All Forum Posts by: Matt Castelo

Ya your right Jason....I better just make a website that markets me as just a Home Buyer. This will just keep me from any trouble from the DRE. Thanks for the input Jason.

Hi guys I am not a licensed realtor, but wanted to create a website that would directly market to homeowners facing foreclosure. I wanted to explain on this website that I can help by referring them to a great short sale specialist. The short sale specialist will than ask if I would like to put in an offer on the property so I can preform a back to back.

I'v been doing some research and saw a lot of real estate investors getting into trouble with the DRE by directly marketing to these homeowners while not having a license. The problem they were having was with code violation 10130. This troubles me because this real estate group was working with Ron Ballard one of California's known real estate attorneys. Seemed like they were doing everything legal until this.

Area you guys familiar with this code violation?

Thanks Scott. Yes, these leads that the Realtor are referring are not listed on the mls. He will be listing these properties himself, but allowing me to make an offer before he puts them up. Then he will be negotiating the file and try to get my offer approved by the bank or somewhere near that price.

I have a few similar questions. If I am working with a realtor who is referring me short sale leads to make offers on. Does the agent have to list the property on the mls before he presents my offer to the homeowner or can the homeowner accept my offer before agent lists property on the mls?

Also, what should the agent have the listing as when offer is accepted by homeowner? Should he disclose it as sale pending, pending contingent on lenders approval, or can they leave it active to attract back up offers? Of course I would like as many back up offers as possible to create my list of end buyers.
Any insight is appreciated!! Thanks guys!

Don and Charles I do agree with both of you.....Im going to get the contract looked over that he gave me and see what I need to do to come to terms. Hpefully it works out for both of us. If not on to the next!!!

Ya I am going to set up a meeting with the attorney and seller and let them know exactly what I am planning on doing and hopefully come to terms. I explained to the seller what I was planning on doing, but obviously he has doubts. All he says is he wants to make sure he's getting his money haha

@steve Its a five page contract that I would have a real estate attorney look at because Im new and need to make sure im going about it the right way. I think its just more that the contract is really lengthy and I don't want to overlook anything.

@charles yes really close...just need to come to terms and get a buyer lined up.

So I have a seller ready to sell, but has an attorney friend who advises him to not use my contracts because he feels like he isn't protected. The attorney actually drafted up a contract that im not willing to sign!! What should my next move be?? Can I use a regular real estate contract and assign that to another investor or tell him he needs to use my contract or the deal is off. If attorney wasnt involved this deal would of been done with a long time ago. eesshh!!

Arv is 320k-330k and our agreed price is 160k

Hey Charlie,

I too am starting out in real estate investing here in San Jose. My buddy lives in SAC and actually wants me to go out there and check out some properties sometime soon. Let me know if you wanna get together and find some local deals. Its always fun roaming the streets.

Matt

Thanks Charles,

I for sure will let you know when my first deal comes along!

I actually use to live in seattle for only about 4 months....I stayed in Bellevue. Wish I was still out there!

The experienced investor that I know here in San Jose was my college roommates brother, so it worked out. The first book that he told me to read was Ron Legrands: How to be a quick turn real estate nillionaire. It baisically opened my eyes to the different ways to make money in real estate. The internet will be the best free source for you. Here on biggerpockets provides endless information and just seraching youtube videos and the net.