What to do when seller doesnt want to disclose mortgage

I don't think he's that motivated if he dropped the price by $4,000...a reduction of only .01%!. In any case, if he is not disclosing the mortgage owed it most likely means he is not in financial trouble. It probably also means that he is aware and knows that these questions are leading up to a lowball offer.

I would simply offer him what you think makes financial sense to you and your buyer.

I really dont see much motivation here in this deal at this time, that may change later on and it may not change at all, Jim

Figure the ARV, multiply it by 65%, subtract the repairs, factor in your assignment fee and make that the offer. That is the standard formula. It's a fair offer in most cases. It's OK if the seller leaves closing with some equity. You might want to suggest that he review his homeowners policy and see what kind of coverage exclusions go into effect on a vacant house, if he has even disclosed to his insurance company that his house is vacant.

@Paul - Yes Paul I thought about it and I was like nah hes not that motivated. I remember him telling me over the phone that hes looking to make some profit and he doesnt mind waiting still the end of this year to makes sure he sells it at what he wants LOL

@Jim- Hey Jim you right on that..Thats so true

@Thomas- Thanks so much I had to use your offer technique and made an offer to one of my sellers today.
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Go to the recorder's office website of the county where your property is located and find the current outstanding mortgage. Then use that original number and insert it in an amortization calculator and estimate the interest rate that was normal during the time of the mortgage. Run the numbers and see where the remaining balance is at. But note: this is only an estimate but it can give you insight to your problem.

I usually ask "W-O-W".

W - What is it (Worth)? - If we were to have it appraised, what do you think it should appraise for? Or In your opinion what do you think it would go for all prettied up?

O - What do you (Owe) - If you don't mind me asking... do you own the house free & clear or do you have a mortgage on it? When they say mortgage... Do you know about what you still owe? If they say it's irrelevant... say not really... if you owe more than it's worth it's definitely relevant... I'm trying to get a rough idea so I know if I'm wasting our time or if we can work something out or not. If they don't want to divulge let them know it's public record anyways but if they're not really interested in getting the house sold then you'll move on as you're looking at several others in the area who are working with me to get all these blanks filled out so I have all the information I need to present an offer that works for both of us. So, if you don't mind me asking about what do you owe to pay it off?

W - Want - If I can pay cash and close on the date that works best for you, what would be the least you could accept? Followed by, Is that the best you can do?

Whatever their final answer is say... so you're saying if I don't offer at least XXXX,XX then you wouldn't sell?

Hey Don- Thanks for the advice.

floridainvestor407- Thanks I will make this handy at all times if case I come up with another problem in the future..