Post on 30-Jul-2015
transcript
WHERE REAL ESTATE IS MOVING WHERE REAL ESTATE IS MOVING™!
How to Buy Foreclosure Properties in Michigan
© Auction.com | Confidential & Proprietary © 2014 Auc*on.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
Presenters
2
Mike Jansta Auction.com
Sr. Vice President of Marketing
Sarina Kinder Auction.com
Vice President of Foreclosure Operations
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
Bid Win Find
How it Works
3
Search for properties and save those you would like to buy as your favorites on My Dashboard
Review the date, time and location of the sale, arrive early to the venue and prepare to bid
Winning bidders will submit payments and documents to the party conducting the sale
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH 4
What is a Foreclosure Sale?
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
What is a Foreclosure Sale?
Foreclosure Sale
When a Residential Property is in a Foreclosure Process, a Public Auction of the property is held in an attempt to Recoup the
Amount Owed to the
Beneficiary; usually a bank or financial institution.
5
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
What is a Foreclosure Sale?
6
Foreclosure Sale Short Sale REO
Foreclosure Bank Owned
Pre-Conveyance
A Foreclosure Sale is the final step in the foreclosure process. The properties for sale at these public events are called foreclosure homes, as they are still going through the foreclosure process and have not yet been foreclosed upon.
You can also bid on Short Sales, Pre-conveyance and REO properties on our website.
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH 7
About Auction.com
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
About Auction.com
8
Auction.com is the nation's leading online real estate marketplace,
conducting thousands of ballroom and online auctions every week
Powerful combination of real estate domain expertise, auction
experience and marketplace technology
Free research tools and due diligence information to help buyers choose homes that represent the
best value
Privately held company with over 900
employees in 10 offices in U.S. Headquartered in Irvine, CA
Over $25 billion of real estate sold since 2007
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
Auction.com Advantages
9
No Auction.com Buyer’s Premium Final sales price is what you pay
Save Time and Money Free property documents, photos, plat maps and more to ensure maximum returns
Buyer Experience Transparent, easy to access information & convenient
Identify Value-Based Bids Property tags help buyers identify properties priced to sell
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
Auction.com’s role in Michigan Foreclosure Sales
• Auction.com has built a relationship with the banks, servicers, or current deed owners to market these Michigan homes on our website.
• While all sales will still be conducted by the county, Auction.com has created a transparent and educational platform for prospective buyers to conduct research and due diligence.
• This provides a great opportunity for investors to buy foreclosures within the state of Michigan!
10
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH 11
Getting Started
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
Search for Michigan Properties by Calendar
12
Michigan Foreclosure Sales are listed weeks in advance. Use the filters to narrow your search and click on the event or county of interest.
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
Search for Michigan Foreclosure Properties
13
Enter your location of interest or Property ID into the search bar.
© Auction.com | Confidential & Proprietary © 2014 Auc*on.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
Search by state, county, city, zip, address or property ID
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
Search Results Page
Refine your search by typing in the search bar or by using the many filter options.
Search by state, county, city, zip, address or property ID
Click on More Filters to narrow your search by price, bed/bath count, occupancy status, bid type and more
Use the Asset Type drop down menu and select Foreclosure/Trustee
14
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
Value-Based Bid
Value-Based Bid Also known as a Specified Bid, a Value-Based Bid is when the lender is expected to submit a bid that is either at, or below, current market value and less than the total amount owed on the property.
Total Debt is when the lender is expected to submit a bid equal to the amount owed. In some cases, the lender is expected to submit a bid equal to the amount owed. BUT, we believe that the amount is less than the current value of the property.
15
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
Postponements and Cancellations
Because these are pre-foreclosure properties, there is a high rate of postponements and cancellations.
16
Why do properties get postponed?
• A common reason is that a homeowner reached out to the bank or lender in order to try to work out a way to keep the home. A postponement could also result from a filing error or a declara*on of bankruptcy.
