If a property is quitclaimed to a mortgage company, what does tha

[Afan Essani]

Hi , I was recently driving for dollars and came across a property which looked vacant and looked like a lot of the junk had been emptied out and lined up at the curb. I looked it up online and found that it was listed for $50K and the zestimate was around $200K. House next door had sold for $150k last year. I was curious and looked up the tax record, and it showed that the house was quitclaimed for $1 from the Owner to Owner-Powerhouse  Equity. Tax assessor says the owner of the property is Owner-Powerhouse Equity ,

So does this mean that  it is owned by the owner and the mortgage company both? What does it mean when a property is sold for $1 like this? How would I find out who to contact in order to buy this?

My real estate agent says they have tried several times to contact the owner, but they do not respond to text or calls. What would be the best way to proceed?

I really need some one's advice on this. Not sure what to do next. Thanks.