I am looking for advice and direction on a possible deal.
I found a fourplex listed on the MLS, it is a bank owned property. After looking into the property further I realized it is part of an apartment complex that consist of ten identical fourplexes and all of them are empty. I spoke with the listing agent and she informed me that all she knew was that a single person owned all of the apartments, but had different lenders for each individual fourplex and that all of them were in different stages of foreclosure.
I am very interested in this deal if there is anyway to purchase all of the fourplexes. So my question is, what is the best way, or is it even possible to find out which lending institution owns what and where it is in foreclosure? Or is it even worth the effort?
You should go to your county's recorder of deeds (either in person or on their website). You should easily be able to find out who owns and is owed how much on each property.
In my case, I can google 'allegheny county real estate' and 'allegheny county recorder of deeds', and find all the information I need.
Jeremy, thanks for the info, I have done this online at the county's website and haven't found a lot of info on what is actually owned by who.
You are never going to find out what's owed at any recorder's office. You only find that out by getting the payoff demand from the lender/servicer. They don't record the balance of the loan anywhere. Think about it, that's like updating someone's credit report monthly! Isn't going to happen.
I'm looking for which lenders have which properties, not whats owed.
@Wesley - my post was meant as a reply to Jeremy's eroneous statement. Not you. My apologies for the confusion.
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