Loan amount owed in a property.

8 Replies

Hello everyone.

My I'm trying to find out if there is any app or website service that can give me the amount owed in a property. Please let me know if you guys know about one and which.

Thanks

-Mohamad

That information is not readily available.  The only way to get a truly accurate number is to get the outstanding balance from the lender, which usually requires cooperation from the owner.  You may be able to estimate it from public records, if you're in an area where mortgages or deeds of trust show the loan amount and terms.  But even that is just a guess because the borrower may have made extra payments or may be behind.

@Mohamad Bachir El Ghandour The information you are looking for is private and is not readily available publicly. You are also running into privacy issues if you do decide to get this info without the consent of the individual. That is the reason why we have data privacy laws and why lenders make you sign a gazillion documents. 

You might be able to get aggregate data but that will not be of any help if you're buying specific properties. 

Think of it this way: Do you think I should know how much loans you have on your credit card/mortgage/auto/other areas? 

Like @Jon Holdman was saying you can calculate fairly close. Use a amortization schedule calculator and figure out when the home was purchased or changed hands last (that information is usually available) type in the best guess figures. I would run down payments at 3.5% and 20% so you have a fairly good range. It won’t give you exact but you can have a ballpark if you’re trying to use that number to make an offer.

Did you try simply asking the owner?  If you are in negotiations for a purchase, it is a relevant fact, imho.

Marc Winter, Real Estate Agent
Originally posted by @Marc Winter :

Did you try simply asking the owner?  If you are in negotiations for a purchase, it is a relevant fact, imho.

Nothing wrong with asking - I'd imagine most owners would tell you to pound sand though (I would...)

Originally posted by @Omar Khan :

@Mohamad Bachir El Ghandour The information you are looking for is private and is not readily available publicly. You are also running into privacy issues if you do decide to get this info without the consent of the individual. That is the reason why we have data privacy laws and why lenders make you sign a gazillion documents. 

You might be able to get aggregate data but that will not be of any help if you're buying specific properties. 

Think of it this way: Do you think I should know how much loans you have on your credit card/mortgage/auto/other areas? 

That is exactly the sort of information found on credit reports.  Not really useful for determining the outstanding balance on a property without the owner's help, but don't fool yourself into thinking people in a variety of circumstances cannot see your entire financial situation.

Originally posted by @Jon Holdman :
Originally posted by @Omar Khan:

@Mohamad Bachir El Ghandour The information you are looking for is private and is not readily available publicly. You are also running into privacy issues if you do decide to get this info without the consent of the individual. That is the reason why we have data privacy laws and why lenders make you sign a gazillion documents. 

You might be able to get aggregate data but that will not be of any help if you're buying specific properties. 

Think of it this way: Do you think I should know how much loans you have on your credit card/mortgage/auto/other areas? 

That is exactly the sort of information found on credit reports.  Not really useful for determining the outstanding balance on a property without the owner's help, but don't fool yourself into thinking people in a variety of circumstances cannot see your entire financial situation.

They can provided you give them permission. 

My understanding of OP's question was if he could look at outstanding balance on a property without the permission of the current owner.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.