Why do properties get cancelled?
• Usually, the homeowner has worked out a way to keep the home or the home was sold by the homeowner as a Short Sale. The homeowner may also have sa*sfied the delinquent amount owed to the bank.
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
Property Detail Pages
Property detail pages provide specific information for each property, which may include:
ü Access to plat maps, title insurance information, photos and more
ü Review important sale documentation such as foreclosure property reports
ü Information on date, time and location of the sales
ü Links for more county information via videos and FAQs
17
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH 18
Free Homebuyer Tools
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
Free Homebuyer Tools
19
• Property Alerts and Auction Notifications customized to meet your criteria
• Foreclosure Data Feed
• Access to Due Diligence documents from property detail pages
• Ability to save properties of interest
• Online Dashboard to manage your saved assets and searches
FREE Tools
When you create an account on Auction.com, you can access several valuable tools, absolutely free.
For more information on Property Alerts, Data Feed and other tools, visit: auction.com/service
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
My Dashboard
Once you’ve created an account, you can track your saved assets through your Dashboard.
20
ü Access your email notifications
ü Return to your saved searches
ü Download your saved assets
ü View sale details & get directions
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
Save Properties
21
To save properties to your Dashboard, click on the star located above the bid information on the property detail page or on the top left of the photo when browsing properties.
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH 22
Do Your Due Diligence
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
Do your Due Diligence
23
Below are 5 Easy Steps to follow before you bid on a property. See all 10 steps at: www.auction.com/BeforeYouBuy
Title Review
Consider the Surrounding Properties
Examine Recent Sales Activity on the Property
Review Price Trends
Look at the Upside Potential
1
Easy Steps
2
3
4
5
* Reviewing all applicable documents and seeking advice from real estate professionals and legal counsel are all part of a thorough due diligence process.
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
Free Due Diligence Information
Auction.com provides Foreclosure Property Information for most properties.
24
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
Free Due Diligence Information
Auction.com also provides Plat Maps & Insurance Information.
25
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH 26
How to Buy
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
RENT OTHER FLIP
Investment Strategies
Residential real estate investors have 2 primary strategies:
27
Buying to fix and sell or wholesale immediately.
Buying to repair and rent or maintain current tenant.
A very small % have niche strategies.
Occupy Vacation Rental OWC Finance
Farm…
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
Auction Day Checklist
28
• Seek legal advice regarding questions about property titles, bidders' rights or the overall foreclosure process
• Know the date, time and location of the event
• Read through the County Sheriff’s Terms & Conditions
• Provide a driver's license, passport or other government- issued I.D.
• Bring cashier’s checks or cash*
• Print out all helpful documents- FAQs, T&Cs, Property Portfolios, etc.
* The time at which proof of funds will be provided is dependent on the county conducting the sale. Also, some counties may accept cash, however Auction.com recommends bringing cashier’s checks as they allow for faster post-sale processing
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
What Happens After You Purchase a Property
29
Congratulations! You are the winning bidder. Now what?
• Go through the closing process and obtain necessary documents from the county sheriff conducting the sale.
• Present appropriate funds directly after being declared the winning bidder
• You’ll receive the foreclosure deed as proof of ownership to the property*
• You will be responsible for post sale procedures such as liens and eviction
• You may be subject to a redemption period
*There are a number of factors that can contribute to the timeframe in which ownership is transferred. Please contact the persons conducting the sale with questions
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
Questions?
Please join us in the Auction.com Community for a post webinar conversation
• Go to:
Auction.com/MichiganWebinar
• Click “Follow” at the top right
THANK YOU AND HAPPY BIDDING!
