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 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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Finding & Buying Bank-Owned Bargains

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

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