Michael Cirrito

I'm a:	Real Estate Professional
Company:	Zap Home Realty
Location:	La Verne
Web sites:	My Website
Phone:	(626) 255-4255

2 Answers
1 Best Answer
1 Useful Answer

Report this profile

About Me

Graduate of USC Marshall School of Business and The Harvard Business School. Over 23 years real estate experience having founded 4 real estate companies. Investors Trust Realt y Group, Inc , Cirrito Fine Homes, Inc , Zap Home Realty and Zap Home Loans.

Expert in Apartment Investments and Property Management. Licensced Calif. Real Estate Broker, General Contractor, Mortgage Broker and Superior Court Receivor. Member National Association of Realtors, Institute of Real Estate Management and Canidate for Certified Property Manager (CPM).

Over $1 Billion in personal sales and $250,000,000 in assets under management.

My Q&A View all >>

Michael Cirr…'s Questions (0)

Michael Cirr…'s Answers (2)

If a house goes to short sale to the bank and they are delinquent on their taxes does the new buyer have to

Asked Thu Jul 24 2008, 19:48 by Jacqueline B… - 92211 - Home Buying - 4 answers

Michael Cirrito answered:

Jacqueline, The correct answer is that the Buyer of a home at a Trustees sale does have to pay the deliquent property taxes in addition to the final bid price. Thus , if you were to bid on a foreclosure at the court house, etc it is important to know the deliquent property tax amount. I have purchased over 30 trustee sales and have had to pay the property taxes after the fact. If the home is an REO ( Bank Owned) , the bank will have to pay this trough escrow at the time of sale. Also, IRS liens can unwind the foreclosure sale a 120 days after you close on the deal. So, if the property has IRS liens, forget it. If it is a Short Sale, the Seller and /or Bank will need to pay these trhough escrow for the benefit of the new Buyer. Since you will be in escrow, clear title will be a condition of the Title Insurer and the Buyers lender. Thus , the property taxes will need to be paid in escrow. Good Luck - Sat Jul 26 2008, 07:44

I have investment property in North Carolina I am trying to sell. I need a buyer to purchase this property

Asked Sun Apr 20 2008, 10:51 by Nina - Holly Ridge - Home Selling - 17 answers

Michael Cirrito answered:

Holly, DO NOT let anyone assume the motgage or take it subject to the exisiting financing. This is also know as a wrap or AITD. You will still be on the hook with the lender. I need to know what type of property it is, does it produce income etc.

Michael Cirrito - Mon Jun 2 2008, 14:33

Holly, what type of property is it? How much monthly income does it produce?

Michael Cirrito
mdczap@aol.com - Tue May 20 2008, 22:09

View all Michael Cirrito's Questions & Answers >>

RSS