Posted by Ronald * Starr(in No CA) on September 03, 2003 at 17:33:38:
I don’t like what I am hearing here. This is an occupant who is being foreclosed upon be of violating the agreement with the former owner. And you will continue to deal with this person? Sounds bad to me.
You don’t sound like you are on top of this. You are being way too trusting, in my opinion. Bill Green warned us decades ago to avoid “red ribbon deals.” That is deals put together by other people that are all tidy and neat.
Money not into an escrow account? I don’t like that.
Never rely on an “appraised value” from anybody else. You either know the market values before you agree to a deal or you get your own comparable sales lists and look at the properties and see if you can tell what the property is worth.
I am in Oakland. If you communicate with me I will try to get you some comps, if you don’t do so this afternoon. I’d recommend that you call one of the major title companies and ask them to pull comps for you and e-mail or fax them to you. My e-mail address: firstname.lastname@example.org .
From what I have heard my advice to you is to get that check back. To not go forward until you know a whole lot more than you do now. If you cannot get the check back immediately, I’d suggest putting a stop payment on it.
Meanwhile, have you read my post for beginners? If not, you can find it by putting “beginners success” into the archive search function at the top of this main board of this CREONLINE.COM website. After reading that, ask yourself, “am I ready to start putting out money?” From what you have ssid, I doubt it, but you judge for yourself.
Good InvestingRon Starr**********