Hidden Problems

[Tim Loughrist]

I'm looking at a property that seems to be well under market value. There are a number of problems with it, the largest being a roof that needs to be replaced, but none of the problems account for how far under market value the property is.

Any tips for sleuthing out hidden problems with the property, e.g., legal issues, that I'm not able to find with a flashlight and a willingness to get dirty?

[David Dachtera]

Originally posted by @Tim Loughrist:

Originally posted by @David Dachtera:

Can you get info on the property from the county recorder's office?

Do you have a relationship with a title officer? Can you maybe get a discount on a title search?

I don't have a relationship with a title officer and I'm not sure how to get a discount on a title search. Maybe contact the company that processed the title for my current property?

However, the last sale instrument (2003) for the property was a warranty deed, so there shouldn't be any title issues.

It *is* on a half lot. I'll be calling the city's planning department today to make sure that I will be able to get a variance to rebuild on the lot if the property burns down (I believe that building on a half lot is a nonconforming).

Thanks, David.

Any mortgage or trust deed since the last transaction?

Relationship building helps you get "favors" from people on your team. How to get something? Ask.

David J Dachtera

"Success is not a destination. Failure is not an event. Success is a process, failure is a choice."
- DJ Benedict