All Forum Posts by: Jared Siraco

@Karen M. I am very new to real estate investing and I was looking to learn from her. She claimed to have vast amounts of knowledge and experience that would be helpful to me. Naively, I believed her, because I would expect someone that has been in the field for 15 years to know more than me. (Who has less than 2 years… yet I knew everything she said and more just from reading books, forums and blogs).
She never gave explanations for her BS tips when I questioned her on things I thought were incorrect and she got very defensive (god forbid I have a brain and didn’t take everything she said as gospel)
….Also, this was one of the properties I looked at when I began searching and after getting a feel for about 20 other option I’m leaning this way again.
My new realtor never asked me to sign anything to this day and is someone that I can learn from and trust (so far).

On another note:
I reviewed the contract and there is a 6 month Blanket agreement for purchases made after the contract is void. (This Stinks) But I’m not sure if this would help me. She changed from Coldwell banker to another real estate agency and my current agent is from Coldwell banker. Does the agency own the contract or does the Realtor own the contract?

I am having trouble finding out if I am obligated to purchase a property through an agent that showed me it back in April. I signed with her in March, for 1 Month as a trial, since then I changed agents. I dropped her because she was merely interested in the commission not my best interest and she lacked the knowledge I was looking for.

Is there a law that dictates I am obligated to buy a property with the real estate agent that initially showed me a property during a "X" month period?

...I live in Connecticut.

Thanks

First. Thank you Jon and Monica for your time and advise.

The house is worth $270k today they took the last loan out in 2006 thus why its higher then the value of the property. Of course I dont want to pay the full $270k for the property tho. [u] Also, how do I find out the outstanding loan.

As for my intention, I intend to live in one unit and rent out the other. I have been in the market for a rental property, in a quality town (CT), at price discount for a while. I have $50k in cash but could come up with the rest by taking an equity position out against another property.

Also Monica, when you contact them how do they react? are they sketched out that you know all the loans and liens they have against the property before the property ever even hit the market? or are they happy you are offering them another option that might help to relieve them of their debt burden? and how do you go about making contact? phone or in person?

Thanks,

Jared

I am writing to request expertise regarding an irregular real estate transaction (pre foreclosure).

The property I am following and would be interested in purchasing, is not listed for sale and the owner has yet to receive a Lis Pendens from the creditor. Based on information that I received from a friend living next door to this property, the property owners are defaulting on their mortgage and have backed taxes. I confirmed the Tax Liens totaling almost $6k over 3 years. And, based on the 4 of what I'm assuming are Equity mortgages taken out in roughly 6 month increments (Each to release the last). With values starting at $80K on the first loan and ending at $340K, I am assuming that my source is correct.

[/b]So now to my Question:

What is the right move here?

1. Should I approach the owner before they receive notice of Lis Pendens and or enter Foreclosure?

2. Should I contact the Creditor?

3. Should I wait for it to go into Foreclosure?

4,5,6 ?

Thanks for your time!