I Stand Corrected - Posted by Tony-VA
Posted by Tony-VA on February 26, 2002 at 07:19:32:
Sorry Emre, I did not read in your post that this home was on it’s own lot. I missed that part.
Buying homes on lots can be a great way to invest once and earn two income streams.
You may try a local title company within the county that the home is in. Call customer service and give them the address of the home. They will usually print out a Property Profile for free. This will tell you a tremendous amount about the home and land. It will show you what it sold for, if liens were used etc.
It will also show you if the home has gone through title elimination and become part of the Real Estate.
If this property looks interesting, you will know almost as much about it as the Seller. This puts you into a much better negotiating position.
For instance, from the profile, you could get a ball park figure on what the owner is paying on any debts secured by the house and land. If you were to decide to offer an Owner Finance or Lease with the Option to Buy type deal, you would have a ball park figure of the monthly payment this Seller would need to pay the bills. You could offer a bit more than that perhaps and make it worth the Seller’s while and not get into paying too much.
Even if you buy the home outright or use 3rd party financing, the property profile is an underused and very valuable tool. The title companies I have used have been more than happy to help. Give it a try.
Best Wishes on this deal and sorry for having misread the post.