Databases Provide an Open Book on Property, Owners
It’s hard to keep a secret these days.
“More and more public records concerning your life are on line through a computer and a telephone line,” said Cookie Lewis, president of Sherman Oaks-based information broker InfoMania. “You can pull up anything on anybody.”
Lewis explained that she uses various databases to track down how many properties a person might own, what their value is and what kind of loans might exist on them. “Your life’s an open book,” she said.
Lewis’ clients are mostly law firms, for whom she does all sorts of research, including real estate. Her expertise is accessing databases, for which she charges $125 an hour, plus the cost of the computer on-line services.
Lewis said she frequently taps into a database known as CDB Infotek, based in Orange County, a property asset investigative information system. There is information on property ownership and transfers, refinanced property loans, construction loans and so-called seller carry-backs--where a seller helps provide some of a buyer’s financing. There is also easily available information about bankruptcies and liens, names of buyers and sellers, owner telephone numbers and assessed property values. Most of this information is available for most of counties in California.
A rival database firm offering real estate information is DataQuick. Individuals planning to sell or remodel their homes call the company to get comparative sales data, said Beth Burns, a manager for DataQuick in Marina del Rey. Construction companies, remodelers and retailers use DataQuick information to put together mailing lists of homeowners. Lenders, title companies and real estate brokers use DataQuick information to verify information, and attorneys use it to track down assets.
Most of the services Lewis taps into are available for use only by database subscribers--and the prices vary widely depending on the database.
“You need to be a smart searcher and know how to get the best deals,” Lewis said.
Because some of the databases involve high subscription fees, people who want to get information about real property assets are better off consulting an information broker or a private investigator with access to a variety of databases.
DataQuick also offers both CD ROM and on-line access to a variety of data sources, including county recorders, county assessors, title companies, the U.S. Census Bureau and a database of properties identified as being at risk for a flood by the Federal Emergency Management Agency.
“It’s nothing that hasn’t already been available a while, but the resources are now under one umbrella,” said Burns of DataQuick. “We have the ability to compile data from a variety of resources and organize it in a way that’s accessible.”
The company offers a HomeData Report, which is a profile of any house or condo in Southern California for $27.50. The report includes a detailed description of the target property and a list of recent home sales nearby. The number to call for this report is (800) 298-4637.
TRW Redi Property Data offers both CD ROM and an on-line service that taps into eight real estate information databases.
“The information allows people to better evaluate their own property or for businesses to target property owners with a direct mailing,” said Graham Matthews, a key account manager at TRW in Torrance.
A search of TRW’s records will turn up details about a home’s heating system, construction type, square footage, style, the presence or absence of a swimming pool, number of bedrooms and bathrooms, parking and loans on the property.
TRW’s data also allows a searcher to track down properties owned by a particular person or entity. You can then figure out how much is owed on the property and through the use of comparative data come up with the fair market value of the properties and the owner’s equity.
The cost of subscribing to TRW’s on-line service that covers about 20 states is a minimum of $48 a month, plus a fee for each search. There are also records available on CD ROM. Buying all of the property records for L.A. County costs about $300 a month, Matthews said. Onetime searches can be conducted for customers through TRW’s special services department. The number to call is (800) 327-1072, Ext. 7590.
Property I.D., based in Los Angeles, specializes in providing information about potential problems associated with a property, such as proximity to environmental hazards or high-tension power lines, geological hazards, flood areas or location in a state fire responsibility area. Because California law requires a variety of disclosures of defects by home sellers, the computer records amassed by Property I.D. have become very popular with local real estate brokers, said the company’s president, Carlos Siderman.
Siderman said his company has invested about $10 million in software to create a computer database of information about properties in Los Angeles and a growing list of other communities. For $49, customers can get a report that details any environmental hazards reported by federal, state or local authorities within a mile radius of a particular property. Using the database, Property I.D. can also print out a report on proximity to power lines, freeways or airports. There are reports about zoning designations, and about whether a property has all the required building permits. You can get a list of septic tank permits and even parking requirements related to a given parcel. The number to call for Property I.D. reports is (800) 626-0106).
“The true value of a property is based on the material facts about that property,” Siderman said. “If I’m buying a house in a danger area, I’m taking a risk and the property should be valued lower,” he said. Searching the records associated with a property, Siderman said, allows sellers to comply with state disclosure laws and buyers to know what they are really getting.
