Real Estate: Dealing with Agents/Question

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Question
Good day
Got the following question for someone who wants to rent out their condo.
If the person has paid off for the property and does not have a mortgage what does one say to a realtor who inquires about the mortgage.
If one is renting out his or her home is one legally obligated to disclosure mortgage information to the realtor / property manager and what should one say if want one wants to keep this issue private.

Regards,
Sam

Answer
Owners never have to disclose anything to renters or agents regarding the amount or terms of their mortgage, or whether they even have a mortgage.  Some agents will ask for this information if they are representing the renter to support their negotiating position regarding the amount of rent.  It's always best never to reveal anything.

Real Estate: Dealing with Agents

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John A. Souerbry

Expertise

I can answer questions pertaining to: - How to find an agent that fits your needs - How to compensate your agent (commissions, incentives, flat fees, and more) - How to communicate with your agent before and during your transaction - How to initiate dispute resolution with an agent I cannot answer questions pertaining to: - Potential litigation or other legal matters

Experience

I am a licensed California real estate broker (CalBRE 01370983) specializing in residential brokerage, property management, and estate services. I have been licensed since 2003 and am currently working as an independent broker in the San Francisco Bay area.

Organizations
Bay East Association of REALTORS(R) Silicon Valley Association of REALTORS(R) California Association of REALTORS(R) National Association of REALTORS(R)

Publications
In addition to my own web site, my blogs, articles and responses to consumer questions appear online at Trulia.com, Zillow.com, ActiveRain.com and other real estate forums. My answers also appear in several categories relating to real estate on Experts.com

Education/Credentials
BS, Business Administration MBA, Globa Management

Past/Present Clients
My clients are: - Consumers searching for a primary residence or vacation home - Investors buying and/or managing residential income property - Estates in probate requiring temporary management and property sales support

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