What To Do..
hi to all.
i was wondering how can i find out what is total debt to the bank. i called on a house in the lockal paper here in WA and the owner wants 225,000 for the house i want to counter offer less, some what close to what he is in debt to the bank. where could i go to find out the dept.
thank you,
victor..
unfort. w/o a payyoff or something close, you don't know what it is.
You guestimate based on origination date, or the original amount of the loan.
If's it distressed in some way say default or bankruptcy you can get some info there.
I think it would be a better approach to look at the number on the house rather than worrying about how much they owe. He could be way over leveraged in the property - as in he owes 215K but the house has a market value of 190K - you'd still be paying too much for the house.
Or he could owe 150K, selling for 225K and house is worth 300K - still a good deal
Of course its nice to know what their bottom line is as well but knowing the amount they owe on the mortgage is probably only part of the picture.
Point is that I wouldn't put an offer in based on what the owner "owes"
You should be able to find out from your recorder of deeds how much he bought the house for a when. That'll at least give you an idea. Unless of course he put it in a trust in which case that won't help you at all.