Is there a way to figure out how much equity a foreclosure has?

Is there a way to figure out how much equity a foreclosure has?

Los Angeles, CA · Member since 2015 · 17 posts · 0 votes
Hi everyone, this seems like such a basic question but I was hoping someone might be able to give me a full understanding. I have a leads list that gives me the following: Estimated value Estimated total loan balance Assessed value I'm thinking I can just subtract est. loan balance from the estimated value to get my estimated equity... Am I thinking this through right? From here if there's a large negative difference could I determine if a foreclosure is a potential short sale candidate? I might be all mixed up here but any feedback again very appreciated!
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  • Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
    10y
    Originally posted by @Account Closed:

    Hi everyone, this seems like such a basic question but I was hoping someone might be able to give me a full understanding. I have a leads list that gives me the following:

    Estimated value
    Estimated total loan balance
    Assessed value

    The last one is only a property tax value, so forget that one.

    Assuming that the Est Value is accurate, then Est Value > loan balance suggests some equity and clearly the opposite says the owner was under water.

    Short sale?? depends how badly the bank wants it off their books.

  • Los Angeles, CA · Member since 2015 · 17 posts · 0 votes
    10y
    J Beard awesome, thank you!
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