REAL ESTATE Finding out how much someone paid

[yveskleinsky]

...So I got a counteroffer back on the 7 cabins I have been looking at. I called the Title Company to research the chain of title- and their report shows that the sellers have a real estate contract with the previous owners. ...Looks to me like they are trying to do a wrap- which is fine, I would just like to find out how much they owe, or what their loan amount is. Any ideas?

 

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[KyJoe]

From what I think I read, you mean that the present owners have owner financing with their prevous owners. If you are trying to find out how much is owed it will be tougher. Hopefully the loan (the mortgage) was recorded. It probably was, unless it's really screwed up. You can research this at you county clerks office. It will show what the original loan amount is & it will state the loan terms. Use that to calculate what is owed and the payoff. Your title company should have copies of this already, remember there is a deed and a mortgage, two different things, when you call them.

 

[CarrieW]

the title company should know this... if not they are not doing their jobs and I would get another one asap.

its their job to clear the title for sale. they need to know everything about everything.(or else they are taking an insane risk on the title insurance you will be paying for!)

I friend who used to manage a title company and I cant tell you how many times I've seen her pulling her hair out trying to search everything down.

that includes all loans.

 

[AroundTheWorld]

Once you know, what will you do with this information?

 

[CarrieW]

imo its about being prepared. what if the original owner falls thru on the loan and hes either stuck paying it or face foreclosure...

this is where the title ins should come in.

it doesnt always work that way tho and even if it does its a huge headache.

they may be paying off the original loan with your purchase not necesserily doing a wrap...it could be paid off and not removed... theres tons of possibilties.

if it was me personally id ask to see their mtg documents. as the buyer you have the right to see all revelant information adn they should be requested of this info from the title company as well...

 

[yveskleinsky]

Good feedback! ...ATW- I was thinking that if I know what they paid for the property I would know more about the minimum they'd be willing to accept. ...Granted, I want this deal (if it goes through) to be a win-win, and I have no problem with them making a profit- I'm just looking for more info.
...My offer is written on what price and terms will work for me- what they purchased it for is little more than curiousity and a possible slight-edge advantage for me.

 

[artherd]

The title company should absolutely be able to find out.

Also, you can subscribe to realist from First American and often find out yourself beforehand; http://www.firstam.com/product.cfm?id=1306

This has been a great asset to me.

 

[phlgirl]

I always like to know what the existing owner paid - the more information, the better.

Almost every county now has a website, which provides this information (at least every county on which I have tried to search). It might take some digging but it is typically under a tab titled 'Property Appraiser', 'Real Estate Records' or 'Public Records', etc. Once you find it, you can do a search by name or address. You should be able to see the recorded sale price and also view the mortgage note and deed (assuming it was recorded).