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Finding & Buying Bank-Owned Bargains

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Co-hosted by Tami Bonnell, President of the U.S. Organization of EXIT Realty Corp. International, and Charlie Engel, Director of Business Development at RealtyTrac, this webinar covers the …

Co-hosted by Tami Bonnell, President of the U.S. Organization of EXIT Realty Corp. International, and Charlie Engel, Director of Business Development at RealtyTrac, this webinar covers the following:

• Find listed and unlisted REOs in your neighborhood
• Identify the best bargains and investments
• Choose an effective and knowledgeable real estate professional
• Make the best offers most likely to be accepted by the banks
• Avoid common pitfalls in buying bank-owned


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  • 1. FIND & BUY BANK-OWNED BARGAINS Find the best bargains and avoid common mistakes
  • 2. WEBINAR PRESENTERS CHARLIE ENGEL Director of Business Development [email_address] TAMI BONNELL President – U.S. Organization [email_address]
  • 3. WHAT WE’LL COVER TODAY
    • The what, why & where of REOs
    • 3 bank-owned buying opportunities
    • Tips and tricks for REO hunting on RealtyTrac
    • Putting an agent’s expertise to work for you
    • Making offers most likely to be accepted
    • 5 mistakes to avoid when buying bank owned
  • 4. A BIT ABOUT REALTYTRAC
  • 5.
    • RealtyTrac publishes the country’s largest database of foreclosure and bank-owned properties
      • Data from over 2,200 counties, covering over 92% of U.S. housing units
      • Data updated at least twice daily
    • #1 online Foreclosure marketplace – 1.5 million foreclosure and bank-owned properties nationwide
    • Unmatched property evaluation and transactional tools
      • HomeScore, Equity & Loan Info, Property Analyzer, Online Offers, Foreclosure-MLS Match, and much more
    • 90 Million Assessor Property Records just added!
      • Property values, sales history and property tax info
    ABOUT REALTYTRAC
  • 6.
    • The RealtyTrac foreclosure database is NOT an “MLS for foreclosure records”
    • Most of the properties in the RealtyTrac database are NOT on the MLS anywhere
      • Less than 20% of the homes in foreclosure are listed
      • Less than 30% of REOs are listed
      • Many MLS organizations prohibit including any REO or foreclosure information in the property listings
    • A challenge and opportunity for REO buyers
      • Sometimes extra steps involved
      • A jump on the competition
    ABOUT REALTYTRAC DATA
  • 7. WHO RELIES ON REALTYTRAC DATA
  • 8. WHO RELIES ON REALTYTRAC DATA
  • 9. THE WHAT, WHY & WHERE OF REOS
  • 10. WHAT ARE REOS?
  • 11. WHY REOS?
  • 12. WHY REOS? Source : RealtyTrac Foreclosure Sales Report 19 Percent of Total Sales in Q2 2011
  • 13. REO SAVINGS Source : RealtyTrac Foreclosure Sales Report 40 Percent Discount Avg. Price Below $150,00
  • 14. WHERE ARE REOS? Biggest Discount Lowest Avg. Price By Total Sales
  • 15. WHERE ARE REOS? By Percent of all Sales
  • 16.
    • 700,000 unsold REOs in RealtyTrac database
    • 800,000 properties in the foreclosure process
    • 3.6 million delinquent properties at risk of foreclosure
    • 12 million underwater loans at risk of foreclosure
    • 14 percent increase in new default notices in Q3
      • First quarterly increase in six quarters
      • Many will move to REO over the next 3 to 12 months
    MORE REOS COMING
  • 17. THE 3 BANK-OWNED BUYING OPPORTUNITIES
  • 18. 3 REO BUYING OPPORTUNITIES
  • 19. FINDING REOS ON REALTYTRAC
  • 20. UNLISTED
  • 21. LISTED Contact Listing Agent directly
  • 22. FORECLOSURE-MLS MATCH Find for-sale foreclosures using Status column sort
  • 23. AUCTION Find out more about the auction and details about how to bid
  • 24. TIPS FOR REO HUNTING ON REALTYTRAC
  • 25. ADVANCED SEARCH Search by Property Type Search by Property Characteristics Search by Lender Search by Appreciation Potential
  • 26. PROPERTY ANALYZER Select Buying & Investing Strategy Set up different scenarios See projected outcomes
  • 27. PROPERTY WATCH ALERTS Get email alert when property changes foreclosure status, is listed for sale, or listing price changes
  • 28.
    • 7-day free trial membership
    • $99.95 for a four-month membership (50% off)
    • $199.95 for a 12-month membership (67% off)
    • Go to www.realtytrac.com/webinar
    • Call 800-905-5074 to talk with a representative
    SPECIAL REALTYTRAC OFFERS
  • 29. WHY AGENT REPRESENTATION MATTERS…
    • Expertise in the Marketplace
    • Real Estate History
    • Specialization in REO’s and Short Sales
    • Accurate Market Knowledge
  • 30. WHY SPECIALIZATION IS IMPORTANT
    • Laws Change Regularly
    • More Unknowns
    • More Moving Parts
    • Specialists Work with Other Experts
  • 31. GETTING OFFERS ACCEPTED
    • Do as Much Homework on the Property up Front
    • Fewer Conditions
    • Cash/Very Solid Financing
    • Little or no Contingencies
    • Flexible Closing Date
  • 32. TOP MISTAKES TO AVOID
    • Property Issues
    • Not Doing Inspections
    • Not Being on Top of Timelines in Contract
    • Title Issues
    • Competitive Bidding
  • 33. EXPECT THE UNEXPECTED
    • Common Additional Expenses
    • Property Issues
    • Great Deals Don ’ t Move in Slow Motion
  • 34. Q&A WITH CHARLIE AND TAMI
  • 35. Q&A CHARLIE ENGEL Director of Business Development [email_address] TAMI BONNELL President – U.S. Organization [email_address]
  • 36.
    • EXIT Realty: http://exitrealty.com /
    • RealtyTrac Agent Network
      • www.realtytrac.com/agents/leads/landing.aspx
    • RealtyTrac Community
      • http :// community.realtytrac.com/
    • REALTOR market research
      • http:// www.realtor.org/research
    • REO Buy-and-Hold Case Study
      • http:// ow.ly/7iKo2 (contacting lenders directly)
    • REO Flipper Case Study
      • http://youtu.be/I049w_ouebU (working with agent)
    • RealtyTrac special offer: www.realtytrac.com/webinar
    LINKS & RESOURCES