List Of Things To Look For In County Records.
I'm trying to make sure I due all of my due diligence, but every time I talk to another investor, I learn something I hadn't thought of before when it comes to doing my due diligence.
Things I've heard/learned from others so far are:
1. Check building permits at the building dept
2. Check for liens/mortgages at the recorder dept and tax assesor's office.
3. Check for easements.
Are there any other things I should check for when I'm at the county courthouse?
Thanks,
Robert
The list show vary by the type of purchase.
If there is a seller who can make a disclosure statement then verify items that they note need attention. Assume that you can sue them if they fail to disclose but that suing anyone is not very useful many times.
If you are buying a foreclosures or something similar you are getting it 'as is' so the more homework you do the better.
I must admit that you will miss out on some good deals if you spend a lot of time checking while someone else dives in and makes the deal. You need to work with some averages, add a buffer to a deal and know how to mitigate the unexpected issues so you can still exit.
There is no perfect list but there are things that are more painful then others if you miss them. Title issues (get insurance) are what I am most concerned about defects (get an inspection and an appraisal).
No home is perfect so expect to spend a little dressing things up or fixing problems. Even new build have issues but you should be able to get the developer to fix them.
John
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John,
Thanks. This seems like a very litigious business. I guess that is something I'm going to have to get over.
Thanks,
Robert
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When first analysing a property the thing that influences me most is the price. I look online at my county's recorders office to check out existing liens and estimate balances. I check out my county assessor's website to show sales info, tax info, and details of the home (2br, 1ba, 1 car attached garage, etc, etc).
If the property looks good and I can strike a deal I proceed to getting a title opinion (this will vary if you are not in iowa) and go from there.
GOOD LUCK
myfrogger,
The few times I've been to the courthouse, I found the original amount of the note, but never the current balance. Is this unique to my state, or does everyone just estimate the current owed amount?
Thanks,
Robert
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Yes you only find the origional balance. You can estimate the balance based on average interest rates at the time and period of time the homeowner has been paying.
myfrogger,
So, if you haven't been watching interest rates in the past, is there any place that has tracked average interest rate history with this information on the web?
Thanks,
Robert
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Try http://www.bankrate.com, if anyone had interest rate histories, I'd bet it would be them. Not sure of that, but it's a good starting point.
Scott
Scott,
Thanks. All I can find on their site is a 5 year history. I was hoping for 10-20 year histories. I'm sure it's out there, the question just is where.
Thanks,
Robert
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robertt:
Check out the NOD and the NTS they will have quite current balance.
The problem I found w/ trying to estimate balance is that I neew to pull the note.
cjmazur,
Thanks, but what is a NOD, and NTS? Sorry, these aren't in the abbreviations encyclopedia here. Also, by 'pull the note', do you mean a payoff demand letter?
Thanks,
Robert
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NOD = Notice of Default
NTS = Notice of trustee sale (florclosure sale)
Pulling the note:Going to the county recorders office ot a title company and get an actual copy of the mortagage or note which would dis close the int rate.
Usually they have the amount of the mortgage, and not the rate.
Quote:
NOD = Notice of Default
NTS = Notice of trustee sale (florclosure sale)
Thanks. That should have been obvious to me, but it wasn't.
Quote:
Pulling the note:Going to the county recorders office ot a title company and get an actual copy of the mortagage or note which would dis close the int rate.
Am I going to see anything that isn't on the computer already? Our records are all on their local internet, but I haven't seen the interest rate posted there before, just the amounts.
Thanks,
Robert
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Here all you get is the grentorand grantee many the apn..
You have you pay to have the full image pulled and mailed or go the recorders office.