Las Vegas Trustee Sale

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TrusteeSaleClearinghouse.com
900 South Las Vegas Blvd. #1101Las Vegas, NV 89101(702) 306-3044Office
TrusteeSaleClearinghouse@ReidPrinciples.com

TrusteeSaleClearinghouse.com
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THIRD PARTY SALES 2009(4,184) - 2010(1,728A14)

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BACK TO BENEFICIARY (BANK) 2009(29,358) - 2010(6,116)

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TRUSTEE SALE PROPERTIES
No Junior Liens ( Mechanics, LisPendens)
21 Days for Due Diligence
Remaining Liens
IRS (120 Days)
HOA
First Mortgage
Sewer and Garbage
City and County building code enforcement abatement fees
Special / Local Improvement District
LID - Henderson, SID – Las Vegas

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THREE STEPS
(1) RESEARCH AND ACQUISITION
Purchase of Property from Trustee Sale
(2) PROJECT MANAGEMENT
Preparing the Property for sale
(3) DISPOSITION
Sale of Property

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THE COMPETITION

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RESEARCH AND ACQUISITION
Identify your maximum bid
Take into consideration reconditioning and misc. costs (70+10+10+10 = max bid+1+2+3)
Choose your Properties
FidelityAsap.com, NevadaLegalNews.com, and ForeclosureRadar.com (forums)
Do A Comparative Market Analysis on the Properties
It is important to make sure that your CMA is done well to ensure the largest profit margin and viable sale

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PROPERTY SEARCH

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PROPERTY SEARCH

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PROPERTY SEARCH

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NEW LISTING SEARCH

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RESEARCH AND ACQUISITION continued
Have a Title Search done on all properties chosen
Verify that the note is the First Deed of Trust on title
Conduct an onsite visit of Property
Take as many photos as possible
Verify the occupancy of the Property
Take note of any items on the property that may need to be addressed during reconditioning
Contact the HOA to find out if there are any outstanding dues ( can foreclose)

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Contact the city and county to find out if there are any open files regarding Property
Pre-qualify for Hazard Insurance
Inform Ins Agent of owner occupied or rental property status
Acquire your Cashiers Checks
Cashiers Checks should be made in several denominations ( $1K, $5K, $10K etc.)
Cashiers Checks are made out to yourself or your business for your protection

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Power of Attorney
Make sure to have it filled out correctly and signed prior to the auction
Make sure that none of the Properties have been postponed or cancelled
Contact the Trustee
Register at the auction before bidding and you will need to have all the Cashiers Checks and the Power of Attorney that day
Start Bidding !!!

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VIDEO OF BIDDING AT AUCTION

VIDEO USTREAM.TV BIDDER AT AUCTION
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VIDEO OF TRUSTEE SALE REGISTRATION
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RECEIPT OF FUNDS AND INSTRUCTIONS
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RECEIPT OF FUNDS AND INSTRUCTIONS
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PROJECT MANAGEMENT
Insure the Property immediately after winning bid to ensure protection
Contact Title – Open Escrow to request a Prelim and ask that they order a payoff from the HOA ASAP
Activate all the appropriate utilities
Power, Gas, and Water
Contact the HOA to find out if there are any outstanding dues that may have accrued
Contact the city and county to find out if there are any open files regarding Property

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PROJECT MANAGEMENT continued
Contact the sewer service for the area
List the property on the MLS and Place a Lock Box
Visit the Property to take photos and enter to find out reconditioning needs
If the Property is occupied
Negotiate a Lease
Start the Eviction Process (Always be Diplomatic)
Do best to Re-Key and give key copy to occupant
Cash for keys ( documented)
If not occupied Re- Key all doors on Property

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PROJECT MANAGEMENT continued
Place the “No Trespassing” Sign and Personal Property Notice
Put up the “For Sale” Sign and Post
Remember to always have a scheduled plan with your rehab contractor(s)
Record the Deed at the Recorders Office
Keep your papers in order ( DO NOT lose Deed!)
Update the MLS Listing to reflect the Property’s current condition

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NO TRESPASSING SIGN

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PERSONAL PROPERTY NOTICE

EXAMPLE HOME BEFORE 1/4
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EXAMPLE HOME AFTER 1/4

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EXAMPLE HOME AFTER 3/4

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DISPOSITION
List with your real estate Agent
Serious buyers
Experienced Agent to help make the transaction easier
Access to Multiple Listing Service (MLS)
Lease Option
List on Craigslist.org – not recommended
Advertise in print media – very expensive

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DISPOSITION continued
Remember to cancel all the utilities
Gas, Electric, Water
Anything else that may be activated or transferred over to you during the Project Management Phase – Insurance, Garbage

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COMPLETED 1/3

COMPLETED 2/3
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COMPLETED 3/3
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TrusteeSaleClearinghouse.comHOW WE HELP YOU :
Bidding
Onsite Visit
Title Search
Hard money Loan
Time Management
Clearing House
Research and Acquisition, Project Management, Disposition

THE AUCTION TODAY
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FULL CHARGE BIDDER AND ASSISTANT / CASHIER
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BIDDING RESEARCH
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C.O.D. - CHIEF OF DATA
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TRANSACTION MANAGER
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TRUSTEE SALE URBAN ASSAULT VEHICLE
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FISHING FROM YOUR OWN STOCK
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Las Vegas Trustee Sale

by Las Vegas Trustee Sale on Apr 25, 2010

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Las Vegas Trustee Sale — Presentation Transcript

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