Mortgage amount left

2 Replies

I had a realtor tell me he isn't allowed to tell me how much is left on the mortgage for a house I'm interested in. Is this true? Obviously I need to know before making an offer on the house. How would I be able to get this number? He isn't letting me speak to the seller directly.

@Michael Campbell , unless I am missing something here, why do you need to know how much is left in the mortgage for the current owner?

Let's suppose I own a house that is worth $200k and I only have 40k left in my mortgage. Is your plan to offer me 40k for the house? 

Instead of asking how much is left in the mortgage for the current owner, you should perform an analysis of much the house is worth to you based on market value and that should be the main basis of you making an offer. 

This is how we Ballpark it. Go down to the town clerks office, pull the filed mortgage note paperwork, run numbers through an amortization & guesstimate the balance, assuming no arrears & that it's not yet free & clear. We have grabbed several foreclosures on that information. One was a bank in Texas & by using the above calc., we figured the balance was about $58k, so we asked the bank what would NOT offend them & we got it for $21k. Flipped it for $38k held the note @ 12% & he paid us off in 8 years after buying another we bought.

Another was foreclosed owing about $140k, so we offered $30k on the steps, got denied & 2 years later they gave up & we got it for $37k. We flipped this one to a friend for $48k @ 12% & still hold it.

NEVER give up!!!