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Buyer Asks About Mortgage |
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Hello,
I am trying to sell a house FSBO here in Ohio and had an offer for a land contract. When the buyers agent called with a few questions on the property he asked how much I still owed on the house. ("What is the remaining balance of your mortgage?" was the official question). When I asked why he needed that information he tried to tell me it was for tax purposes and to see what the buyers payment would be. I told him I'm not going to answer that question and it was none of his business. Was I correct? Is it proper for an agent to ask a seller how much he owes on a house? It seems a bit unethical to get information like that from a seller.
Thank you for your response.
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It's customary to disclose any liens on the propery when the seller uses a listing agent to put property on the market. Mortgages are pretty much public knowlege anyhow, because they can be researched in the county's public records by anyone who is interested.
I'm not a lawyer and I've never really considered your question before. But perhaps that mortgage lien could be considered a financial defect that should be disclosed, just as a mal-functioning septic tank would be a physical defect potential buyers had a right to know about. |
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Edith
Originally published on February 16, 2010 |
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