Home Buying in Houston>Question Details

michelle_e, Home Buyer in Houston, TX

how do i check to see if there is any money owed on a house that I would like to purchase?

Asked by michelle_e, Houston, TX Wed Oct 3, 2012

How doI check to see if there are any outstnding debts for a house I would lik eto purchase.

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Answers

8
Michelle,

If your concerned with a lien still being in place on a home after you purchase, don't worry about this. The title company will issue a clear title, free of any liens on the home including a past mortgage, prior to you taking possession.

If your trying to find out what is owed on a home for negotiation purposes or for the possibility of taking over the "note", you are best advised to speak to a Realtor. Most mortgages on homes today are NOT assumable, and their interest rates would be very high VS current rates so you would be best advised to get a new loan. And the current mortgage balance will have no effect on the value of of a home today. The home will sell for what the market will bare.

Your question can be viewed several ways. Let us know if we answered it or if there are more details. We are here to help if you need it.

Mark McNitt
m 832-567-4357
Bernstein Realty, Inc.
2 votes Thank Flag Link Wed Oct 3, 2012
Your real estate agent could check with a title company that they work with to see if there are any liens on the property.
1 vote Thank Flag Link Thu Oct 4, 2012
Michelle_e,

Your question is a good one but it scares me that you are asking it. You should be working with a Realtor who would answer that very basic question for you and many more questions that will arise during the course of your purchase.

Good luck to you. If you do not have a Realtor working to protect your interests in this purchase I fear you are going to need all the luck you can get.
1 vote Thank Flag Link Wed Oct 3, 2012
Any debt on the house will have to be paid at closing by the Seller to give you a clear title, unless you buy it subject to that mortgage. The Title Company will find any recorded liens and insure that they are clear prior to closing.

Doc Stephens, REALTOR
1 vote Thank Flag Link Wed Oct 3, 2012
A title company will run a title search when and if you decide to make an offer. If title has already been opened, the listing agent will know. I'm assuming that the property is listed. If there are any judgements or leins against the property, the offer will have to be sufficient to cover them and any existing mortgages plus any other fees associated with the sale.

Be sure that you have a Realtor representing you. The Seller normally pays the comissions and you want your own representation. That is so important!
1 vote Thank Flag Link Wed Oct 3, 2012
Your Realtor can look up deed history and sometimes the old sold listing to pull what the loan was.
They can come close to the pay-off by using an amortization tool on our HAR websites.
If your Realtor is a good "fisher" and has rapport with the listing agent, they may or may not give out that information.

The only way to tell if there is any other leins is to have the title company run title search AFTER offer is made, but you Realtor can write in the purchase contract that if there is any "clouds" on the title once it is ran, then you would have the option to back out. Usually 5-10 days once title commitment is sent to both parties.

Let me know if I can be of assistance if you are not working with a Buyer's Agent yet !

Check out my website and send me a messege
1 vote Thank Flag Link Wed Oct 3, 2012
There are a few ways.. Having a title search performed by a title company is going to be your best bet. I have a great company I recommend to clients that would be glad to help. Feel free to send me information on the property and I'll have them take a look.
0 votes Thank Flag Link Wed Oct 3, 2012
Hi Michelle,

If you show us the listing on Trulia, we may be able to assist you! Any additional information would be helpful, thanks!

Ali, Community Manager
0 votes Thank Flag Link Wed Oct 3, 2012
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