Skip Tracing: The Best Way for Buyers to Spot a Good Property

Are you planning to buy a vacant house? How about buying a good property at a much lower price than its market value? If you are learning about it for the first time, it might seem fake to you. However, it is not. There are some properties that are sold at just a fraction of their market value. These properties are none other than foreclosure properties. Generally, the properties are close to foreclosure or already owned by the bank. When a bank seizes any property and sells it to recover the unpaid amount of the loan, they are sold at a cheaper rate. So, don’t you think looking for a foreclosure property will be a good option? 

Oftentimes, finding a foreclosure or distressed property is not that easy. Sometimes, you spot the property but find nothing about the owner. So, how are going to seal the deal? The best way that real estate investors use to find all the information about a property is skip tracing. If you are not familiar with the process, keep on reading to find out more about it. 

What Is Skip Tracing in Real Estate?

Skip tracing in real estate refers to the process of locating a house owner who wants to sell the property. Determining property ownership should be the first priority of every real estate investor. If you are also looking for an income property, you need to implement this process. It is advisable to use this method because there are times when it is difficult to find any information about the property owners. For instance, when a property owner wants to sell their property fast, even at a lower price but is not willing to work with any real estate agent to sell the property. 

How You Can Use Skip Tracing?

Generally, there are three approaches to skip tracing. You can either think of doing it on your own, hire a professional real estate agent, or use an online specialized tool to help you find genuine information about the property owners. Here is a brief overview of all the methods. 

  • Do-It-Yourself Approach

As you can understand, you have to do everything on your own. Start off the process by going through the local records to unearth property owner information. The best place to find genuine data about the property owner is the county tax assessor’s office. Their database has a wide array of information about properties. You can go through to find all the information you need.  

  • Hire a Real Estate Agent

If you think of doing the research alone, just be clear that doping everything alone might seem difficult and time taking. That’s why it is always better to hire a real estate professional. With the help of them, you can easily gather all the information you need within less time and effort. 

  • Use Specialized Tools

There is a couple of advanced real estate investing tools that you can use to find information about any property you want. These specialized tools are specifically designed to help the process of skip tracing and to help potential buyers find good properties. 

What Do You Do After You Get All the Information You Need? 

Once you have all the information about the distressed property owners, you can directly give the owners a call. Other than that, potential buyers often choose to run a direct mail campaign with the information they got. Also, if you want to run a direct mail campaign, it only requires basic information. So, for that, you can go for the method of skip tracing that provides you with basic information. Otherwise, you can go for the methods that offer you more information. For example, if you prefer calling the owner and discussing the price, you will need more information about the property owner. 

The Bottom Line  So, what do you think now? Will you use skip tracing to spot a distressed property in your city? Skip tracing in real estate is most probably the best way to reach out to actual property owners and discuss the purchase of their property. So, whichever method of skip tracing you use to extract the information is up to you. No matter what you use, you will surely gain useful information.

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By Cary Grant

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