Any tips for cash buyers?

[Ray Agosto]

Hey guys i was wondering if there is a way to find a set of cash buyers or properties sold for cash WITHOUT access to MLS?

[Sean OToole]

@Ray Agosto - Ultimately you'll need to learn to abstract title. At the simplest level you go to the county recorder and search for deeds, then either deeds of trust or mortgages depending on your state. Some recorders make everything available online, in which case you can even do it from home.

One of the harder parts is determining which deeds actually constitute a sale. Many don't, and those that don't will often look like a cash sale. For example an individual puts their property into a LLC - its hard to know from the deed whether this was a true sale to a 3rd party, or in this case, not. So there are a whole bunch of things experiences title officers look for to help determine that. Was the deed recorded by a title company, tax stamps, etc. Once you've determined the deed is a sale, then you look for a subsequent deed of trust.

Cash sales a trickier then normal sales. The fact that Wells Fargo recorded a deed of trust immediately after the deed for 80% of the sale amount makes it pretty clear that it was a market sale. When there is no deed of trust, there are many other possible explanations than cash. Everything from a gift to a legal name change.