Hello, I was reading in the forum and see
...the first thing you have to determine is what is the value of the property today. Then, you need to know the loan details. Whether you get them from the tax office or direct from the seller.
I don’t remember how far in the forum I seen this, but I believe it was by a CJONES or something similar.
What is the “tax office” that is being referred to? Why would the “tax office” give out the mortgage information like that?
Thank you,
Aikin
I think he means the GIS which consists of the tax mans appraisal of the property among other things.
I’m sorry, I don’t know any terms. What is GIS?
Global Information System.
Many cities and towns have something like this, if they don’t they have the same info down at one of your government buildings.
Click on GIS-real estate
Then click search query
Then type 401 CAMPBELL as an example
You see all of the info about the building, how much it was purchased for, square footage, the governments tax assessment of the building, etc.
Ok, I have seen something similar.
I have seen my Assessor, Department of Zoning and Police website with this (GIS).
In the original post, I was questioning how you find the mortgage terms. i.e. rate and remaining principle. I know about the Department of Recorder of Deeds (or something similar) and the Treasurer (tells if person is current on paying taxes). I just didn’t know about finding the “terms” of the mortgage. I am guessing the only way is the ask the person.
Thank you for your help Hooch.
Your question was to find out how much interest the seller is paying on their loan?
I will typically ask them. That is one of the questions in my seller squeeze page. If you need verification than you contact the bank with their written permission to discuss their loan.
But if for some reason you want this info and you don’t want them to know you are getting it you can go down to the courthouse and look at the deed. Typically it says it on the deed. The total amount they paid and the terms.