30
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
Disclosure and Confiden0ality This document, including all aWachments, addenda, and exhibits provided in any form (together the “Confiden*al Documents”), is being furnished to the recipient (the “Recipient”) solely for the Recipient’s own limited use in considering whether to bid on or buy property via Auc*on.com (the “Company”). They are for informa*onal purposes only and are not for the purpose of providing legal advice. The Company has prepared these Confiden*al Documents, which contain brief, selected informa*on pertaining to the business and affairs of the Company. This informa*on does not purport to be all-‐inclusive nor does it purport to contain all the informa*on which the Recipient may desire. Neither the Company nor any of its respec*ve partners, officers, employees or agents make any representa*ons or warran*es, expressed or implied, as to the accuracy or completeness of these Confiden*al Documents or of its contents, and no legal liability is assumed or shall be implied with respect thereto. The Recipient agrees that (a) the Confiden*al Documents are confiden*al informa*on, except for such informa*on contained in these Confiden*al Documents that is a maWer of public record, (b) the Recipient, the Recipient’s employees, agents and consultants (collec*vely, the “Need to Know Par*es”) will hold and treat these Confiden*al Documents in the strictest of confidence, and the Recipient and the Need to Know Par*es will not, directly or indirectly, disclose or permit anyone else to disclose their contents to any other person, firm, or en*ty without the prior wriWen authoriza*on of the Company, and (c) the Recipient and the Need to Know Par*es will not use or permit to be used these Confiden*al Documents or its contents in any fashion or manner detrimental to the interest of the Company or for any purpose other than use in considering whether to conduct business with the Company. The Recipient and the Need to Know Par*es agree to keep these Confiden*al Documents and all confiden*al informa*on contained herein confiden*al indefinitely and further agree to use these Confiden*al Documents solely for the purpose set forth herein. AUCTION.COM REAL ESTATE BROKER LICENSE NO.: AL 000094404-0 AK 2207 AR PB00075836 AZ Licensed as REDC CO586378000 CA 01093886 CO EL100028410 CT Scott Reid REB.0790370 DC LL98370409 DE RB-0020179 FL No. CQ1031187 GA H-61904 HI RB-20620 IA F05393000 ID LC38200 IN RC51100011 IL 478.012986 KS CO00001663 KY 75140 LA BROK.0995681059-CORP ME AC90602657 MD 652906 MA 7990 MI 6505355610 MN 40040398 MS 19897 MO 2008027754 MT RRE-BRO-LIC-32620 NE 20140595 NV B.1001472.CORP NH 068879 NJ 1110662 NM 07791 NY 10991207955 NC C20400 ND 2918 OH REC.2012003219 OK 157084 OR 201102068 PA RB067584 RI REC.0005008 SC 15690 SD 15963 TN 262679 TX 0580708 UT 7923219-CN00 VT 083.0078393-MAIN VA 0226020092 WA 9943 WI 936870-091 WV 004930-00 WY 189700. AUCTION FIRM LICENSE NO.: AL C17 GA AUC002976 IN AC 31100002 LA AB-328 MA 03058 MS 1203F NC 8781 ND Online Auction OH Auction Mediation Company PA AY002136 SC 3933 TN Online Auction VA 2908000750 WA 2370 WI Registered Firm 384-53 WV Online Auction PRINCIPAL AUCTIONEER MARK P. BULEZIUK LICENSE NO.: AL 5097 IN AU10900036 KY RP3242 LA 1733 ME AUC1527 MN Hennepin County 2711079 NH 5058 NC 8336 PA AU005557 RI 5163 TX 16063 VT 057.0068633 WI Registered Auctioneer 2585-52. WWW.AUCTION.COM 1 Mauchly, Irvine, CA 92618 (800) 499-6199.
Auc*on.com, LLC and its affiliates maintain a firm commitment to providing professional services to any person regardless of race, color, religion, sex, disability, familial status, or na*onal origin. The Company shall not knowingly be a party to any plan or agreement to discriminate against a person or persons on the basis of these or any similar prejudices or prac*ces. This is not an offer for extension of credit or a commitment to lend. All loans sa*sfy underwri*ng guidelines.
SOS ResiREO 3/12/15