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I had a phone call a few years ago from a past client who asked if I could write a Letter of Opinion on the value of her house for her bank. She said she had found herself in a bit of a financial mess and I suspected she was applying for a second mortgage. I found out later that she was behind on her mortgage paymentS and the bank was threatening to foreclose.
She said she would stay in touch, and would most likely be putting the house on the market soon.
Well, she called me a few nights later, and I went to her home to list it, BUT not before I asked to see all her mortgage documents to see if she actually still had some equity in her home to pay expenses, i.e. commission, lawyer fees. etc.
As it turned out, she did have some equity, about $50,000 after commission, lawyer fees, etc.
It is so important that we do our due diligence before listing a property. We could end up selling a home that has more debt than it is worth, and nobody gets paid!
That happened to me a few years ago, when I was representing the Buyer. As it turned out when the lawyer was searching title about 10 days prior to closing, he discovered were liens registered again the home. These liens amounted to more than the value of the house, which meant there was “zero” left to pay anyone!
It all turned out in the end and the lawyer negotiated with the creditors, and we all ended up getting paid, but it could have turned out badly for everyone.
Do your DUE DILIGENCE!! and verify mortgages to ensure there is sufficient equity in the home you are selling!!
Streetsville Real Estate
Are you relocating or moving to Streetsville, Mississauga or the Greater Toronto Area and need a real estate agent?
When you choose me to handle your Streetsville, Mississauga real estate needs, you choose a real estate professional who cares about you and your family, and who listens to your needs. I will work together with you, protecting your interests, to achieve your objectives.
I live and work in Streetsville and have a vested interest in property values here… and I service all of Mississauga and the GTA
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A great experience starts with a great agent !
Helping You Make The Right Move since 1987.
Call me at (905) 363-4622 or direct at (416) 717-6331.