can I found out what is owed on a home that is for sale?

Launa K
Home Buyer
92591

Answers (4)
First to answer: Myke
Dianeconaway...
Agent
San Diego, CA

The short answer is yes. If you are looking in San Diego County, just get me the street address and I'll get the payoffs for you. The real question that inquiring minds want to know is why? Many "creative investing" seminars teach you to get that information in order to make an offer. If the person owns the home free and clear does that mean you can buy it for $1? Sorry for the exageration, but knowing the payoff is but one element in making an offer to purchase. Sometimes knowing the payoff makes a buyer realize that he can't make such a low offer because it is less than what is owed and would require lender approval. There are many great buys out there. It doesn't require a great deal of digging to uncover them. Most of them are bank owned properties or REOs. Some banks are pricing way below market value just to move them off their books. Others are pricing at market value. Just pick one or two and jump in. How about 3,000 square feet on 2 acres listed at $609,000. Last sold at $989k before a $150k pool was added. On the other end, I just saw a starter house at $255,000 with a nice, large lot. There's tons in between. Just be sure to be preapproved first or your offer won't get past the fax machine. If I can help with any specific questions, just ask.

Diane Conaway, RE/MAX United, (760) 749-2888
Your Foreclosure Specialist

Tue May 20 2008, 08:53
Myke
Home Buyer
89449

I don't think I have ever seen a single property listed for sale in which the outstanding mortgage amount is listed.

Do yourself a favor, look it up yourself:
http://riverside.asrclkrec.com/

Don't let somebody else interprete a report for you and tell you "oh no, everything's fine". Do your own research, learn what all the terms and numbers mean, and make your own decision.

Tue May 20 2008, 02:07
James Pycha (R)
Agent
96722

If the hoime is listed for sale, the current mortgage balance may be shown. Otherwise, have your real estate agent obtain a complimentary title report from the title company. It will show the initial mortgage amount and the date it recorded. From there you extrapolate the current balance with a guess on the interest rate based on the prevailing rates year the loan was taken out.

Tue May 20 2008, 01:58
Myke
Home Buyer
89449
FIRST ANSWER

depends on the cirumstances.
If you have a specific property in mind, take a look at the records in the county recorder's office. You can find out all sorts of info. Most of it's online now if you look around for it (it is public information after all).
You may not be able to find out exactly what debt is outstanding on every property, but you can get the original sales data, along with any refi data, and some quick math should give you a ballpark figure.

If it is a pre-foreclosure or bank-owned property, you can get the exact numbers.

Tue May 20 2008, 00:29

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