Short sale / foreclosure question

T

The_Maestro_IHB

New member
When looking at public property records how can you tell what is a foreclosure and what is a short sale? How will they be reported on the public records?
 
[quote author="The_Maestro" date=1238062846]When looking at public property records how can you tell what is a foreclosure and what is a short sale? How will they be reported on the public records?</blockquote>
Short sale will be owned by an individual, couple, or trust. With a foreclosure/REO, the owner will be the bank or some lending's trustee.
 
Thanks. I'm helping someone out of state. The owner was listed as a trust. The trust was listed as the address of the property plus the word trust, ie: 1234 Barranca Trust. About $100,000 was owed on the property and it looks like the trust got it for $40,000, then it looks like it was sold again about a week or two later for $70,000. So was this the lenders trustee or a short sale trust? Is there any other way to find out if it was foreclosed?
 
[quote author="The_Maestro" date=1238070408]Thanks. I'm helping someone out of state. The owner was listed as a trust. The trust was listed as the address of the property plus the word trust, ie: 1234 Barranca Trust. About $100,000 was owed on the property and it looks like the trust got it for $40,000, then it looks like it was sold again about a week or two later for $70,000. So was this the lenders trustee or a short sale trust? Is there any other way to find out if it was foreclosed?</blockquote>
Sound like it is owned by an individual trust which sounds like it might be a short sale. You could also pull a title report, you would see a trustee deed instead of a grant deed if it's a foreclosure (in states that have a deed of trust).
 
[quote author="The_Maestro" date=1238078205]Thanks. I thought it seemed like a short sale too. Any way to dig deeper and find out the individuals associated with the trust?</blockquote>
You would have to go to the state's secretary of state website to see if you could find out who the members of the LLC were.
 
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