Hi Group,
Been some time eince my last visit, and boy, sure have missed it. But you know…life(work, as in JOB) yuk!
Anyway, need a little advice, and can’t think of a better place to get it. Scenario…on way home from work other night, found what has the appearence of being a property
that with a little elbow grease, and a few cosmetics, could make for a cash-flow rental. But understand at this point, those thoughts are strictly “preliminary”. Did the obvious, went up looked in windows, yep, looked empty, except for the usual didn’t take junk, course front door
locked. Walk around back for property ck, hey…what’s this, sliding glass doors “not” locked. We’ll, i mean it does look empty, sssoooooooo…inside, once past the smell of some type of urine in carpet smell, geez, looks like
might be moved in the middle of the night scenes. Lot of
junk though, wedding alblum, let’s see…husbands name, her maiden name, sterling silverware set…hhmmmm, strange. Oh well, let’s see, heres a bag
of trash, hhmmm, home ins. policy for this house. Less than 1 yr. old, and same Co. i use.(cool). Name of bank holding mortgage in wife name. OK…go back out, talk to next door neighbor…nice “older” lady to left side, doesn’t know much, but does seem to remember that
youing couple bought place about 2 yrs. prior, stayed about 1 yr., then either he left, or she threw him out,
can’t be sure. She stayed few months longer, then poof, she was gone. Been empty for about 1 yr. now Oh yea, and they had about 13 cats, people thought it was a vets office. Guess that explains the alblum and silverware left behind. Probably explains the Sheriff’s card looking for him stuck in the locked front door also. OK so here’s the “now what”? Got on county web site property tax info. and yep, in wife’s name only.
bought in 11/2004 for $61,500.00 Her name in phone book, of course…disconnected, no other number.
So how might i proceed in tracking her down, thru P.O.
for forwarding address, call others with same name in phone book, maybe get relative, or better yet, if they’ve been gone that long, property most likely back in banks hands. Contact them direct, have loan # from Ins. policy.
Neighbor says town had to mow yard once already because of neighbor complaints. Best route to get some
“useable” info. on this place. Thanks to all in advance, and “sorry” for being so long!!!
any realtor can tell you if it was foreclosed. if so, the bank is trying to sell it and it should be listed. good for you. make them a lowball offer. be sure to include photos in your offer so that they are aware of the true condition of the property.
if not, then somebody with pockets is making the mortgage and the bank won’t tell you anything. a good realtor may be able to track them down.
you may have luck with the county appraisal district. if someone is paying the taxes they may have a name or an address.
Thanks for the reply Mark. So if i understand you correctly, it could be listed, as with a real estate co. even if there is no company sign in the yard?? The tax bill for that property has been paid for this year, by previous owner, one who left in the big hurry. Would had to have
been before she left. So then, you think i should get a agent involved, rather than contact the bank myself?
Ideally, i’d like to be able to contact ex-owner, but you’re probably right, after this amt. of time, the bank probably
does have it back. The agent that i go to, should be “buyers” agent? I don’t believe i should deal with the banks agent should i?(if they have one). Thanks again!
Anything anyone else can suggest, please feel free. Sure be great to get first one under my belt. My thoughts are to buy as rental.
Can you get a copy of the deed from the recorders office? If so, it usually has stated on it the title company or the owner who the deed should be mailed to after recordation. Find that and you have a new lead. The title company will have the records. Also, check the tax records. If the person is out of state, they may have her mailing address to send the tax bill. This would be your assessors office.
Or you could pay the $39 and have the name tracked by one of those people finders. 
Also, ask the neighbors - there’s got to be a “nosy nelly” around who know’s everything. ;D
Good luck.
From what you wrote, doesn’t sound like the bank took it back yet. Maybe it when through foreclosure sale but your state has a long redemption period. Or, maybe no sale at all yet.
Try MerlinData.com or Maralogix.com to track down owner. Inexpensive but good services. I use them on occasion.
Use caution when asking a R.E. agent. Once I went to one for a HUD home. The agent talked me out of it. Later that day she was back with her boss checking it out. Apparently they were not aware of until I asked about it and the agent figured it would be great for in house investing. Not to say they would all do it, but alot of them will. If they find out something during their research for you that makes it super appealing they might just… well you know.
That agent has an “ethics” problem. He/she put his/her own personal wants/needs/desires ahead of a client’s that he/she was actively working with…
From the Realtors’ Code of Ethics:
“Article 1
When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTORS® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant or other party in a non-agency capacity, REALTORS® remain obligated to treat all parties honestly. (Amended 1/01)”
IMO, they did not accomplish this most basic of ethical practice…
Keith
You are correct Kieth. Unfortunatly as in every business you have a few bad apples. The lure of rewards are great and the scruples go out the window. I do understand that it is a widespread problem. Alot of R.E. agents get into the biz specifically to get first crack at investments. I must admit the thought has crossed my mind.
The issue that I have is not that Realtor have “first crack”, it’s that this particular Realtor is using his/her clients as birddogs to find properties for him/her.
The word “sleazeball” comes to mind!
Keith