Lake Worth, FL · Member since 2015 · 4 posts · 0 votes
I am interested in wholesaling and want to know how I can look up the amount the seller currently owes on a property. By having this information, I will know how much equity is in the home and help with my negotiation. Thanks!
I am not sure if there is a way to find out exactly what someone owes on a property without them telling you. I have a way that I use to estimate a number but it is not exact. The security deed should have the original mortgage amount on it. take that amount and put it in an amortization calculator and play with the interest rates. Run it at 3% and 6% if it is a relatively new loan and 6% to 10% if it is from the 90's. this is not foolproof but it gives me an idea. If anyone else knows an easier way, please mention me in the reply as I too am curious.
I am interested in wholesaling and want to know how I can look up the amount the seller currently owes on a property. By having this information, I will know how much equity is in the home and help with my negotiation. Thanks!
Depends on your locale. In NYC and in counties here in NC I can go to the registrar of deeds website and view liens against properties. Not exactly how much they owe, but can at least find out the terms of the original mortgage they were issued, etc.
Thank you all for taking the time to respond. I do know how to find the deed online and can research liens which will lead me in the right direction. Much appreciated.