if you are interested in the real and current market value of the property you are interested, I can tell you that many of the current tools used to evaluate values are not taking in consideration the real value of distressed properties, so please give me a call so I can provide you with a free evaluation of any property you are interested to buy in the Bay Area.
For the purposes of paying the right price, if any, lenders who approve the short sale are taking in consideration what is called a BPO (broker price opinion), which it is a real estate evaluation of the property in question.
Yes, it is possible to check what's due on a home. The seller can contact the bank directly and get this info as well as the listing agent.
Good luck..please make sure you are working with a knowledgable Realtor. We are all here to assist you or if you need an agent.
Finding out how many loans is easy any Realtor can find that out for you. if the property is listed most Agents
have the information regarding how many loans on the MLS. It does not matter how much is owed to the bank, the banks are looking for Market Value.
The long and the short of it is, get an experienced realtor to help you ask the right questions and navigate through the short sale process. With the new HAFA program, it may be a little more difficult than before but not impossible to get a short sale done within a reasonable time frame. The listing agent also needs to be up to speed on the process.
Good luck to you,
The second part of your question is quite simple. Since title, loans, notices of default, and foreclosures are all public record anyone can look up how many loans are on a property and who the lenders are. You can go to the county recorder's office and access all this information for yourself. Or, contact a reputable real estate professional, and they can access this data for you in a matter of moments.
But the loan balances are fairly irrelevant in the scheme of things. The bank will want the price offered to be close to their valuation, regardless of what is owed.
Bernard Gibbons, J. Rockcliff Realtors
DRE License # 01331583
Phone (925) 997-1585 - email@example.com
1. Your realtor can contact the listing agent and ask who the lenders are (this is the easy part)
2. That listing agent may have already prepared the short sale package for submission to the short sale lenders, and that package should include the most recent statements from the mortgage companies that will also show the latest balances
Even if the information isn't readily available....
Your realtor can go to the MLS, click on the property information to see a history of when it was bought, how much was the down payment, and who the lenders are....then backtrack to determine what the interest rates were at that time......you can still have a very good idea of the mortgage balances that way, considering that in the early years of the mortgage, most of the payments are for interest and not the principal.
This research will also show if and how many times the property was refinanced (or when a HELOC was taken out).