Well, I always ask the seller first for an approximate loan balance. The other thing I do is take the number of years the seller has owned the house and divide that by 30. Most mortgages are 30 year notes. If someone has owned their home for more than 30 years chances are high they've payed off their note entirely.
The only time this won't help is if the seller has aggressively used their home as an ATM machine.
Hi Rashard. Great question you asked. When you find a motivated seller, you can always ask the seller how much is owed on the property. Of course there are other ways to obtain the information too. In what area of real estate investing are you currently involved?
Well, I always ask the seller first for an approximate loan balance. The other thing I do is take the number of years the seller has owned the house and divide that by 30. Most mortgages are 30 year notes. If someone has owned their home for more than 30 years chances are high they've payed off their note entirely.
The only time this won't help is if the seller has aggressively used their home as an ATM machine.