Why does Zillow say “sold” when parents didn’t move?

[Anonymous]

I’m concerned about my parents’ finances and suspect they need assistance but aren’t communicating with my brother and I. They bought a house in 2019 that they shouldn’t have, took out a mortgage for around $500k. A few months ago they were raving about how much they’ve “made” off their house… but they haven’t moved. I looked at the sold history on zillow, and the property doesn’t show as being listed ever, but now says “sold” in 2019 for $500k, and “sold” again in December 2021 for around $700k. What does this mean? Did they take out a reverse mortgage, or otherwise take cash out of their home? They asked to borrow $500 to pay some bills recently, so I’m very concerned that they aren’t communicating with me.

[Anonymous]

They likely sold it to someone without listing it. Check the deed transfer records.

[Anonymous]

They either sold, refinanced, or transferred to a trust. You can check county records.

I would usually say it is their business, but if they are asking you for $, it is now your concern.

[Anonymous]

suspect a reverse mortgage.

[Anonymous]

I doubt it's a reverse mortgage. In order to qualify for those you have to have a minimum of 50% equity built up. They just purchased it in 2019.

OP what does Redfin say about the property? I find that Redfin and Zillow transactions don't always match.

[Anonymous]

Google their county and real estate assessments. Make sure someone didn’t steal it from them.

[Anonymous]

Anonymous wrote:suspect a reverse mortgage.

10000%

[Anonymous]

Property ownership should be publicly available. Sometimes you can see it easily by going to the town or county website where they would pay their property taxes. You can see the name on the property tax bill.

[Anonymous]

Anonymous wrote:I doubt it's a reverse mortgage. In order to qualify for those you have to have a minimum of 50% equity built up. They just purchased it in 2019.

OP what does Redfin say about the property? I find that Redfin and Zillow transactions don't always match.

OP here. Redfin doesn’t have the recent sale that Zillow does. What might that mean?
Per Redfin, their property taxes went up from around $3k in 2020 to around $9k in 2021.

[Anonymous]

OP, you really need to go to the county property records. Most are online. It will show the history of the property deed and the property taxes.

[Anonymous]

OP, what state / county is this? If it is Maryland, look up on the SDAT site. https://sdat.dat.maryland.gov/RealProperty/Pages/default.aspx


I would guess that many other states / counties have a similar public database.

[Anonymous]

Anonymous wrote:OP, you really need to go to the county property records. Most are online. It will show the history of the property deed and the property taxes.

Will that tell me if there’s a reverse mortgage or other type of equity withdrawal? My parents shouldn’t have bought this house in the first place. They are retired and got a 5-bedroom house with a mortgage on a fixed income with no savings. They won’t share finances with us kids… yet ask to borrow money here and there. I’m so worried!!

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP, you really need to go to the county property records. Most are online. It will show the history of the property deed and the property taxes.

Will that tell me if there’s a reverse mortgage or other type of equity withdrawal? My parents shouldn’t have bought this house in the first place. They are retired and got a 5-bedroom house with a mortgage on a fixed income with no savings. They won’t share finances with us kids… yet ask to borrow money here and there. I’m so worried!!

"I can't loan you money or help financially unless you share your financial situation with me fully." Then ask your siblings to say the same thing. Hold firm.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I doubt it's a reverse mortgage. In order to qualify for those you have to have a minimum of 50% equity built up. They just purchased it in 2019.

OP what does Redfin say about the property? I find that Redfin and Zillow transactions don't always match.

OP here. Redfin doesn’t have the recent sale that Zillow does. What might that mean?
Per Redfin, their property taxes went up from around $3k in 2020 to around $9k in 2021.

Did they buy in late 2019? If so that could by why their 2020 taxes were only $3K, it likely reflects only partial year of taxes as part of it was paid at the closing table. It jumped in 2021
because depending on where you live, you pay property taxes in advance not arrears, and in some states you pay half in arrears and half in advance. Their property taxes should remain at around $9K for a while.

The $700 ask for money though is a little strange. if they can afford to buy a $600K-$700K home (assuming that is the purchase price), they should be able to find $700 in their bank account.

[Anonymous]

OP - you need to check county records.

We bought our house directly from the seller - never listed on the MLS. Zillow does not show the 2021 sale. Zillow overcounts our bathrooms by 1. Redfin shows the sale listed as (public records). Redfin overcounts our bedrooms by 1. The square footage listed differs by 600sq ft - both are wrong. Trulia has the same info as Redfin, but is missing the 2021 sale.