Posted by Stacy (AZ) on February 29, 2000 at 13:34:02:
Yes, I’ve used reverse directories before and occasionally found the owners. Only thing you have to keep in mind is that you could end up with the tenants name if the house is being leased.
Stacy
How can I find out… - Posted by Pavon Bailey
Posted by Pavon Bailey on February 29, 2000 at 10:22:40:
Hello fellow investors:
I was reading a real estate magazine called “HOME BUYER’S GUIDE,” a free magazine in the Greater New Orleans Metropolitan area. Came across an ad that read:
“Motivated seller says “BRING OFFERS” on nice 3bd/2ba home with garage, master bedroom, and separate room that could be used for parties, office, game room, etc. Owner will offer $3000 towards closing costs or decorating allowance. Minor repairs needed. $135K. Call XXX-XXXX.”
The number is for a real estate agent. When I called her to obtain info on the property, she told me everything but info on the mortgage. She said that she did not know the outstanding balance or if the property even has a mortgage on it! Here’s the kicker: When I asked her for the name/number of the sellers so I can call to ask them, she said she can’t give that info away!!!
QUESTION: How can I find out if there is a mortgage on the property? As you all know, I need this info before I can make an offer. It seems like a great deal, and houses in that area are worth more than $135K fixed up. Any advice will be appreciated.
Thank you, happy investing, and FLAME ON!!! (but don’t burn any bridges! smiles).
Pavon
Re: How can I find out… - Posted by Redline
Posted by Redline on March 01, 2000 at 15:46:37:
90% of the time the agent will NOT know the outstanding balance of the mortgage and is not obliged to tell you even if they do.
You don’t need to know the outstanding balance on the mortgage to make an offer. (A low offer is a good way to find out the answer to #1, no?)
No you can’t talk to the homeowner - that’s why they hired a realtor. They most likely don’t WANT to talk to you directly. If you work around the realtor they will feel threatened and may to sabotage your deal. Why do through all that?
Learn to deal with realtors, play their game - or deal only with FSBO’s.
RL
Re: How can I find out… - Posted by John
Posted by John on February 29, 2000 at 12:25:19:
You mentioned that the agent did not know. Ask her to find out for you, and if she gives you any trouble, ask to speak to her broker…hope this helps!
Re: How can I find out… - Posted by Chris
Posted by Chris on February 29, 2000 at 11:31:17:
Pavon-
In addition to Stacy’s post you can also go over to the octitle site and when you run a full report you can get mortgage amount info. It is more of a ballpark figure so use it as a start.
If you don’t have an account setup there it is free. Repost if you have troubles.
-Good Luck, Chris
Re: How can I find out… - Posted by Stacy (AZ)
Posted by Stacy (AZ) on February 29, 2000 at 11:20:57:
Pavon, I know in my county, if I can get an address, I can find-out pretty much everything about a property I need to know before deciding to make an offer. Full due diligence can follow after. Can you get the address? Or the owner’s name?
With an address, I think in most cities you can call the Tax Assessor’s office and get the name of the owner of record. Then with this info, you should be able to go to the county recorder’s office and get all the recorded docs for that name (I do it using the web). Within those docs should be Trust Deed(s) or Mortgage(s) that will show the original loan amount, and when it was recorded. And from that, you could guestimate interest rate during that year, and with a financial calculator come up with an approximate balance due.
May be worth a try.
Stacy
Re: Yes, however… - Posted by Stacy (AZ)
Posted by Stacy (AZ) on February 29, 2000 at 11:38:02:
Yes, Octitle should show original transfer data, if Pavon’s area is in their data base. However, if there are junior notes or liens, a HELOC for example, they will not show up on the Octitle data.
But, while your at Octitle, run some comps.
Stacy
Re: How can I find out… - Posted by Glenn OH
Posted by Glenn OH on February 29, 2000 at 13:27:34:
If you can get the address (to drive by the property), use www.555-1212.com to get name and address.