How can I find out… - Posted by Pavon Bailey
Posted by Pavon Bailey on February 29, 2000 at 10:22:40:
Hello fellow investors:
I was reading a real estate magazine called “HOME BUYER’S GUIDE,” a free magazine in the Greater New Orleans Metropolitan area. Came across an ad that read:
“Motivated seller says “BRING OFFERS” on nice 3bd/2ba home with garage, master bedroom, and separate room that could be used for parties, office, game room, etc. Owner will offer $3000 towards closing costs or decorating allowance. Minor repairs needed. $135K. Call XXX-XXXX.”
The number is for a real estate agent. When I called her to obtain info on the property, she told me everything but info on the mortgage. She said that she did not know the outstanding balance or if the property even has a mortgage on it! Here’s the kicker: When I asked her for the name/number of the sellers so I can call to ask them, she said she can’t give that info away!!!
QUESTION: How can I find out if there is a mortgage on the property? As you all know, I need this info before I can make an offer. It seems like a great deal, and houses in that area are worth more than $135K fixed up. Any advice will be appreciated.
Thank you, happy investing, and FLAME ON!!! (but don’t burn any bridges! smiles).