Understanding Transaction History

[Tatiana R.]

Okay Dokey... I hope I am posting in the right forum! Correct me if I'm wrong, please. :-)

My question is about the transaction history when I look at my property reports. Where is the best place for me to learn more about these banking terms?

Specifically: Currently we are looking at some properties that we will be cold calling. Firstly, I just want to understand where the potential seller stands before making an offer: i.e. they have a quit claim, grant deed, transfer, pre-foreclosure, etc. etc. Secondly, I came across an odd property the other day...

A significant loan (like, 7 million) was taken out on a property that is valued at only $400,000. Why? How? This one confused me and I don't understand the terminology of the bank transaction history.

Is it inappropriate to call the lender to ask these questions? Are the answers to these questions privacy protected? Any advice on where to educate myself would be greatly appreciated!

~Tatiana