How do you know if a house has equity
3 Replies
Fili Aguirre
Rental Property Investor from Yuma, AZ
posted over 1 year ago
Yea you can ask the seller. But, how do you know if the really has equity
Chris C.
from Raleigh, NC
replied over 1 year ago
arv minus loan price
Erick Vallejo
from Sonoma County
replied over 1 year ago
Using your local county office and/or a title company you can find out what they paid for the property and approximately what they owe on it, then just do the math to find out the estimated equity. I say estimated because there could be factors like them paying more than their monthly minimum, or fees that they accrued through who knows what.
Sam Shueh
Real Estate Agent from Cupertino, California
replied over 1 year ago
Equity=ARV -original loan -principle paid. If the loan is recent (<4 years) chances most paid is interest still.