Confused on previous ownership - What is going on?

Question

Currently Listed for $105k

2003 TOM HILL purchased from HUD for $65k2004 MIKE HILL purchased from TOM for $33K2010 TOM HILL purchased from MIKE for $0.

Tom selling the property for $105k now. What is going on here?

Simon Campbell · Answer

Owners are not required to state the actual sales price on a deed - no matter if it is a warranty or quit claim deed. That is why you will often see deeds with sales prices of $1 or $10. This is not the actual price, it is the price that is recorded to keep snoopy people like ourselves from knowing what they paid and what profit they are making. They do have to reveal the true sales price to the county auditor and tax assessor. If it was a brokered deal, then real estate agents have the true sales price as well. As do area appraisers.

Mary B. · Answer

Could be one of those sale & buyback tactics. Plus, sometimes the numbers are skewed on county records and multiple properties were involved.  Yet the sold figure is much higher or lower then what was actually paid.

Kudos,

Mary

Steve Candor · Answer

@Simon Campbell

and it was a quitclaim deed. I looked it up on the county records.

Steve Candor · Answer

@Simon Campbell interesting... so TOM sold to Mike for half the amount for 1/2 interest in the property. Okay that makes sense. So now they are partners.

But then Tom purchased from Mike his interest in the property for $1. Maybe Tom gave Mike cash for the his portion? They are family but he initially sold half interest for half his purchase price but purchased it back for only $1. Odd.

Simon Campbell · Answer

The last transfer could have been a quit claim deed for love and consideration. Most likely, however, they simply opted to withhold the sales price from public record. Go look up the deed at the county and see if the assessor stamped the actual sales price. If not, then go and get the property card from the assessor, that should have the actual sales price.

Arlan Potter · Answer

family transfers don't always have an actual sale amount, or any sale amount listed.

Confused on previous ownership - What is going on?

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