{"id":9693,"date":"2010-02-17T11:36:22","date_gmt":"2010-02-17T19:36:22","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=9693"},"modified":"2010-02-17T11:36:22","modified_gmt":"2010-02-17T19:36:22","slug":"how-to-navigate-and-understand-public-records","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2010\/02\/17\/how-to-navigate-and-understand-public-records\/","title":{"rendered":"How-To: Navigate and Understand Public Records"},"content":{"rendered":"<p>Yesterday a reader emailed me asking how to look up public foreclosure documents.  Since it&#8217;s been over a year since I covered the topic of <a href=\"http:\/\/seattlebubble.com\/blog\/2008\/12\/26\/how-to-research-property-loan-records\/\" title=\"How To: Research Property &#038; Loan Records\">researching public records<\/a>, I thought this would be a good time to review the process.  In this post we&#8217;ll be discussing the process and providing links for King County.  For other counties hit the <a href=\"http:\/\/seattlebubble.com\/blog\/real-estate-resources\/\" title=\"Real Estate Resources\">Real Estate Resources<\/a> page.<\/p>\n<p>For the purposes of this post, let&#8217;s say you&#8217;ve found a home on Redfin, and as you&#8217;re looking at the listing photos, the obviously-vacant state of the home tips you off that this home just might be a bank-owned foreclosure.  As an example, we&#8217;ll use <a href=\"http:\/\/www.redfin.com\/WA\/Seattle\/11715-7th-Ave-NE-98125\/home\/106009\" title=\"11715 7th Ave NE Seattle, WA 98125\">11715 7th Ave NE<\/a>, listed last week at an asking price of $332,000.<\/p>\n<p>First, let&#8217;s head over to the <a href=\"http:\/\/www5.kingcounty.gov\/parcelviewer\/viewer\/kingcounty\/viewer.asp\" title=\"King County Parcel Search\">King County Parcel Search<\/a>, click &#8220;Search by Address,&#8221; and put in the address in the required format (i.e. &#8211; 11715 in the &#8220;House Number&#8221; box and 7th in the &#8220;Street Name&#8221; box).  That will pull up a map on the right side with the parcel outlined in purple, as well as a list of details and a series of links on the lower-left.<\/p>\n<p>If you&#8217;re interested in how much the property last sold for (in a non-foreclosure), click the &#8220;Get Property Report&#8221; link to pull up the <a href=\"http:\/\/www5.kingcounty.gov\/kcgisreports\/property_report.aspx?PIN=6413100232\" title=\"Assessor information for parcel number 6413100232\">assessor parcel information page<\/a>.  Look through the list of &#8220;Sales\/Quit Claims\/Transfers&#8221; for sales with an instrument type of &#8220;Statutory Warranty Deed,&#8221; which usually indicates a standard sale.  In this case, we see that the property sold for $210k in July 2001, and then sold for $400k in March 2006.<\/p>\n<p>Grab the &#8220;Parcel Number&#8221; from the lower-left.  In this case, our parcel number is 6413100232.  Now, head over to <a href=\"http:\/\/www.kingcounty.gov\/business\/Recorders\/RecordsSearch.aspx\" title=\"King County Recorder's Office\">King County Records<\/a> and click the big &#8220;Records Search&#8221; box.  Accept the disclaimer, then click the big &#8220;Search&#8221; link next to the text &#8220;Official Public Records.&#8221;<\/p>\n<p>In order to find all the relevant documents, we&#8217;ll put in some recent date range (like 01\/01\/2008 to 02\/15\/2010) and down in the &#8220;Tax Parcel&#8221; box put the parcel number in the from and to boxes.  Leave document type and everything else blank.<\/p>\n<p>Here are a few of the possible document types that will be returned:<\/p>\n<ul>\n<li>&#8220;Warranty Deed&#8221; is usually filed with a normal sale transaction.<\/li>\n<li>&#8220;Deed of Trust&#8221; is the document usually filed that describes a mortgage or refinance.  These are not available to be viewed online in King County but if you take the document # down to the records office in Seattle you can view it in person.<\/li>\n<li>&#8220;Notice of Trustee Sale&#8221; is the document filed by the bank giving the mortgage-holder a 90-day notice that their home will be foreclosed.<\/li>\n<li>&#8220;Trustee Deed&#8221; gets filed when a bank forecloses on a home at the public auction at the courthouse.<\/li>\n<li>&#8220;Deed&#8221; can be a variety of types of deeds, including a &#8220;Deed in Lieu of Foreclosure,&#8221; which means the owner &#8220;handed the keys&#8221; to the bank without going through the full foreclosure process.<\/li>\n<\/ul>\n<p>For this particular property we get two results: a Notice of Trustee Sale on 07\/23\/2009, followed by a Trustee Deed on 11\/03\/2009.  Sure enough, this home was foreclosed by the bank in November.<\/p>\n<p>If you click the icon in the &#8220;Image&#8221; column on the right for either entry, you can view a pdf file of the public records.  The Notice of Trustee Sale indicates that the borrower was $16k behind on their payments on a mortgage of $453k.  The Trustee Deed indicates that the bank (Aurora Loan Services) paid $392,476 at the public courthouse auction on 10\/23\/2009.<\/p>\n<p>We definitely learned some interesting information about this particular home from the public records.  At their current asking price of $332,000, the bank here is already accepting a 15% loss on what they paid at the foreclosure auction, and a 27% loss on the total mortgage amount.  We also learned that the asking price represents roughly a 5% annual rate of appreciation from the 2001 sale, and a 17% discount from the early 2006 price.<\/p>\n<p>Armed with the information that you dig out of the public records, you will hopefully be able to make better decisions about how to approach the possible purchase of a bank-owned home.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yesterday a reader emailed me asking how to look up public foreclosure documents. Since it&#8217;s been over a year since I covered the topic of researching public records, I thought this would be a good time to review the process. In this post we&#8217;ll be discussing the process and providing links for King County. For&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[206],"tags":[305,7,255,631],"coauthors":[],"class_list":["post-9693","post","type-post","status-publish","format-standard","hentry","category-features","tag-banks","tag-foreclosures","tag-how-to","tag-public-records"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How-To: Navigate and Understand Public Records \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2010\/02\/17\/how-to-navigate-and-understand-public-records\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How-To: Navigate and Understand Public Records \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"Yesterday a reader emailed me asking how to look up public foreclosure documents. 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