a lot of fun.

 

[00:09:09] You know, I think and there’s a really important lesson in there. You know, if if you’re if you just be yourself and and be honest with folks, sometimes good things will happen.

 

[00:09:20] Yeah, I agree. Everyone has a story and you got to let them know your story so they know who you are and you got to learn their story.

 

[00:09:26] Right. So if you had just said something like everybody else would have just been part of the crowd, I would have been with another guy there. They really are cool. Yeah. Yeah. So it was very, very cool.

 

[00:09:43] A lot of folks think that building a custom home is a complicated and arduous process. It doesn’t have to be at Stanley Martin custom homes. We have the process down to a science. We will bring you through the buying design and building phase one step at a time. Head on over to we build on your lot dotcom and check us out. Reach out to us if you want to get started on the path to your very own Stanley Martin custom home.

 

[00:10:21] So let’s talk a little bit about title work, so, you know, really my my whole sphere, I think that’s listening to this show is either are there either homeowners or they’re in, you know, real estate or they’re going to build a new home. There’s a construction component. So tell us a little bit. I think a lot of people wonder, what does the title company do? Right. Right.

 

[00:10:43] What does the title company? So our primary goal is to provide title insurance, right? Right. But we want to make sure that the title is clear.

 

[00:10:51] The chain of title When You Buy a home is something to just have a break in the chain. You know who’s owned it before the other Lean’s or their judgments. Or if you have your survey or there’s encroachments on the property and for the largest investment for 99 percent of the population, you’re going to make you want to have title insurance in title insurance. I mean, you have now with all of the cybercrime and the hacking and all the things going on that protects you, that title insurance.

 

[00:11:20] Right. But so you are just providing title insurance. You got really pull the whole you have to pull the whole transaction together and get it settled, right?

 

[00:11:26] Absolutely right. And that’s right. So what it is, is to bring both parties right. The buy side, the selling side to make sure we get it. All the payoffs, the loans right away. There’s so much to it. People think, wow, they just sat down or they do it remotely or we do it outside with the social distance.

 

[00:11:46] Oh, this is easy. There’s so much that goes behind. Each attorney runs one of the August head offices or stage title. Any of the sister companies, she or he will review the title to make sure everything looks good. If it doesn’t, then we talk, we figure out, OK, what can we do to underwrite this and make it?

 

[00:12:04] Yeah. And I think one of the things that folks may not realize is that when you go through a real estate transaction and you buy and sell a house, you’re kind of on the front line with your realtor, or if you’re representing yourself, you’re on the front line of the transaction and you get all the terms negotiated on the contract and you’re like, wow, you know, that was a lot of work. We got it done. Then you normally have to go through some sort of inspection period. Right. And then at the same time, the contract goes over to the title company and the title company has to really you’ve got to get the deal closed. We’re the we’re the conductor of the symphony. Right. And I think there’s lots and lots and lots of things that come up that your average buyer doesn’t even realize problems in the transactions that you guys solve. Yes.

 

[00:12:49] As you approach a settlement without the buyer or the seller ever even realizing in that problem was there and such a busy market that is now, as you know, it’s also making sure to get the lenders to be on time to get us what we need so we can finish that settlement, get that settlement done. So we’re an advocate. We’re we’re neutral. We don’t represent either side, but we want to bring those pieces together.

 

[00:13:12] Yeah, so. So you’re working with the bank. Yes. You’re making sure the money shows up. Yes. You’re reviewing the contract and making sure all the terms of the contract are executed properly. So, for example, if there’s a seller subsidy or correct things like that, you have to make sure all those details are there. You prepare all the documents, you have to get the HUD out to everybody three days before settlement. I mean, there’s a lot of pressure. And you’re doing how many settlements are you guys doing every month in just a McLean office?

 

[00:13:42] I mean, now you’re looking at fifty, sixty a month. Right. So that’s that’s probably three a day. Right. Business days. Yes. And as people know and that’s conservative. I mean, it is. And we’re happy to do it.

