Everyone Has Questions And So Do I! LOL!
I have used the county public access to find people who are going through divorce and used the county assessor to find out whether they owned a house or not. I have found 2 people who have owned their homes for 3 years or more (they only have records back 3 years).
My questions are:
Is there any way of finding out how much someone owes on there home without asking them?
How should I go about contacting them about there homes?
Would I want to use a SUB2, Lease/option, or just Wholesale it?
Thanks in advance,
Tom Stewart
_________________
Some people spend a lifetime wondering if they made a difference in the world, the Marines don't have that problem![ Edited by TomStewart on Date 04/22/2004 ]
Does your county have records online? My clerk of the court has mortgage images available online.
Brenda
Yes you need to find the department in charge of recording mortgages. You can then look up the origional mortgage document which will likely display the origional balance and amortization timetable (5yr, 15yr, 30yr, etc). You can guess on the market interest rate and get an idea of the payments. Its a very crude estimate but it will help you to determine if the homeowner has equity.
Would that be off of the title?
If that is what you are talking about my state doesn't record it on the titles.
Thanks
Tom Stewart
[addsig]
Never mind I found it.
Thanks alot!
What about the other questions?
Thanks again
Tom Stewart
[quote]
On 2004-04-22 00:29, TomStewart wrote:
How should I go about contacting them about there homes?
You could just go up to the door, knock on it, ask whomever answers the door if they are the owner of the house, If yes Ask them if they would consider selling their house. If no, ask if they know how to contact the owner of the house and move forward from there.
Would I want to use a SUB2, Lease/option, or just Wholesale it?
Definately!
Not all properties will be a good fit for one particular method of purchase. You will have to evaluate each property on it's own merit. If you intend to specialize in Subject-To, then realize that not all properties will meet your criteria.
Semper Fi,
Jeff
Thanks for that information.
Here is what I am looking at:
#1
Appraised $93,100, Tax $1,407.78, Bought for $90,000 in 9/02, Owes $88,000est, Appreciation 4%, Built in 1964, 1 story, Bi-level, Concrete foundation, Full basement, Asphalt shingles, Alum/vinyl/st. exterior walls, Carpet, Drywall, Central air, Gas, Construction grade: C/average, CDU: good, Physical condition: average, Sq. ft.: 1,275, 4 Beds, 2 Baths, 1 Family room, 1 Living room, Garage: 312 sq. ft., 1 Wood deck, Metal utility shed!
#2
Appraised $132,400, Tax $1,690.99, Bought for $92,927 in 7/96, Owes $82,800est, Appreciation 3%, Built in 1922, 2 story, Old style, Stone foundation, Full basement, Asphalt shingles, Stucco exterior walls, Carpet, Plaster interior walls, Central air, Gas, Construction grade: C/average, CDU: good, Physical condition: average, Sq. ft.: 2,057, 4 Beds, 11/2 Baths, 1 Living room, Bay window, 2 enclosed porches, 1 open porch, 2 Patios, 2 lean to’s, 1 bank barn, 1 flat barn, Metal utility shed!
#3
Appraised $74,900, Tax $1,047.20, Bought for $45,000 in 11/97, Owes $41,100, Appreciation 11%, Built in 1900, 2 story, Old style, Stone foundation, Part basement, Asphalt shingles, Stone exterior walls, Hard wood floors, Plaster interior walls, Central heat, Gas, Construction grade: B+/good plus, CDU: fair, Sq. ft.: 2,684, 4 Beds, 2 Baths, 1 fireplace, 1 Family room, 1 Living room, 1 Bay window, 1 Open porch, 1 Closed porch, 1 Wood deck!
The only problem is I don't know if any of these houses have 2nd mortgages or not. I don't know if it would show me where I am looking.
Any input would be great, Thanks alot,
Tom Stewart
_________________
Some people spend a lifetime wondering if they made a difference in the world, the Marines don't have that problem!
[ Edited by TomStewart on Date 04/22/2004 ]
[ Edited by TomStewart on Date 04/22/2004 ][ Edited by TomStewart on Date 04/22/2004 ]
Drive by the homes, see if they are vacant. Are they listed with an agent?, etc. Get in touch with the appropriate contact, someone that can discuss the situation with you.
You now need to pre-qualify your sellers. What's their attitude about the property? What's their financial situation? Are there any other leins on the property?, etc.
This is the next step in trying to determine if you are going to be able to do anything with these properties.
Good luck,
Jeff
Tom:
Another way to contact them would be to take the address out of the county records and send them a letter or postcard.
In the PRODUCTS AND SERVICES tab on this website, look at the FREEBIES tab and the Marketing Letters for samples. Granted these people are not necessarily in foreclosure, etc., but maybe you can use these as a starting point for sending them a letter or postcard, offering to purchase their house--just tailor it to their specific situation.
I'm doing a similar thing as you with my county records: I'm making a mailing list of all Lis Pendens, divorces and bankruptcies registered at the county and mailing John Locke's Sub2 postcard to them. I've actually gotten more return calls from this list than from a specific criteria list I get from FARES (90-100%LTV, 2 year old, conventional mtgs in my zip code region).
Good luck!
Andy[ Edited by arytkatz on Date 04/22/2004 ]