I'm trying to find meaning in these odd homeownership patterns. Please help.
April 29, 2008 6:32 PM Subscribe
Help me understand quit claim deeds, why they are so prevalent in this particular heavily-foreclosed-upon Washington state neighborhood I am researching, and some other fishy data I have uncovered.
posted by croutonsupafreak to Home & Garden (9 answers total) 3 users marked this as a favorite
I am researching a 92-home subdivision somewhere in Washington state. The results of my research don't make a lot of sense. Can you help?
My interest was piqued originally because 14 of the homes are in, or have recently been, in foreclosure, which is much higher than the local, state and national foreclosure averages. So I've looked up the individual property records for each home.
The vast majority of the houses belong to people whose last names fall into one of two ethnic groups (eastern European and a particular Asian nation).
About 20 of these homes have zero-dollar quit claim deeds filed within the past three years, so the property changed hands without any money changing hands. In some cases, there have been two or three quit claim deeds.
A quarter of these large $250,00-$300,000 suburban homes with yards are owned by people who live off site - the owners registered addresses are not the same as the address of the house.
Is this normal? Is there something about quit claim deeds that I don't understand that would explain this number of transactions? Are there rational conclusions that I should be able to draw from the information I have unearthed so far? As I head back to the court house to do some more digging tomorrow, what should I be looking for? If I eventually visit the neighborhood, what should I watch out for?
My initial goal was to understand why this neighborhood's foreclosure rate was so high, but now I also want to understand what other forces may be at play in this neighborhood.