Is it possible for someone to find out exactly what you owe on your house?0 .....

Asked by easyspirit25, New York Sat Nov 24, 2012

I am trying to sell my home and we had an offer. It didn't go through. The buyer said their client searched for what we owed on our house ( through the internet) and felt we would not sell for the appraised value.

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Annette Law…, Agent, Palm Harbor, FL
Sat Nov 24, 2012
Exactly? No.
Approximately? yes
How much you financed when you purchased? Yes
How much down payment you made? yes.
Do they know if you made extra payments? No
Do they know the balance..exactly..NO.
Do they know if there is a early payment penalty? No.

You may want to address the purchase price and the potential for a low appraisal.
IF you know the appraisal is gong to come in low,(low sales volume and eclectic community) and this happens often. it is imperative to screen the buyer and select the offers from buyers who have the ability to come to the table with cash.

In a situation of 'low appraisal value' you can not accept a buyer's offer who is shopping at the top of their ability to buy. If you do YOU will have to reduce the price! This is your agents responsibility. Demonstrate or list the tangible assets and attributes of the home to justify the buyer selection process and challenge the appraisal This is your equity you are fighting for. Don't let the 'customary process' make a victim of you..
1 vote
Anna M Brocco, Agent, Williston Park, NY
Sat Nov 24, 2012
The question isn't very clear--the amount owed on the mortgage is between you and your lender. Keep in mind that online values are not always reliable, some may be inaccurate nor updated--rather review comps, recently sold similar properties in the immediate area...
1 vote
Martina Ryan, Agent, Bayside, NY
Sun Nov 25, 2012
They are making an estimate on what you ow given the sale price of the property & the mortgage amount. This they can get from public records. From here they calculate the number of years the property is owned & come up with a number as to how much is currently owed. Property prices have gone down in the past few years so the potential buyer may have wanted to offer a lower price than what he estimated was owed on the property.
You should be using an agent to protect yourself.
0 votes
Thomas Brady, Agent, Plainview, NY
Sat Nov 24, 2012
Hello Easyspirit, most likely all they saw was when you took out the mortgage and the original amount. Who did the appraisal on the house? Was it an appraiser? If it was a Zestimate from Zillow or some other most likely wildly inaccurate guestimate, than it is meaningless. Secondly, you as the owner set the asking price, the buyer makes an offer, than you determine if you'll accept the offer or not, not the buyer. If you listed through a real estate agent, sit down with them and go over the pricing on your home (have them show you recent sold comparables that support your asking price) and have them walk you through the sales process step by step so you will be more informed about what should be happening. Good luck.
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
#1 Listing & Selling Brokerage in NY
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes
Thank you. My realtor told us the comparables and is determined to sell our house roughly 70,000 less than what we listed for. He actually told us he agreed with the buyers agent. We told him our list price and why we needed it as is, he said ok but seems to really be insisting on us selling way lower. we are not sure what to do now. We are leaning towards not selling and breaking our contract.
Flag Sat Nov 24, 2012
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