Discussion in 'Urgent - Help Needed' started by Tatianna, Oct 9, 2011.
Just moved to a non-disclose state. Can someone advise me on obtaining data other than realtor data?
SOL. You have to go to the broker and beg for info...
OTOH, if your non-disclosure state allows you to check deeds and mortgages...then off to the courthouse you go
Then find the name of the owner. Find the deed and mortgage in the files. If there is no mortgage, it's likely a cash sale. The mortgage should lead you to a lender. The documents will state if it is fannie or FHA, RD, VA, etc. If not, check for a lender (bank) and follow up by tracking down the loan officer...SOMETIMES a loan officer will disclose the terms ORALLY...rarely do they like to commit such info to paper (email). Go to lender face to face. Try the title company. Sometimes you can develop a relationship with an abstractor or title co and they will let you search their records.
As for sales price... the MLS is all you got...the broker can "confirm" that if they want to and if you are a Realtor-Appraiser member of NAR, they are supposed to share such info with you unless it is explicitly "confidential".
It sucks...but it's all you have and it is a lot more leg work usually.
In Texas, sale prices are not shown in deeds, so don't waste your time at the courthouse. MLS and broker information is generally recognized as the main source of sale confirmation.
Because Texas is non-disclosure and most people here know that, it is unlikely you are going to be well received in trying to confirm sales with a seller or a buyer of residential property. Texans are private and so is their business.
Join your local MLS, and if appraising in rural areas, talk with all the brokers.
If your state has a transfer tax based upon sales price you can calculate a sales price based on the transfer tax.
That, by definition, is a disclosure state.
But there is data in the courthouse once you identify the sale in the MLS. The mortgage is and can be revealing and these are generally available for view. You must learn how to search those records however.
Brokers, buyers, and sellers. Those are the main source of information. There are various data sources available, but I take all of them with a grain of salt. The commercial side especially since CoStar and LoopNet have researchers from other states calling brokers to try and get information, and most of them don't want to share. We use MLS in one market because most of the commercial activity in that market is in the MLS; in that case I've found it to be pretty reliable. It still doesn't give the full picture and it doesn't include grantor and grantee so that still requires a call to the assessor or clerk's office to get information from the deed.
Public records can be helpful but most counties charge a fee to access the records, although some have basic information online (grantor, grantee, date, legal description).
The bottom line is you have to start building relationships with people who control the data (brokers), and subscribe to whatever reliable data services are available.
It may be disclosure in your market but not everywhere. I found many old Pennsylvania deeds with no consideration revealed but with transfer tax data attached. You are correct however in your comment about the mortgages.
And you'll find some "new" deeds that are similar. No specific sales price listed but tax stamps indicated. It is the tax stamps that "disclose" in PA.
It is the tax stamps in Arkansas and Oklahoma that disclose as well...$1.50 per K in OK and $3.30 in AR... only rare occasion do the deeds actually state the exact amount but care needs made when the MLS and Deed stamps differ. It is against the law in my state to not have sufficient deed stamps but not against the law to place surplus stamps on it...and some people do with the expectation that they might flip the property in a few short years and they want it to look like they paid more than they did. On farms a little more complex because deed stamps only apply to Real estate and sometimes personal property ends up accidentially included in the DS calculus. And alternatively, trade fixtures that the appraisal sciences suggests are "personal property" end up being valued as real property...(which I personally think is correct - it is real property...) and/or a business sells that may have "BEV" and that value gets lumped into the sales price aka deed stamps. Frequently, the RE fails to get separated from the PP, BEV, and FF E...