The May 28th Conference Call Assignment was all about locating owners and the methods taken to do so. Here is what I would like to call an addendum to that assignment and also a very good reference guide to follow if trying to actually locate owners and/or other information on a property.
Due diligence is extremely important, regardless of the type of property you’re thinking of buying. In development property and land deals, buyers start the fact-gathering process with their first encounter with the property and it continues until they either bail out of the deal or go to settlement.
Here’s a list of sources of information (people, places & things) that are good starting points if you’re trying to research a property.
Sales & Ownership Data
Tax assessor information is available in several forms. For every piece of data, there is a primary source. The primary source is likeliest to be the most accurate and current source of information. For real estate documents that are recorded, such as deeds, liens, restrictive covenants, easements and subdivision plans, the primary source is the actual record of filings maintained by the applicable governmental department as well as the documents themselves and the recording information shown on them. These are usually kept at the courthouse for the county in which the property is located (Recorder of Deeds or Tax Assessment Dept.). People usually use title insurance companies who send searchers to the various courthouses to look up records. The deed contains the legal description of the property, which sets forth the property’s actual dimensions.
You can also search in free or fee-based databases that allow you to get information on properties nationwide or in a particular geographic area, such as: http://www.searchsystems.net; http://www.realquest.com; http://www.brbpub.com/pubrecsites.asp. These are great tools as long as you remember a couple of things. They should never be used as a substitute for hands-on research and inspection if you need results that are current and absolutely accurate. No database, even a governmental one, is a primary source of information. The governmental database, however, may be the next best thing to the primary source depending on the manner in which it was created and the frequency with which it is updated. When title companies insure property title, they do not rely exclusively on databases. They send people to where the records are maintained to physically search them. Real estate appraisers do not just use databases. They conduct additional due diligence and physically inspect the properties involved.
For several reasons, the farther you move away from the primary source of information, the greater the likelihood that the information may not be current and accurate. There is the time factor. The information has to pass from the primary source down the line through other people or organizations. In addition, there is the “garbage in, garbage out” principle. The integrity of any database, governmental or not, hangs on the thoroughness and competence of the people responsible for compiling and maintaining it. Databases can save you a tremendous amount of time and effort. You can use them most effectively as screening tools and to gather information subject to confirmation and further research if the situation or property warrants it. In addition, they are invaluable in identifying contacts if you need additional details or clarification.
If you want to find out who owns the property but don’t know the address, one way to be able to identify the property is to go to the municipal building and look at the tax maps or tax plats of properties in the municipality. By process of elimination, you should be able to identify the property (thus giving you the owner name, address, parcel identifying number). It’s a good idea to take a copy of the tax map with you when you return to the property since this will help you to pinpoint its location by counting parcels on the map from intersecting streets or other landmarks, particularly if the property is vacant land. Again, be aware that some of the information in the database or on the tax maps may not be accurate, particularly the size & shape of parcel, zoning classification, and whether the property’s serviced by public utilities.
New Construction Communities
If you want to find out who is or will be building in an area, take one municipality at a time and get the list of approved subdivisions and land developments from the municipality (manager’s office, code enforcement or land development offices). Then you can visit the new construction sites, talk with the site agents and get brochures. If the jobs haven’t started yet, you can go to the builders’ websites for preview information.
Municipal Records
You can identify properties that have applied for rezoning or subdivision & land development approval by requesting a list from the municipality of the properties. After you decide which properties you want to investigate further, make an appointment to review the development files and plans at the municipal office. This is public information, and anyone is entitled to review materials relating to actions taken by a municipality in public meetings and hearings. This can be an excellent source of information on owners who may be thinking of selling their properties.
Utility Maps
Checking the street for manhole covers and hydrants won’t necessarily give you correct information about whether a property can be serviced by public water and sewer. Instead, consult the mapping available through the municipal or regional sewer & water authorities, county or regional planning commission and private water companies.
Zoning
Each municipality adopts a zoning ordinance and zoning map for the properties within its borders. This material is available for review or purchase at the municipal office or through private vendors. Always make sure you’re looking at the most current ordinance and map since these are amended periodically. In addition, read the whole ordinance and not just the section on the particular zoning classification because the ordinance contains provisions that apply across the board on issues like definitions of terms used, accessory uses & structures, signage, and minimum frontage requirements.
The zoning officer (a/k/a code enforcement officer) at the municipality is the one to whom you should direct your questions about the zoning ordinance or map or if you want to find out anything about a property that may have happened in the past, like granting of variances, special exceptions or conditional uses.
Proposed Highways & Facilities
Depending on the nature (federal, state, local), you can access information through the municipality, county/regional planning commission, municipal comprehensive or “master plan” and federal or state agencies.
Profile Data of Area or Municipality
Municipalities and county or regional land planning agencies prepare comprehensive or master plans as a primary tool for their land planning. These plans contain a wealth of information pulled from various sources including US Census Bureau, Dept. of Labor, US Dept. of Agriculture soil surveys, FEMA floodplain mapping. In addition, you’ll find data about natural resources, statistical data on housing stock and non-residential developments, existing and proposed roads, transportation facilities, utilities, plants, commercial operations, hospitals and schools. Be sure to check out the proposed land use map and accompanying text. Here you might find clues for future growth areas and even potential for successfully rezoning particular properties. The master plans are available at either the municipal office or the county/regional planning agency.
