If I find a motivated saler that still has a mortgage on the house. How exactly do I find out how much is owed on the house?
Some options are
1.) research public records @ your local courthouse to find the loan originator, or who is servicing the loan
2.) have the seller provide the statements. either online or by mail
3.) have them authorize you to contact their bank.
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.
@Victoria Winters I am at the beginning stages of wholesaling(assigning).
Thanks everyone for the good advice.
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