 

[00:13:54] It’s just it’s a lot of work. And if it looks easy, that means it’s done really well.

 

[00:13:59] And you guys do a great job. Thank you, actually. Thank you. So so let’s talk about what what the what the just the title insurance component is. So how does so how does the whole title insurance come about.

 

[00:14:14] So yeah, you have to, you have to get how do you get the detail from the title. How does that work.

 

[00:14:17] Well so there’s the underwriter or excuse me, the abstract, the title.

 

[00:14:21] So are people in the abstract department with a whole dedicated department. They go and they pull it, they look at it, they research it. Once they have it and that’s done, then they send it to the individual office, to the attorneys, and then it’s reviewed by counsel.

 

[00:14:36] So, yeah, I was just going to say so. So, so in the abstract, those are abstract doors, right? They’re called abstract. Right. And an abstract are actually goes to the courthouse or electronically goes to the courthouse. Yes. Right. And depending on which jurisdiction you’re in and they pull and they look up in the land records, the property that you’re working on and they pull all the detail from that’s recorded on that land record. Correct.

 

[00:15:02] And you can go one to owners back. And that could be that could be a lot in the chain of title that go far back is important to do.

 

[00:15:09] And some of the really interesting things are, you know, if you actually read some of this stuff.

 

[00:15:13] Yeah. Which I’ve done.

 

[00:15:16] You know, some of these things are recorded and written 100 years ago, and you need a English degree to understand an old English almost, right?

 

[00:15:27] Yeah, but so so the abstract gets all this detail. They send it to the attorney at the title office. And then and then it’s reviewed to make sure that the person that’s selling the home has legal title. Yes, OK. And then that same detail goes to a title insurance company. Yes. Right. And then title insurance company will issue the underwriter. The underwriter. OK, OK, so the underwriter with the lender would get all that detail.

 

[00:15:56] Well, it’s an we have an underwriter because it’s we’re providing the title insurance I got. So when you go to buy a property you have to get lender’s insurance, title insurance that that you have to us it will say, it will say on the CD and the closing disclosure optional. But you want to get it. Remember, if they’re getting it, the lender, why wouldn’t you. Right.

 

[00:16:18] Right. Exactly. So there’s really two different underwriters involved in a transaction. You’ve got the title Underwriter and then you have the underwriter at the bank, the lender, the lenders they’re looking at to make sure everything’s clear.

 

[00:16:29] And there are no Lean’s, no judgments and things do pop up. So when they do, absolutely.

 

[00:16:36] They do as. Yeah, absolutely do. Yeah. So, you know, one thing that’s interesting is and I think this is really important for the folks out there kind of in my Stanley Martin sphere who are not working with one of our title companies in that when when everybody’s talking about title and you’re working with a real estate agent and a real estate agent has picked a settlement company like ABC title, whatever they are. And the realtor tells the buyer client, don’t worry, they’re going to review the title and they’re going to issue title insurance. While when you’re building a new home and you want to do a build, there’s a whole different process that we go through on the Stanely Martin side to review the title. And this is really important. Probably the most important thing I’m going to mention in this in this episode, I think, is that when you’re building a house, you want a civil engineer to review the title because they’re you know, you talked about encroachments being recorded on the title.

 

[00:17:34] Well, what does that mean? Right. It could be an easement. It could be a it could be a mechanics. Legal mechanics lean on the property. It could be a it could be a lack of right away. There could be a property where there’s no legal way to get to the property. And and your underwriter is not really looking for those things your underwriters looking for. Does the seller own the property legally? Are there any are there any judgments on the on the property? Are there any leads on the property? Are there things on the really the financial side that are going to be impacted in the end, the ownership side and the legal title, whereas when you’re building a new home, you want to look at what kind of things are recorded on that title that would impact build ability, like there could be a homeowners association recorded on the property that maybe nobody was even aware of. And I’ve seen that. I’ve seen all sorts of crazy things come.

