Home Buying in Mukwonago>Question Details

Oco55, Home Buyer in Eagle, WI

How do I find the price owed on a short sale home?

Asked by Oco55, Eagle, WI Fri Jun 3, 2011

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The key to getting through a short sale to closing is to make sure that you have good agents on both sides. Buyer's agent that is going to stay in constant contact with listing agent and listing agent that will stay in constant contact with the bank that holds the mortgage. This is THE MOST IMPORTANT FACTOR in getting to closing.

Keep in mind that there are different criteria, depending on the type of loan, that the bank will accept. If you stay within 80 percent of the "current fair market value", you have a good chance of getting accepted.
Web Reference: http://www.lindacefalu.com
0 votes Thank Flag Link Fri Jun 3, 2011
Call your local escrow company and ask them to email you a default list. You also ask them to send you the notice of default on a specific property if you like. It is a free service.
1 vote Thank Flag Link Fri Jun 3, 2011
Hi Oco,

Yeah, that is not given out to the public but you can assume by the definition of a short sale its more than the list price.

Your agent will be able to advise you on a fair offer for the property. If your offer is too low it will not get accepted. The banks objective is to sell the property at fair market value, your is to get a good deal. There your negotiation begins.

Good luck,
Zisis Sakellariou
1 vote Thank Flag Link Fri Jun 3, 2011
Are you asking how much of an outstanding loan is on the property? I don't think that is public knowledge.
1 vote Thank Flag Link Fri Jun 3, 2011
What does it matter, the short sale price is less than the owed priced in most cases and the bank only cares as to what you offer at the time of short sale!
0 votes Thank Flag Link Fri Jun 3, 2011
You received good advice from my colleagues. The question now is are you putting an offer on a property and believe that your offer is to high??When you hire an agent, he/she should work on your best interest, which you should be in good hands.
0 votes Thank Flag Link Fri Jun 3, 2011
Isn't this sort of like asking a Used Car Salesmen how much he has in the car before you make an offer?

The Bank sure doesn't want you to know.
I wouldn't have the guts to ask the owner.
Would you want to disclose this to a stranger?

Your Buyer's Agent can give you a lot a guidelines and advice based on Comp's and their experience.
My suggestion would be to trust them.
0 votes Thank Flag Link Fri Jun 3, 2011
In Wisconsin, we do have access to the previous sale price, but not in all municipalities. And this does not tell you how much the owner put down, therefore, you would not know the balance of the loan. In addition, many people pay extra on their loan every month, so this would not give you an accurate picture.
Web Reference: http://www.lindacefalu.com
0 votes Thank Flag Link Fri Jun 3, 2011
I always pull a property profile on a home so that I may see how much the original loan amount is. Also, try looking up the property's tax information.
0 votes Thank Flag Link Fri Jun 3, 2011
The balance of a private home loan is not public information. I'm assuming you are considering putting an offer on a short sale?
Web Reference: http://www.lindacefalu.com
0 votes Thank Flag Link Fri Jun 3, 2011
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