Can you anyone tell me if what they think of this deal?
Also how they possibly do it
I found a fixer upper property, thats located on the nicer side of town. It currently boarded up. I decided to look up this property in public records. This paticular has lot information on it. Anyways. Heres what I gathered so far.
Property is sfh
Record show this property is a non homestead.
Its been board up since Dec.04.
Records show that Mortgage company, located out of state is paying taxes on the property not the owner.
I know the owner name as it listed in public records. Anyways Im guess that owner defaulted on the loan.
City values property at $377,000. Of course thats notacutal market value. Current owner bought property for 60k in 1999. Records show he claims to have put 40k in improvements in. Obviously he let the property go off the cliff.
With some research, I have contact information Local rep broker for this Mortgage company. Im going to give him a call to see exact status of this property. Im thinking a deal can be made, as long as the numbers work.
Anyone tell me what you think.
If the mortgage company owns the house they may be able to deal. The owner could also be in bankruptcy or it could be in probate. If they bank does not own it they will not be able to give you much information about the property. Truth in lending and privacy laws and all the BS. There were days where you could find out all sorts of info from the bank but not anymore. I used to be able to get phone numbers of borrowers that were in default even before posted.
Have you been able to locate the location of the owner? He will probably know the status of the property.
I have the owners full name, but no contact information. This was not their residence. They used this as a rental property. Do you have any suggestion on how I can find there contact information?
That can be the hard part dealing with boarded up stuff. They can be found but it is not easy. The mortgage company may give you their last known address? If the county tax office does not have it you may try whitepages.com or some of the other people search companies. Hiring a private eye is expensive but effective I would assume. There are also some skip trace companies on line that may be of some help. I could not find some that I had bookmarked. Perhaps some other members know some they have used
Good luck with it