Why You Should Buy A Foreclosure!


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Why You Should Buy A Foreclosure!

  1. 1. How the average person can take advantage of the current real estate market opportunity by purchasing a foreclosure!
  2. 2. WHO WE ARE Prospect Mortgage LLC  #1 Nationwide Fannie Mae HomePath Renovation Lender  #2 Nationwide FHA 203k Revovation Loan Lender Providing A Seamless Renovation Experience!
  3. 3. OUR MISSIONTo make the consumer aware of the benefits of purchasing a home and rehab/improving it.Help the Economy by relinquishing the banks of their foreclosure inventories. In doing so, rid our neighborhoods of vacant boarded up properties.Help the Environment by GOING GREEN with every renovation project.
  4. 4. OPPORTUNITY The Average Hard Working American TYPICALLY Gets No Breaks Always Finds Out About A Good Thing Too Late Thinks If It’s Good It’s A SCAM NOW Thanks To HUD – This One Is Real  It Will Help To Solve Our Economic Crisis Only If Its Brought To The People FAST!!!
  5. 5. THE PROBLEM The Worse Economic Crisis Of Our Era Started With Real Estate Resulted In Banks Holding Bad Loans Banking Model – 1-10 $100,000 = Loan Out $1,000,000 $100,000 Foreclosure = $1,000,000 Frozen Foreclosures Have Banks Money Locked Up Mortgage Backed Securities
  6. 6. THE SOLUTION Fix The Banks Fix The Economy Rid The Banks Of Their Foreclosure Inventories Show The Home Buyer How And Why They Should Purchase Them WHY??? The Consumer Is The Only Market Large Enough To Actually Purchase All The Foreclosures
  7. 7. This is The Biggest Real Estate Sale In History!
  8. 8. REAL ESTATE MARKET MINDSET Two Types of PropertiesNew Construction As-Is/Used Foreclosure Related Sales Now Dominate The AS-IS Market
  9. 9. FORECLOSURES $$$Properties Sold For Less Than Worth Instant EquityListings In Majority Of Neighborhoods
  10. 10. SWEET DEALS Success StorySingle Family PurchaseBorrower’s Income: $45kPurchase Price: $61.5kCost to Rehab: $65.5kFHA Loan Amount: $137kAfter Improved Value: $256kINSTANT EQUITY: $119k
  11. 11. FORECLOSURES ARE SELLING!1. Investors Are Mostly Buying Not Consumers1. Why Not The Average Consumer? Misperception Fueled By Media Wait For Market To Get Better Banks Have No Money Need Great Credit Large Down Payment No Fix Up Money & REHAB IS DIRTY WORD
  12. 12. REHAB IS A HUGEHEADACHE = WRONG! Buyers Are Afraid Of Contractors Don’t Know How To Do Rehab Lots Of Work Confusing Hassle Expensive Unforeseen Problems Just Want To Move In!!!
  13. 13. What If?What if all the home repairs & improvements were done for you?What if all you had to do was choose what you want and want and specify how you want it?What if the hassle with contractors was eliminated?What if you did not have to get an extra loan?What if that loan was a safe loan, not a the bad type of loans that created this foreclosure crisis?What if it were relatively easy to qualify for?What if the home buyer not the investor could buy any foreclosed property?
  15. 15. UNCLE SAM Provides The Solution FHAMoney To Purchase & Rehab In ONE LOAN Home Buyer Can Not Do The Work (Must Use Licensed And Insured Contractors) Hassle With Contractors Eliminated (Payment Is Upon Completion Of Work)Include Up To 6 Mortgage Payments In Loan (Where To Live During Construction) Move When Work Is Complete!!!
  16. 16. “THE HUD POLICE” Your Peace Of Mind 203K Consultant/HUD Inspector - Your Protector/Contractor Enforcer - Validate Estimate of Work Needed - Provide Contractor Bid Paperwork - Sign Off on Work Completed - Submit Draw Requests Home Buyers Have Peace of Mind No Longer Have to Fear Rehab HUD Police has their Back! HASSLE WITH CONTRACTORS ELIMINATED!!
  17. 17. FHA MORTGAGE Easy To QualifyAverage Credit - 620 (If not we can help)3.5% Down Payment (Can be 401K or GIFT!!)HUD Properties Only $100 Down Payment!Seller Can Pay Up To 6% Of Your Closing Costs1-4 Unit Generous Loan Limits $417,000 SFR - $780,000 4-Unit (Cook County)2 yrs Bankruptcy and 3 yrs Foreclosure - OKCo-Signer’s Are Allowed
  18. 18. REAL OPPORTUNITY Time For Average Hard Working American To Get A Break! To Learn About This Good Thing NOW! To See That This Is Not A SCAM! It’s From Our Government and It’s Real To Be The Solution To Our Economic Crisis Call To Action Bring This The People FAST!!! This Opportunity Will Not Long!!!
  19. 19. ProspectMortgage’s GRASS ROOTSMOVEMENT
  20. 20. What Will Happen?!?! “This Is The Largest Real Estate Sale In History” Home Buyers Start Buying Foreclosures & Taking Them Green!!! Banks Get Real Relief The Economy – Grass Roots Stimulus  Increased Home Sales, JOBS, Spending Real Estate - The Problem Becomes The Cure A WIN/WIN For All Involved THE SOLUTION… A GOVERNMENT BACKED PRODUCT FHA 203K Renovation Loans!!!
  21. 21. Q&A
  22. 22. Questions? Call: Roy J. Hard, Certified FHA 203K and Fannie Mae HomePath Revovation Loan Lender (708) 829-6081 DirectRoy.Hard@ProspectMtg.comLoanApproval@RoyHard.com