How Do You Find Out How Much Is Owed On The House

[Rashard Brooks]

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?

[Jeff G.]

@Rashard Brooks

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.