I would like to find out how much is owed on a property that has been taken over by a bank, how do that?

Asked by Cheryl, Aliso Viejo, CA Tue Apr 8, 2008

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Tony Cannon, Agent, Carlsbad, CA
Tue Apr 8, 2008
Hi Cheryl,

There are public records that will note a transfer amount from the trustee sale. That amount will include the mortgage balance of the first plus late fees, foreclosure fees etc that the bank may have incurred. There will not be a record of any subordinate liens that may have been wiped out.

Going back in the history of the property, it is possible to get a bit more information about the debts the borrower may have had on the property, but without a preliminary title report, the exact figures may not be known.

Once the bank has taken over a property, the amount that is "owed" is no longer relevant. The bank's objective is to sell the home quickly for as close to market price as possible. A local knowledgeable agent should be able to provide you with a market analysis for a property and an idea of what similar bank owned properties have been selling for.

I hope that helps.

Tony
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A, , San Diego County, CA
Tue Apr 8, 2008
My suggestion is you hire a realtor who is knowledegable about Bank Owned properties. He or she will be able to assist you and furnish you that info. The amount the house was bought back at auction as well as the today's value estimate and the knowledge of upcoming properties is relevant. If a house is owned by the bank but not yet hit the market (can take weeks after auction to becoem active) a knowledgable agent can contact the assigned listing agent before it hits the market.
Best of luck to you!
Web Reference:  http://www.abellre.com
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