 

[00:18:29] What’s the what are some things, John, you’ve seen and you’re an expert at what you do with with that. What’s something that comes to mind? Like a nightmare, like. Oh, no. Yeah.

 

[00:18:37] I think the biggest thing that comes up are easements that people were not aware of or or lack of right away. Those are probably the two biggest things that that I see.

 

[00:18:48] I think that there there are sometimes there’s a right of way easement that goes through a property for somebody else to get to their property. And you can’t see it. And I think your average person who goes out and looks at a lot, especially when there’s not even a house there and they go, wow, this is great, we can build a house here. And when you start scratching the surface, you find all these things. You know, I think another thing that comes up is that we discover that there’s no power in the area of that particular lot. Right. And then there’s a lack of easement through a neighboring property to bring power to a to a house.

 

[00:19:27] So I think it’s important. It is it is really very important that it’s all the detail that goes behind building the house. Right. So so so the title search and the title insurance, I think just high level kind of take away is if you’re building a house, it’s a different process and you want to make sure you work with your builder to to have that title reviewed before your study period ends or your ability to get out of that transaction. You want to make sure you can build on that lot. And from your perspective, when you’re just handling a regular transaction, you guys are going to handle all the detail. And really, the buyer doesn’t have to worry. Correct.

 

[00:20:04] And they’ve got to go with somebody like you. Go with John, go with somebody who’s an expert and excellent and has the experience and go with the title company like Gorgias title that’s been in the business. Ask how many times has that? Attorney done a settlement, right? You’d be surprised, I mean, we have people in our company who’ve done over 15, 20000 settlements to make it really is so. And then and the new folks learn and they are second chair and they learn from these people as well. But that’s important.

 

[00:20:29] Yeah, well, in this business, there’s no substitute for experience. You’re absolutely right. You can go to all the training in the world, but until you get out in the field and start getting some scratches on your helmet, you know.

 

[00:20:43] Right.

 

[00:20:44] So so let’s talk a little bit about I guess I’d be curious to hear what are some of the things you guys I know as a real estate professional, I’ve been at multiple settlements where, you know, everything feels great and you get to the settlement table and all of a sudden there’s some problem that just shows up. Total surprise, right? What do you know? So so, you know, now you guys at the title company, you were in a lot of different hats. Truly amazing. And I don’t think anybody realizes it. And you know what? I’m talking with you and other folks about all the little things that come up. It makes me realize how many different hats you have to wear. One hat is now you’ve done all the work, you’ve done all the research. You’ve got the money there from the lender, the sellers. They’re ready to sign the buyers, they’re ready to sign. Everybody’s sitting at the table. Everybody’s happy. And all of a sudden, Teresa or the settlement agent comes in and says, well, we have an opportunity. What are some of the things that are showing up at settlement that surprise you?

 

[00:21:41] And right now, because of the pandemic and these are it’s a nice surprise, but we have a lot of young couples. They’re moving out of Washington, D.C. They’re coming into Virginia. Yeah, they’re young. And they didn’t tell anyone. They just got married or they got married three months ago. Right. And that’s no big deal that we can change. But we’re seeing that we can fix the deed and corrected. We’ve got to make sure the lender knows and and everything’s done that we’re seeing again. We’re starting to see people say they can get a survey. But that’s optional, right? It’s up to them. I would highly recommend it. And they don’t get it. And then they come back later and say, oh, the neighbor said the fence was in is, you know, my fence is on their yard, so they should go ahead and get the survey. It’s actually been people are so excited in this hot market that I really have seen less surprises now than we did pre pandemic. Wow. I think they’re just so happy to get the house. People want to get it done.

 

[00:22:39] Yeah, I think people in general are much more forgiving right now. Yes. Much more forgiving than they than they were before. And I don’t know if that’s a good thing or a bad thing because it cuts both ways.

 

[00:22:49] Well, what we do, John, to answer surprised questions, every one of our offices, we don’t want to surprise. Yeah, OK. And so we really spend the time, way in advance. And if there is something that pops up, we let them know. But, you know, it’s been good. Yeah.

