Driving For Dollars...couple of questions
Inventory in my desired market (Denver) is extremely limited. I decided to take it upon myself to start Driving for Dollars(tm), as they say. My first sweep was for duplexes in my own neighborhood, as this is ground zero for where I want to be. I biked around and took pictures of 22 properties. I then spent 2 hours scouring the tax assessors website pulling data and came up with 16 properties that are "Residential Duplexes" i.e. not individually owned. I have some questions, and was hoping someone with knowledge of tax assessor technicalities could chime in and shed some light.
1. I saw HUD as a Grantor on the most recent chain of title. Does this mean the current owner used some sort of low-income HUD program to finance?
2. What do the "Instrument" codes GR, WD, QC, BS (etc. etc.) mean?
3. When the Grantor/Grantee are the same, does that indicate a refinance? If there is no chain of title, does that mean the property has not changed hands/financing since they started tracking the info?
4. What does "Actual Value" really mean? Can I make assumptions about true market value based on these?
I plan on doing this a few more times in different neighborhoods and building a targeted list to send letters to. I still need to devise my selling points, as I don't have the usual "quick close, cash offer, as-is" cards in my pocket. I, unfortunately, will be doing low-down conventional financing and will likely need an agent in some fashion. Any advice here is also welcomed warmly!