Posted by Charles Parrish on September 05, 2006 at 24:40:08:
Finding the name and mailing address of the assessed owners is your first step in this process, and the easiest. The hard part is finding them. First, go to the tax sale department to see if the property is on the tax sale list. The tax lien may have been sold. Find the name and contact information of the tax sale certificate purchaser. If the certificate has been sold, locate the certificate buyer, offer to pay for the assignment of the certificate.
Next, search their name in civil and criminal court (they may be in incarcerated) to see if there are any cases against the assessed owners. Read the cases, look for a new address. Also run a lien and title report. This will often turn up some new leads. If you find an unpaid lien or mortgage, offer to purchase at a discount, or take an option to purchase it. The option document would say that you have the option to purchase the lien within 45 days. This time period will give you time to research the lien and title and give permit time to find an assignee. Placing yourself into the chain of title is another way to take control of the real estate.
Finding owners of vacant properties can be difficult. You need to learn to use different systems to find them. Go to websites; yellow and white pages and other sites that will help you find the owner, such as; zabasearch.com, verizonsuperpages.com. Search the internet for other sites.
Also, consider hiring a private detective. Detectives get paid for finding people. They will search Motor Vehicle record and other data bases you may not have access to. Talk to neighbors, leave a note on the door, call everyone in the telephone book with the same name, and ask if they know your missing property owner… Also, check out free and for fee resources such as privateeye.com.
Finally, don?t give up! Finding the assessed owners who have distressed property can be a way to make outstanding equity advances in this business.
As for working on foreclosure deals, my suggestion, unless you have lots of experience in this area, I?d say FORGET IT! Owners of these properties have much too much baggage! There are too many unknowns and legal snags that could sap your time and motivation. Stick with the simple stuff.
Wishing you good luck,
Charles Parrish