Finding Out Mortgage Balance
Greetings,
I was wondering if anyone new how or if there is a way to find out what the balance is on a home you are looking at for an investment or how to find out what they paid for it. My thoughts were if I could use this information to bid with. Any thoughts? First time investor wanting to make sure my first income property purchase is done right.
Try your local County Appraiser?
Good luck, herbk WPB, FL
The county assessor's website shows the last sales data.
You go to the county recorders office to see deeds and mortgages. You can calculate the purchase price of the house based on the tax stamp on the deed.
You can get the origional balance of the mortgages taken out on a property so you can get a rough ballpark idea what the current balance is.
i use the county assessors wesite as well. it tells last purchase price and other info on the home. but be careful some things can give you false indications. example: a couple has divorced one has given a "quit claim" to the other. it then can say purchase priceis "0"...........km
What "they" paid for the property should have no bearing on what you are willing to pay for the property. Your price should be based your figures of FMV, current value, fixup and holding costs.
If by "they" you are referring to a homeowner trying to sell, then the easiest way to find out what is owed is to simply ask for the balance on the loan. But again, unless you are using a technique where the loan may matter, like sub2, then it is really not important.
If by "they" you are referring to a bank or lender, in other words, a REO property, then what they paid is completely irrelavent. Once the bank forecloses, they become the owner and can sell it for as much, or as little, as they want, just like any other seller. I have seen them priced way below the foreclosure sale numbers and also priced way above. Again, what matters here is your numbers and your ability to make the deal close.
Roger