Floodplain Maps
To determine if the property is in an area subject to flooding, consult floodplain maps. These are available through either the municipality, county/regional land planning agencies, or FEMA (http://www.fema.gov). As referenced by Nancy Chadwick.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Thank you for sharing the info Anita. Us Nu-be's can use all the help we can get.
Regards,
JK
If you really take your time and learn more about what you are doing you will get a clearer understanding of what you are looking for, this means that everytime you have to locat hat owner or other missing info, it will get easier and easier
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
You may want to note this post and use as reference. If you look on the last line of the original post you can bookmark it from there. I use it alot and it still helps me.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
I see we have a lot of new people on the site and I thought that this info might help them a little. So if you can use it - thats great.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Thanks for the info Anita. I really appreciate you taking time out to inform us all.
Great informtion Anita. Learning as much as you can about the area in which you invest will definitely help decision making. It will also prevent you from making some expensive errors such as purchasing too high or in the wrong area.
Bill
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
thanks anita! still in the learning process and wasnt sure what due dilligence even was! lol thx
Making a difference in others lives, is rewarding in so many ways
Also try using one or two properties for a practice run and see just how much info you can dig up on them, what resources you use and how long it took you. It will go a long way in helping you become a better REI.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
thank you anita im anew beginner and still learning you are very helpful
I'm new and that was a great help. There are things there that I never even thought about.
I LOVE YOU ;#
Thanks For the info...
Thank you very much. You keep me encouraged.
you are welcome
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Anita I think you are becomeing my new best friend ! You make alot of good points on a couple of different post that you have written. I will be watching out for you ! Thanks Anita!
This is very helpful! Thanks for the info!
Success and Nothing Less!
Thank you so much for this info. Still learning here and this was on my mind all night at work. "How to get all that stuff" I've been all over my county website and couldn't find it.
Your an angel Anita
Barbara
Owen Properties, LLC
Thank you for all the new information, I'll add it to my binder. I would like to add something, it may be nothing at all but...when I worked for a truss builder back in Arizona, we always knew all the contact info for the new construction and where they were located before anyone had it mapped. So I was thinking along those lines in that it might be a possibility to visit the local lumberyard for contact info since they may be in some form of negotiations before anything becomes official? The lumberyard provides all the new on-site construction of trusses and alternative construction methods. What do you think?
Never Give Up, Never Surrender!
Anita,
Thanks for the info, truly invaluable and something to print and save.
David
that is some of the best info yet, I just went to the courthouse and got the info on a house I have my eye on! you just ask them for the info and, I walked out of the courthouse with a map ( they printed out for me )the Tax info and address and the owner's address! this works great. now I will write a letter to the owner's to find if they want to talk about the house. Im getting phone calls from the owner's of other Houses Im looking at. just doing this simple thing and, you can be on your way to some great Deals.
thanks Anita,you are my Hero
JayBob
thanks anita for your time and valuable information to bookmark !! you certainly r an inspiration and clearly have learned a great deal through your hard work and actions taken!!
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Thank you for taking the time to give us these very helpful points on investing.
Dedicated & Motivated![Smiling Smiling](http://mail.deangraziosi.com/modules/smileys/packs/example/smile.png)
Ok, so I have the addresses of a few properties I'm interested in. Can I find the owner and how much is owed on it at the courthouse? Just from the address?
They are listed but I doubt the realtor will let me have their name or give me the info on it and I don't want to "seem interested" just yet. (until I get a coach-I don't want to do something I shouldn't that might mess up how I should progress.)
I love the link to the website where you can get Zillow and all that.
Pam Smith
Thank you,Anita!!!!!! Great Content!!!!!!!
Always on the lookout for add.ways to find info on probable projects.
To Your Continued Success,
Anita, I guess I would be a fool if I didn't say thanks either. Good stuff!
Matthew, "It's Gonna Happen"
I think it varies from town to town, county to county, state to state on how to get this info. Here we can access the tax assesors info on-line and find out who owns the property, property details, etc. Try calling your tax assessors office or courthouse to find out how you can get this information. Or maybe you can do a google search (since it is Saturday) and they might have their website listed if they have one.
Lea
SPR Property Solutions, LLC
Hi Anita,
Thank you, it helps a lot.
In MD I can access the real property data base, gives all tax assessor info. Would liens on the property likely be on file at the county courthouse? What would I ask for and is it possible to do a title search yourself?
I just wanted to bring this up for any new DG'ers. Anita this is some amazing information. As a new person to REI I really appreciate it. I am sure that anyone who hasn't read this post will greatly benefit from it. Thanks again for the information.
Richard
Bothell, WA
Know what truely matters in life, consume yourself with that, and you shall never be disappointed, afraid, or alone. Give your gratitude always, give respect to everyone, and you shall never be anything less than what matters the most. Give praise to the Lord, forgive yourself and others, and with all of this together you will get a taste of what heavens lie ahead.
Thanks to this post re-surfacing, I learned from reading, then calling the local title company, that I can't get title insurance on 'quit-claim deeds'.
Thanks again for the post and for having a forum like this to help folks avoid the pitfalls of the business!
Red
Red
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There are generally two types of people...those who think they can, and those who think they can't... and they're both right!
We're lost and losing interest in a business we put everything we have into. No one anyplace is willing to help. This is frustrating to say the least and angering at best. We have followed all of the steps Dean outlined in his books and the only thing we have to show is more monthly payments. We simply can not afford mentoring, its out of our range. Please help us, someone please.
Rick & Peggy
Wishing you Happiness and Prosperity,
Rick & Peggy
Eagles Crest Properties