Is there public records to check for equity in a property?

Question

Hello BP!

I currently have a property I'm looking at that has an deceased owner. I want to find the current owner of the property but first want to check if there is even any equity in the property. Does anybody have any ideas? Thanks in advance!

Tyler Shoaf · Answer

Ok I will take the necessary action! I appreciate the detailed answers very helpful.

Nina Davenport · Answer

Tyler,

That was always a hard problem for me when I was a new investor. I did not find a site that would give me that information. The tax records online will tell you what was paid for that property and at what time, but that's it.

Since the owner is deceased, you should go to the probate court as part of your search.

Generally people who bought before 2000, before all the craziness in the housing market started, are likely to have some good equity, depending on whether they got an FHA mortgage (3.5% down) or if they re-financed.

I would suggest doing a broad search looking for owners who have owned for a long time and then go to the courthouse in the county in which the property is located, and search the records there. Every mortgage (including re-fi's) have to be recorded. Liens and judgments are also recorded.

Just ask the clerk how to do the search. Then you will have to talk to the individual owner to learn the exact financial situation. If you don't feel comfortable searching yourself or don't have the time, get friendly with a title company and ask them to do a preliminary title search for you. They will charge about $150 to do this, but that is deducted from closing if you use them at settlement.

If anyone out there knows of a site that does give mortgage information, I would love to know about it!

Peter Mckernan · Answer

Hello @Tyler Shoaf

I would suggest reaching out to a local real estate agent that knows the area and a good title rep. The title rep can get the agent all the facts on the home regarding title, and the agent should have access to a platform that gives them ability to check equity within a home.

There are some online platforms that you can subscribe to that will give you this information too! You’ll have to research your local/state area to see what gives you that information. That online resource could even get you the title information too, since there are so many resources out there now. It’s nice with the internet because it makes so much easier to access information!

Is there public records to check for equity in a property?

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