How can I find out the total loans on a rental property?

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LurkingOne_IHB

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I have a friend looking at rentals in Irvine. One he is interested in was just remodeled and is completely empty. It is for sale or rent which makes me think maybe the homeowner is desperate to rent it out. A title search shows they purchased it for $530,000 with a loan amount of $424,000 but I'm not sure when. Also looks like they didn't pay their taxes due in the beginning of December. I'm wondering if there is way to tell how much they owe on the property?
 
<p>How can they be desperate if they put almost 100K down? They still have some cushion left. How much are they trying to sell it for? </p>

<p>Title search & tax collector records are the only places I know you can obtain a loan info. </p>
 
<p>"How can they be desperate if they put almost 100K down?"</p>

<p>The market price declines more than 100K. Ta-da!</p>

<p>"They still have some cushion left."</p>

<p>You sure about that? Prices have fallen an awful lot in the last year. And condos (this is a condo at 530K, right?) have so far taken it worse than SFRs.</p>

<p> </p>
 
This is a house. They are trying to sell it for $850k or rent it for $2995. It's empty so I assume (maybe wrongly) that it was investment and newly remodeled so I wondered if they majorly pulled out equity this past year and are now in a bit of trouble. That's why i was trying to determine how long they've owned it and how much they might owe - especially since their tax bill is late.



Another weird thing....new granite, etc but no stove. Don't know if it's on order or you're supposed to provide your own???
 
<p>If they pulled the equity out, it should show up as "purchase money loan" on the title search. If the only loan you see is the 424K one, then I doubt they are in trouble...</p>

<p>And the fact that it is both for sale and rent does not really mean much, since many prudent sellers would anticipate a long time on the market and would rent it out. </p>

<p>The fact that it is empty, however, speaks in favor of a motivated seller. One thing I can think of doing is calling the listing agent and, posing as a potential buyer, find out how motivated the sellers are..</p>
 
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