How to dig deeper on a potentially distressed property

Question

Hi all,

This question has been lingering in my mind for some time, so time to ask! If I'm out "driving for dollars", trying to spot potentially distressed properties, and I see one that I think could be distressed, how do I dig deeper on that property specifically?

I could always check Zillow to see if it's in foreclosure, but what are some other ways? I'm pretty sure it's public information that a homeowner is behind on their payments, right? I'm willing to pull records from courthouses, call people and places, etc.

The marketing lists you buy from places like yellowletters.com must be getting their information from somewhere. What if I wanted to use their process for just a single property?

Thanks!

Russell Brazil · Answer

@Matt Powell I was going to recommend you look up the property in SDAT, which it looks like you are familiar with.  From there you can get the owners name and then you can search the land records mdlandrec.net and you can see things like liens, mortgages, against the property.

Ned Carey · Answer

You can also check the MD judiciary case search to see if a foreclosure has bee filed or if there are judgements against the owner.

Joe Norman · Answer

Ned and Russel hit the Big 4 I use to get info on a property, but its worth reiterating:

1) SDAT Real Property Search to get owner's name, address, and purchase date

2) MD Judiciary Case Search to see if the owner has bankruptcy or foreclosure issues, and also to check for other mailing addresses for the owner (SDAT records aren't always up to date)

3) SDAT Business Search to get information on an LLC such as its mailing address and resident agent

4) MDLANDREC.net to see deeds and liens related to a property

The above 4 are all free and open to the public.  The 5th site I use is MRIS (the MLS system for Maryland) to see if the property has been previous listed for sale, for house much, and potentially see interior pictures.

Good luck!

LIpeng Wu · Answer

There are a lot of good information. Thanks

Matt Powell · Answer

@Russell Brazil Thanks Russell, that's helpful.

Matt Powell · Answer

@Josh Nix Thanks for the tips. Hadn't noticed that Zillow link before. For my house, it took me here:

http://www.baltimorecountymd.gov/Agencies/budfin/t...

I actually found that a couple days ago, but the searches on the website aren't working (it says "technical difficulties"), so I'm not able to explore it more. I'm anxious to know what's behind that door...

I'll also get in touch with local treasurer, per your suggestion. What type of information do they usually provide you?

Matt Powell · Answer

@Gavin Welch Thanks for your response. A few follow-up questions:

• Where can I go to find my local property appraiser's website? Is that person in a municipal position, or a private position? Is it just one person, or does "local property appraiser" refer to more of an office of people?
• In reference to searching my "county civil records", I found this site for Maryland, but I'm not sure it's what you're recommending. http://sdat.resiusa.org/RealProperty/Pages/default...
• I don't see a section for second mortgages (or single) or encumbrances. Is there another site I should be looking for? A google search for "baltimore county civil records" turned up court records for crimes, but nothing on mortgages.

Thanks.

Josh Nix · Answer

I'm no pro but her is what I do:

-Zilliow - to get basic info

-County Assessors Site -Check tax records and deed search (Best place to get the best info) and an easy way to get to this site is to click the the county website link in zillow.  Get familiar with your county assessors site it has a lot of free info.  Also at our local county treasures office the ladies there are pretty nice and help me out when I have a question, you  could try going there and talking with them.

-MLS - if you have access or if you have an agent that would be willing to do it for you, I just use this the get a better idea of the houses sale history and for what it sold for, to who and how much.

I hope that helped.

Gavin Welch · Answer

@Matt Powell  Matt get the address and look up the information about the owner and the sales of the property on your local property appraiser's website.  You can also search the county civil records this will give you a general idea if there are any second mortgages or encumbrances against the property.

The property appraiser will also give you the owners address.  If it is different than the property address its a good sign they are an out of town owner and may want to sell.  If the owner is an llc, then search for by that llc name and you can see all the properties they own (that are not in trust).  You can also look up the llc information on your state business registration site and see who is behind the llc.

Good luck and let me know if you have any more questions.

Gavin

How to dig deeper on a potentially distressed property

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