 

[00:23:09] I’m John Jorgenson. And if you want to learn more about buying a home or selling your existing home, contact us through the show. We work with an incredible network of professionals who can help you get through the process smoothly. Again, that’s go with John Dotcom.

 

[00:23:35] So one of the things is a real estate agent that’s really difficult and very stressful for me when I approach settlement is you get to the settlement table and if I’m representing the seller and we get there and I hear while the money’s not been released from the lender yet. Now, how often is that happening in these days?

 

[00:23:56] You’ll have a lot of lenders that will say they’re overwhelmed. Yeah, right. And they’ll say, yes, we’re going to go today, the 21st at 3:00 p.m. and then you get an email. Oh, can we push it to a little later? Yeah. Like, what do you mean a little later? A little later to that, because they’re they’re not getting it out. The money out. We don’t if we go to closing and you know, they’re socially distanced now and we don’t have the money, we let everybody know. Right. We got that’s important.

 

[00:24:21] Right. So literally, you can sign everything. It’s an incomplete settlement because it’s not really it’s not the house. The deal isn’t done until the money shows up. Right. But then you have to record the deal at the courthouse. Right. You have to go to the courthouse either electronically or write, file and file to to finalize the transaction. What I’ll tell you what you say, surprises. You’ve got to look at who you get your loan with. Yeah, OK. I know that’s important, but you’ve got to you’ve got to deal with a reputable lender. Right.

 

[00:24:50] And what kind of expectations, you know, that they have, will they get it done? And you’ve got to you just got to make sure and keep on those people to make sure the money comes through. Now, what happens? We’re seeing this is we’re seeing more split settlements. OK, so what I what does that mean? Yeah. So in the Commonwealth of Virginia, in Virginia, the the buy side, the buyers have the right to say which title company they want to go to. Right. Right. And that’s that’s the law they have right now. A lot of times. Well, Agent A, who has the listing, let’s say, OK, let’s say they’re here in McLeane. Say, no, no, no, I want to go to X, Y, Z. That’s who I use for my settlement. OK, now you have the buy side. This is why I want to go to. Yes. Now you have two different title companies working for a settlement right now. If X, Y, Z company doesn’t do their job, they drop the ball. OK, we had one the other day. Here’s a surprise. Yeah, they didn’t tell us. They said the money was in. Yeah. We said we want proof of that. They emailed us. We have the money. Yeah. They didn’t have the money.

 

[00:25:54] Yeah. I’m familiar with that transaction. You are right that that was one of the biggest nightmare surprises I’ve seen.

 

[00:26:05] Yeah. Over a year because we went to settlement and we thought the whole thing was done. And then the next day we find out that the money wasn’t there and that the house hadn’t really been sold. It was quite a stressful situation. And you couldn’t get a hold of them. Yeah. Yeah, right. You can get a hold of us. So, yeah.

 

[00:26:20] And this is not to sound like it’s a commercial, but we take each settlement and see it as it’s as if it was our own. Right.

 

[00:26:28] So let’s go through the steps because there’s a lot of when, when, whenever I’m having a conversation with, with, with someone that triggers thoughts in my head. Right. So there’s two things I want to kind of circle back to. One is the survey, because it kind of ties into the title report. We’ll come to that in a second. What are the steps in the settlement process with regard to sitting down at the table, signing, getting the money recording? When is the house? Can you just walk us through for the layman out there? That may not.

 

[00:26:55] So you get a contract, you have a contract. Both parties agree. Congratulations. Get the contract. You John, you send over the contract to us. Right. And then we open a file. Then we start working on it. And then we say to you and your clients, what’s a date? You know what time frame here? OK, and and we pick a date and then we start we start getting payoffs on the mortgages. Most large majority of people can have a mortgage. We’ve got to get payoffs. Then we’ve got to get away. If there’s information right. We got to look at the taxes and then we get that wrong. Right. OK, and then you get to settlement day, right. And then you do the search and the search has to be done. The search then and the search has to be reviewed. Yeah, right. And then if the title is clear and then we get to settlement, now we’re doing because of pandemic in 2020, we’re doing socially distance settlements for everyone’s safety.

