All Forum Posts by: Ed Lee

Hi @Ed Lee, 

Anyone has the right to this information; you would need to contact a title company or an attorney who is authorized to do this kind of title work. The catch is the cost -- it could be a few hundred dollars to dig up the dirt on the property only to find out it's not a worthwhile purchase. However, in my mind, a few hundred dollars is far less scary than thousands or even tens of thousands you might find yourself owing after the purchase if you didn't do the work in the first place. 

Hi @Ed Lee, 

Mortgage and Judgements, otherwise known as M&J reports (but could have other names in other states) are essentially the background checks any title company will perform on a property to search out what liens, debts, clouds or otherwise a property might have. It’s vital to know if there’s some sort of deficiency judgement against the property for unpaid taxes, a builder’s lien, a distant relative who might have legal ownership rights, etc, etc. If you’re looking to purchase a foreclosed property at a sheriff sale or some government sell-off, they will likely provide the property free and clear of all encumbrances but I still research property history myself just as an extra measure of protection. Keep in mind, if you’re buying a property where the secondary mortgage lender is the entity foreclosing, there might be a primary mortgage debt that still exists and has to be paid. This would typically be referred to as a “subject-to” and it’s not something that would be hidden but it’s a prime example of a property you might think you’re getting for a good price only to discover that upon the winning bid you just earned yourself all the other debt on that property and you must now pay it. Hope this helps.

Hi @Ed Lee, 

My license does not help with foreclosures directly; the information about any foreclosed upon or soon to be foreclosed upon property is public knowledge. With that said, I can access mortgage and judgement information about that property much more easily -- a non-licensed person would have to contact a title company and pay a decent amount for that info. As I said in the original post, knowledge is king and the speed of that knowledge can make or break a deal. Considering you likely have no access to the property, you need to discover all you can prior to the actual foreclosure. 

I have never had any issues with disclosing my status as a licensed agent whether I'm buying or selling. At the end of the day, all properties sell at market rate no matter who is in the deal. Hope this helps!