Date post: | 17-Jul-2015 |
Category: |
Real Estate |
Upload: | auctioncom |
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WHERE REAL ESTATE IS MOVINGWHERE REAL ESTATE IS MOVING™
How to Buy Foreclosure
Properties in Pennsylvania
© Auction.com | Confidential & Proprietary
Presenters
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Mike JanstaAuction.com
Sr. Vice President of Marketing
Sarina KinderAuction.com
Vice President of Foreclosure Operations
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
Bid WinFind
How it Works
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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
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What is a Foreclosure Sale?
What is a Foreclosure Sale?
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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.
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A foreclosure sale is sometimes referred to as a trustee sale. A trustee is someone appointed by the
bank or financial institution to manage the foreclosure.
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What is a Foreclosure Sale?
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Foreclosure SaleShort 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.
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You can also bid on Short Sales, Pre-conveyance and REO properties on our website.
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About Auction.com
About Auction.com
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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
Over $30 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
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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 Pennsylvania Foreclosure Sales
• Auction.com has built a relationship with the
banks, servicers, or current deed owners to
market these Pennsylvania 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
Pennsylvania!
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Getting Started
Search for Pennsylvania Properties by Calendar
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Pennsylvania Foreclosure Sales are listed weeks in advance. Use the filters to narrow your search and
click on the event or county of interest.
Search for Pennsylvania Foreclosure Properties
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Enter your location of interest or Property ID into the search bar.
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Search by state, county, city, zip, address or
property ID
Search Results Page
Refine your search by typing in the search bar or by using the many filter options.
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
Search by state, county, city, zip,
address or property ID
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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.
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Postponements and Cancellations
Because these are pre-foreclosure properties, there is a high rate of postponements and cancellations.
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Why do properties get
postponed?
Why do properties get
cancelled?
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 declaration
of bankruptcy.
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 satisfied the delinquent amount owed to
the bank.
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Property Detail Pages
Property detail pages provide specific
information for each property, which may include:
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Access to plat maps, title insurance
information, photos and more
Review important sale documentation
such as foreclosure property reports
Information on date, time and location of
the sales
Links for more county information via
videos and FAQs
View educational videos on the
foreclosure auction process
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Free Homebuyer Tools
Free Homebuyer Tools
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• Property Alerts and Sale 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.
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
For more information on Property Alerts, Data Feed and other tools, visit: auction.com/service
My Dashboard
Once you’ve created an account, you can track your saved assets through your Dashboard.
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Access your email notifications
Return to your saved searches
Download your saved assets
View sale details & get directions
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Save Properties
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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.
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Do Your Due Diligence
Do your Due Diligence
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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
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*Seeking legal advice is often part of a thorough due diligence process
Free Due Diligence Information
Auction.com provides Foreclosure Property Information for most properties.
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Free Due Diligence Information
Auction.com also provides Plat Maps & Insurance Information.
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How to Buy
RENT OTHERFLIP
Investment Strategies
Residential real estate investors have 2 primary strategies:
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Buying to fix and sell or
wholesale immediately.
Buying to repair and rent or
maintain current tenant.
A very small % have niche
strategies.
Vacation Rental
OWC Finance
Farm…
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
Foreclosure Sale Checklist
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• 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 Terms & Conditions
• Provide a driver's license, passport or other
government- issued I.D.
• Bring cashier’s checks or cash*
* 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
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Congratulations!
You are the winning bidder. Now what?
• Present appropriate funds directly after being declared
the winning bidder
• Obtain a report of sale or sale receipt
• You’ll receive the deed as proof of ownership to the
property*
• You will be responsible for post sale procedures such as
clearing liens and the eviction process
© Auction.com | Confidential & Proprietary © 2014 Auction.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH
*There are a number of factors that can contribute to the timeframe in which ownership is transferred. Please contact the entity
managing the sale with questions.
Questions?
Please join us in the Auction.com Community for a post webinar conversation
• Go to: Auction.com/PennsylvaniaWebinar
• Click “Follow” at the top right
THANK YOU AND HAPPY BIDDING!
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Disclosure and Confidentiality
This document, including all attachments, addenda, and exhibits provided in any form (together the “Confidential 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 Auction.com (the “Company”). They are for informational purposes only and are not for the purpose of providing legal advice.
The Company has prepared these Confidential Documents, which contain brief, selected information pertaining to the business and affairs of the Company. This information does not purport to be all-inclusive nor does it purport to contain all the information which the Recipient may desire. Neither the Company nor any of its respective partners, officers, employees or agents make any representations or warranties, expressed or implied, as to the accuracy or completeness of these Confidential Documents or of its contents, and no legal liability is assumed or shall be implied with respect thereto.
The Recipient agrees that (a) the Confidential Documents are confidential information, except for such information contained in these Confidential Documents that is a matter of public record, (b) the Recipient, the Recipient’s employees, agents and consultants (collectively, the “Need to Know Parties”) will hold and treat these Confidential Documents in the strictest of confidence, and the Recipient and the Need to Know Parties will not, directly or indirectly, disclose or permit anyone else to disclose their contents to any other person, firm, or entity without the prior written authorization of the Company, and (c) the Recipient and the Need to Know Parties will not use or permit to be used these Confidential 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 Parties agree to keep these Confidential Documents and all confidential information contained herein confidential indefinitely and further agree to use these Confidential Documents solely for the purpose set forth herein.
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