 

[00:27:50] And we’re going to continue in twenty, twenty one. Right. Yeah. So just for all the folks listening out there, we’re actually recording this on December. I think we’re the 21st today. Yes. And by the time you hear it, it’s going to be February, March or something.

 

[00:28:03] So great. So we’ll still be here. Yes, we will. We will. And that’s for everyone’s protection. Yeah. And people are happy about that. Yeah. Because and it’s the same thing. So, yeah, that’s the process. We go to the settlement table. Yes. Everybody signs the money comes in from the lend or money comes in first.

 

[00:28:19] We want to show the money. Yeah, yeah, yeah. But if it does end up with you. Yeah. Yeah. Thanks. Yeah. Yes I interrupt you so. Yeah.

 

[00:28:27] So the money comes, the money’s there, everyone signs and then it’s time to record and for. You have up to 48 hours, you being a title company to record we do it same day. Now, a lot of people have to keep in mind with the pandemic, the courthouse is not open to the public there. Folks are working. And in Fairfax, Arlington, they all were Prince William. They all do a great job. But things are slowing down and their hours a little less. So then we file, OK, we’re a bonded license to do that and then it’s electronically recorded. What’s great is sometimes that can happen so quickly that we will have, you know, get your deed. You get everything done. By the time settlement’s done, everything’s done. It’s really neat. Mm hmm. And then once it’s recorded, what happens with the money then OK, then the payoff. So, again, soon as soon as that’s good questions, John. Soon as we record, then we can disperse the money in Virginia. That’s the law. You have to be recorded first in Virginia before you can disperse and then we wire the money out. We give folks a head up. Your money’s been wired. Heads up. Excuse me. The money goes to the Federal Reserve to them, and then it goes to the banks. It’s your account, right?

 

[00:29:40] Right. So the funds are dispersed, correct? The technical. Yes. Yes. And then. And then. Then it’s finished. Done. Yes. It all goes away and we save them. Yeah. Yeah. Newbauer moves into their house. The seller moves on and and everybody’s happy.

 

[00:29:56] And then what we’re seeing now is they’re coming back four or five months later because the interest rates have been so low, the refinance. So you we’re seeing clients who bought and refinancing sometimes within six months.

 

[00:30:07] It’s crazy. It’s good for them. Yeah. Yeah. So that’s fantastic. Thank you for that, Ed. And I think if anybody has any questions, email them in. Will will certainly get the answers out to you who are listening. So let’s go back to the survey, OK, because that kind of ties into the title search, right? So a tidal surge and a title review by an engineer is going to show everything that you can’t see. Right. It’s going to show all the legally recorded encroachments on the property. But an actual field survey you brought up, the fence is going to show a fence that’s on somebody’s property. It’ll show a shed that is built over the property line. I’ve even seen pools built over over property lines. You mentioned before we actually turned on the mikes earlier.

 

[00:30:57] You mentioned somebody built a pool right before Washington. Yes. Yes, yeah. We’ll talk about that one second.

 

[00:31:03] So so so the actual survey and you said it’s optional. Correct. And what percentage of people are getting a survey or not getting a survey was I think it’s very smart to get one.

 

[00:31:16] Their decision we’re seeing now, I’d say maybe 10 percent, which is surprising to me who don’t want them. Yeah, I don’t understand why for just a few hundred dollars up to maybe a thousand dollars, depending upon the lot size. If you want state, you’re spending these homes like the homes you sell. I mean you’re spending a million plus on a home or whatever you’re spending. Why wouldn’t you do that.

 

[00:31:37] Right. Right. Well, I think what happens is that you’re you’re a buyer and you’re not used to being in this kind of a transaction.

