My in-laws have a neighboring house on their block that hasn’t had a tenant in over a year now. The house is now unkept with hip-high grass and just in very bad shape, but not so bad that’s it’s a major rehab. I want to contact the home-owner as I’m sure the house will most likely be heading to foreclosure soon.
I’m fuzzy on what steps I should take in what order. Should I do a title search to find out what’s owed on the property first, or contact the homeowner?
Once I do contact the homeowner I’m thinking a short-sale would be a great idea but I’m also exploring negotiating a L/O or Subject-to. I’d love any tips. Anything step-by-step would be tremondous.
I’m fuzzy on what steps I should take in what order. Should I do a title search to find out what’s owed on the property first, or contact the homeowner?
Always contact the HO first as they may not even want to sell it.
Once I do contact the homeowner I’m thinking a short-sale would be a great idea but I’m also exploring negotiating a L/O or Subject-to.
Again, talk to the HO first to get more information. Once you have the full story it’s a lot easier to arrive at a solution.
Again, it all depends on several factors - some you may already know (i.e., your personal resources, your RE market), some your could find out on your own (i.e., existing leins, public DOT/mortgage info, comps), and some you cannot find until you talk to the seller (i.e., motivation level, reasons for selling). Until you get the complete picture, you won’t have the necessary tools to “fix” the problem.
For example …
Did the owner pass away and the property is in probate?
Is the owner going through a divorce and the property is tied-up in court?
Is the owner going through tough financial times?
I’m having a harder time than I thought I would of locating the homeowner, though. I did a public records search online that turned up 4 names of the last “AGREE SALE”
The names are all labeled with an (R) or a (E) - what do these mean?
Also, the names listed are all of companies. There’s a Vineyard listed and a Commercial Real Estate Developer. The house is smack in the middle of a subdivision so there’s no danger it’s being converted to a store or anything.
I’ll try to head to the Recorder’s office and pull the deed in the next few days to see if I can get a solid name…
Try looking at dexonline.com and then if you don’t find the exact person you are looking for you can call the others, they may be related, and locate the homeowner that way.
On another note: I looked up the parcel information on my county assessor’s maps this morning and got the block # and lot # of the property. I then did a public records search online on my county’s records website which is how I found the names of the parties in the last “AGREE SALE” for that parcel.
I was feeling good by then, even though the information looked a little strange; so I went to the Recorder’s office at lunch and looked up the deed. It’s not for the property I’m searching for at all.
ok, to find out the name of the person that owns it find a realtor that will pull it up on the MLS. Another way that we find out who owns the property is to go down to public records and search by the address. Once you find out who owns it you should be able to locate them using one of the sites I recommended. I guess I didn’t realize that you didn’t have the owners name yet. Sorry.
I’m usually surprised when people are surprised when I tell them this but…
My local title company will provide me with more information than I need via e-mail just for the asking. Filed documents, searches for Out-of-state owners, 3/2s built before 1984; basically anything you need. Doesn’t cost me a dime. Of course, I use them exclusively for all my closings and I try not to overwhelm them with petty requests.
Hope this helps. I’m interested why more people don;t have/use this option.
This house isn’t in foreclosure at all. Owner is paying 2 mortgages right now and letting this house rot in the meantime. I think she’s getting ready to list it but she’s asking $330k for it and it’s not worth more than $300k on it’s best day but it needs a lot of work.
I’m going to approach her about a L/O and hope for the best…
