I was wondering if anyone know what may a cause a property's previous sale data to read $0 on a county assessor search. See the screen grab I took belowe (this is from he sumner TN country website).
I'm aware the most obvious answer is probably "It depends" or "many different things" or likely "that information is often wrong."
Just curious if anyone has ever seen this as a clue that a property was inherited or changed name in some other fashion to where the current owner did not "purchase" it.
Thanks for your input!
@John Shortridge Often this means no recorded sale price, IE quitclaim deed, gift, inheritance, ect. Around my area it could also mean it was purchased prior to the new system they installed in 2000-2001 when the data didn't exist in the import.
Originally posted by @Jeremy Tillotson :
@John ShortridgeOften this means no recorded sale price, IE quitclaim deed, gift, inheritance, ect. Around my area it could also mean it was purchased prior to the new system they installed in 2000-2001 when the data didn't exist in the import.
Ok, So then it is possible it's an inheritance or gift where they may not have a mortgage on the property. Correct?
I do understand that this is no guarantee the title would be clear.
Have you or anyone else here ever used this or a similar technique to find property owners with lots of equity? All the ones I'm looking up have kind of crummy looking houses (at least from the outside) so I'm hoping to find someone who owes little or nothing who would sell their house AS-IS below market.
I have a potential answer for you as to how a $0 sale price gets recorded, and followup question for the experts.
I went through realtor and title agency to purchase a Freddie Mac home in Ohio as an owner occupant, and I bought the house through a normal transaction -- not inheritance etc. The resulting county web site for my transaction shows $0 as the sale price because it is owner occupied, it is exempt and there was no conveyance fee and no mortgage. I was told by the county transfer people that this is normal for my case, and possibly to my advantage because nosey people won't know what I paid.
My question is this: as an owner, is it to my advantage or disadvantage that the purchase price on the home shows as $0? Should I try to convince the county with documentation to show the low price paid (to help support a low appraisal for RE tax purposes), or is it to my advantage to keep the sales price at $0 and keep future owners guessing that it might be worth much more (which it could become once I have lived in it a while and made it more desirable). Making life even more interesting, there are no comps in my school system, and the Zillow Zestimate (no faith in it anyway) for this property is wildly high, as there is an exclusive development nearby. An appraiser will have a hard time.
Does the $0 sale price on the county website hurt me or help me as the property owner?