 

[00:31:48] And you start looking at all these fees, fees, fees, fees, fees, fees, and all of a sudden you’re like, oh, my gosh, I’m getting feed the death here. You know, do I have to pay all these fees? And then maybe a real estate professional or somebody says, well, this survey’s optional, okay, I don’t want it. And I think folks are not even thinking about the ramifications of scratching that line. I get it. I totally get it. I’ve been there where you know that five hundred dollars or three hundred dollars or whatever it is means something.

 

[00:32:15] But yeah, it is a really important step.

 

[00:32:17] They can go to August, title dot com your listeners and see how we have it broken down. Everything you need.

 

[00:32:24] It’s a resource we used to have Home Buyers Guide. Remember the days of all those physical buying? We would give out homebuyer guide books. Now it’s online. Described them.

 

[00:32:35] Yes, very cool. Very cool. So really interesting story about the about the the pull over the the the gas line easement because interestingly enough, a I see a lot of surveys that say right on the survey that this survey was prepared without the benefit of a title report. I see that a lot. OK, so if you get a survey and it says it was prepared without the benefit of a title report, and that survey shows a pull on it. And there’s a Washington gas easement, which is a scenario you had. So tell us about that. So let me just close the loop on that. So the Washington gas easement would have been discovered in the review of a title report by an engineer. Right, right. Or someone right. In the survey or is an engineer, by the way. So if a survey is doing that’s a civil engineer that’s doing the survey, if they have the title report and there’s a Washington gas. They’re going to put the Washington gas easement on there, which is exactly what happened in your story about the about the pool. So tell us what happened.

 

[00:33:40] So the person this large home and the nice neighborhood had a nice deck and pool that was over the easement. Mm hmm. Washington gas say, hey, you got to pull that out. Yeah. You can’t just go Thinkwell is my property. I don’t need permits. I don’t need right. I don’t have to worry about easements. I can just build where I want. People need to know what’s going on and and that has financial ramifications if they do it wrong. Yeah. So for that particular seller had to pay to have the pool removed. Yeah. Yeah. It was parked near the pool and the deck, all of it ripped out.

 

[00:34:14] And then what did the buyer, didn’t the buyer buy the house because they wanted the pool in the deck.

 

[00:34:20] Good question. You know, that’s another story for another day. Another day. All right.

 

[00:34:25] So the interesting thing here is folks are probably thinking, well, how in the world could they put a pool in if there’s a gas line going through the back of the house? And the and the the answer to that question is, just because Washington gas has an easement across your property doesn’t mean there’s a gas line there. Absolutely. And that’s where people get hurt in new construction. Excellent. That’s a perfect example. Right. Right. So. So there’s so many eyes and t’s that have to be dotted and crossed in a transaction like this. And I think the bottom line is, if you’re working with professionals, if you’re working with Stanley Martin Custom Homes, you’re working with ARGs title, you’re working with a professional group of people. They are. And really, I think it boils down to experience. I really think it boils down to experience. And I really appreciate all of the real estate agents that reach out to me because they don’t live in the world of new construction. They’ll call John. I don’t do a lot of new construction. I’m doing a transaction right here. What do I need to look for? And I’ll tell them, you know, so so working with professionals that understand what they do know and more importantly, they understand what they don’t know so they can get the right details.

 

[00:35:35] Go with John. Don’t just go on the Internet and research it and think now you’re an expert.

 

[00:35:38] Exactly. Well, I see a lot of people do that, too, so that’s great advice. Ed, thanks. Well, listen, Ed, thank you so much for coming. Is there anything you want to add in closing? Any lessons or words of wisdom?

 

[00:35:48] Or go with an expert, ask questions, heed people’s advice and just go enjoy your American dream of owning a home?

 

[00:35:59] Ed Schudel, thank you for coming in. Not the worst cook in America yet.

 

[00:36:04] That’s right. I’ve got a pretty good driver of the Nürburgring.

 

[00:36:07] Yeah, I see it like what you’re hearing on the Go a John show.

 

[00:36:20] Let us know what you think by leaving a review on Apple podcast and share this episode with your friends to sign up for show updates. Head to go with John Dotcom to join our list.