Verify Seller's Figures
How do get the exact figures of what a seller owed on 1st/2nd mortgages, not base on his words alone?
Can you ask for all his bank statements to support his answers, same with his property expense, maintenance, tax, operating income, CAP rate etc.?
The procedure you're looking for is called a title search, and title companies can do them for you.
There is information out there that you can learn to do them yourself, but at first, let the pro's do it for you.
Jeff
Thanks Jeff..
Btw this can be costly every time we analyze a potential isn't it. Is there any other good option provided I don't know much about title. Have you ever asked sellers for their bank statements and other documents, I doubt it they will do that?
How much do they charge, and do I contact major title co. directly or RE attorney to run title search?
ask to see a recent bill from the mortgage, insurance just to get a good idea before you do the title.