Investor · Tampa, FL · Member since 2012 · 94 posts · 26 votes
I have a lead with a seller who says they have a very large mortgage on a house. According to the county tax accessor the house was sold for 69,000 six months ago as a unqualified sale.
I know that a unqualified sale could be a foreclosure or between relatives. Can someone help me understand how this property has a mortgage over $150,000?
As you said, an unqualified sale is one determined by the assessor to Not be a market value, arms length sale. People can QCD, or even warranty deed subject to, for any stated price they want to. Check your local clerk of court site for mortgages in the current, and previous, owner's names. It should become apparent.
Thank you so much Wayne I did not notice that I could click on the individual sale dates and pull up mortgage and deed info. Looks like property was bought at the height of the market and then last year she bought her husband out of his interest. Now I understand why she is way underwater. Thanks for your help.