Originally posted by @Jay Hinrichs:
Originally posted by @Benjamin Haberman:
Originally posted by @Jay Hinrichs:
Originally posted by @Ricky Si:
@Jay Hinrichs
Great input. I was working on one property and I did exactly that , I searched by lot and block numbers. Went thru humdreds of pages of deeds etc..... Property had an irs lien on it but it didn’t show up anywhere and sherif didn’t mention it either. It had 50,000 irs tax lien behind the 1st mtg. Dodged a big bullet there, thankfully I didn’t buy it...but again if I had the title, it would’ve showed up there.
well I would have bought it if it was a deal.. IRS never redeems its so rare as to never happen.. but for sure you cant get a new loan on it for 120 days or sell it.. so if that's an issue you should pass.
I go to the sheriffs sales every week. I have a virtual assistant who updates a Google Sheet for me for every property. She fills out beds/baths/sq ft/ lot size/zestimate (for quick reference)/link to Zillow/link to google maps.....
After reading this forum though, I am now worried that some of these auctions could be 2nd mortgages. What is the easiest way to find this out? I can't run a title search on every property because it would cost me $200 for every search.
Also- what is easiest way to find out about IRS tax liens?
well it could be as simple as your VA calling the company handling the sale ( law office or whatever ) and asking.. in high dollar value states one clue is a 30k opening bid..
hire a VA ( local one) to up date your spread sheet by going to the courthouse and pulling the info once a week on all foreclosures your interested in .. remember this is public information.. you just need someone to teach you how to do it.
way back when I started in this business in the mid 70s my Dads Lawyer told me.. you want to be successful IN RE go learn the courthouse.. so I spent hours learning how to pull out those big dusty ole books and read title history... I would go to our title companies title plant and have the title examiner show me how to look things up.. now keep in mind we were the largest client at the time for that small title company so I got a lot of perks.. but where I really did well was in the map rooms scouting out showdown plats.. that is one of the best ways to find value.. I found one called ( Rainbow Knolls) old subdivision platted in the 20s but because it was under one common ownership ( 104 lots) assessor on the assessors plat map showed it as a 15 acre tract.. we made an offer like it was one building lot.. then we got our HML to put 104 individual loans on each lot to the tune of 3k per lot we used that 300k to build all the roads and infrastructure.. we recorded each loan individually which caused the assessor to reestablish the plat. without having to go through the platting and land use .. planners did not like it I can tell you.. but now a days out west this is quite common and there are easier ways to do this.. in Oregon for instance they call it a lot confirmation.. there are all sorts of shadow lots lying underneath lots in the city.. takes 60 days and a few hundred bucks and a current survey and you can split lots as long as there is a shadow plat that was recorded back around the turn of the century. its common in PDX for these to be 25X 100s and ergo the Portland skinnies we build today..
I am doing one in Indy as we speak.. same thing lot was divided years ago I simply get a survey and record it and I have a new lot to build a new home on...
Jay is there any advantage to going to the local court house after having the VA do a search on our public land record search?
http://clerk.capemaycountynj.gov/publicsearch/
Also our sheriff has a page that they update every day with the sales. Is it still worth going to the sheriffs office?
Are there any tricks to reading the lis pendens? Is there anything in the lis pendens that can be crucial to knowing wether or not other liens will be cleared up upon the sale?
Do they have showdown plats in every state ? So you are going through all the old subdivisions and trying to link them with newer subdivisions to see if there are actually more lots there? Is this because the original plats hold superior to the newer plats? In the example with the Rainbow Knolls- what if the zoning code changed and you could no longer get 104 lots out of that parcel?
