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how can a person find out how much equity is in there home?

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September 21 2012 - US
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Answers (4)

Profile picture for Pasadenan
If applying for an equity line of credit, the best way is likely an appraisal.  If your loan to value ratio was high to start with and you haven't paid much of it off, the lender will probably require the appraisal anyway.  And if you bought at bubble peak with only 3% down, your equity is negative, and you won't get an equity line of credit approved.
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September 21 2012
That's a thumb for Wetdawgs, LOL.
After thinking about the question I think you are asking how to find out the amount owed on a property owned by someone else, right? Maybe to know how much to offer?
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September 21 2012
Home Equity = Assets (value of the home) - Liabilities (how much you owe on the home)
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September 21 2012
Profile picture for wetdawgs
A strange question to come from an agent - no?

Current market value minus amount owed.  
If selling, sales price minus amount owed and minus selling costs. 
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September 21 2012
 
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