Tax Rolls

[N/A N/A]

Hey...is there a way that I can find out what someone paid for a home? I got an email about a property that's in pretty good shape, just needs some miscellaneous, cosmetic repairs and the seller (who is an investor) says that the house should retail at $145K after these small adjustments, but when I went online to the appraisal website, the house appraises at $119,560. They want $109,000 for it, but I'm just curious about how much they paid for it and just wondering if there was a way I could find that out. Any advice?

[Ryan Webber]

Well John I'd have to disagree. Knowing the parameters of acceptance for my offer, to me, is a tremendous advantage in negotiations. Now one of the counties I do business in doesn't have the records online, but for the other county looking up the note amount is a normal part of my research for a deal.

The key to finding deals lies in two factors, motivated sellers and equity. You must have both, and I do everything I can to quickly determine that both are present. You can find as many motivated sellers as you want but if they don't have the equity, you don't have a deal. Utilizing techniques that help you quickly get an idea of how much equity a deal has is essential to be efficient in making offers.

Checking the actual recorded note amount isn't the only way or even the most efficient way to research this in Texas. If it was bought through the MLS, it will have an exact purchase record of it. You can also estimate possible equity just by finding out how long ago the property was sold.

Obviously asking the seller what they owe is always a good idea, but my experience is that many times they don't want to share that information with you. They inherently understand that it puts them at a disadvantage in negotiations.

Either way and in any state, I would always recommend having the most amount of information possible. Information is power in negotiations and having key information about the seller's financial position is what I would call a tremendous advantage.