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BUYING BANK OWNED PROPERTIES

BUYING BANK OWNED PROPERTIES. Anthony S. McGhee, Broker/Owner Bill Bader, CMPS Mortgage Banker. Anthony McGhee. Licensed Real Estate Broker 21 Years ++++++ Own Real Estate Company in Cville and Staunton Licensed Auctioneer Numerous Designation and Degrees in Real Estate And Finance

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BUYING BANK OWNED PROPERTIES

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  1. BUYING BANK OWNED PROPERTIES Anthony S. McGhee, Broker/Owner Bill Bader, CMPS Mortgage Banker

  2. Anthony McGhee • Licensed Real Estate Broker • 21 Years ++++++ • Own Real Estate Company in Cville and Staunton • Licensed Auctioneer • Numerous Designation and Degrees in Real Estate And Finance • Board of Directors for CAAR Real Estate Weekly

  3. Bill Bader • Mortgage Consultant • 7 ++ Years of Experience • CMPS • Ohio State Graduate • Continuing Education for FAs, CPAs etc • Extensive Financial Knowledge

  4. Topics • Real Estate Investing in Bank Owned Property • The Foreclosure Investing Process • We Are Going to Give you An Overview of Pre-Foreclosures with Short Sales • The Real Estate Auction • Bank Owned Properties or Real Estate Owned REO • Real Estate Investing Laws • Foreclosure Listings!!!!!!!

  5. Questions Answered • What is a Short Sale? • How Short Sales Work • What is Foreclosure? • What are Mortgages? • What are Trust Deeds? • Finding Foreclosure Properties • 3 Stages of Buying Foreclosures • Financing Foreclosures

  6. Questions Answered (Con’t) • Foreclosure Flowchart • Options of Homeowner • About Hard Money Lenders • Buying Properties "Subject To" • Avoid Foreclosure Scams • Assembling Your Team!!

  7. Short Sale • Definition • Pre-Foreclosure • Effective Technique • Process for Calling the Bank For a Short Sale Package. • Owner/Agent provides information requested by the Bank • Appraisal/BPO

  8. Foreclosure • Definition • Numbers • How does it work? • Proceedings • Enforcement • Demand

  9. Trust Deed Foreclosure • Definition • Trustee • The Lender is the Beneficiary • NOD (Notice of Default) • Time is Money

  10. Where do find Foreclosures? • Places to Look

  11. Stages of Buying • Pre-Foreclosures • Auctions • REOs

  12. Financing Foreclosures • Straight Financing (Bank) • Borrower Against Other Assets • Home Improvement Loans (Rehab) • Home Equity Loans • Government Programs • Hard Money • Assume Seller Obligations • Subject to Existing Financing

  13. Foreclosure Flowchart Judicial Mortgage Judicial Foreclosure Borrower Defaults File Complaint (Initiate Law Suit) Record Lis Pendens Court Hearing Date set for Sale Advertise the Sale Sell to highest bidder Buyer pays cash at sale. Buyer receives Certificate of Sale Period of Statutory Redemption (Right of Redemption) Sheriff's Deed Conveyed to Buyer Evict Mortgagor Possible Deficiency Judgment

  14. Foreclosure Flowchart Non-Judicial Trust Deed Non-Judicial Foreclosure Borrower Defaults Beneficiary authorizes Trustee to proceed with Foreclosure Record Notice of Default Period of Equitable Redemption Trustor can reinstate Advertise the Sale Sell to highest bidder Buyer pays cash at sale. Trustee conveys Trustee's Deed to Buyer Deficiency Judgment Unlikely

  15. Options for Homeowners in Foreclosure • Call Bank or Lender • Refinance • List Home With Realtor • For Sale By Owner • Give Home Back to Lender • File Bankruptcy • Foreclosure

  16. Hard Money Lending • Difference Between “Hard” and “Soft” • 70% Loan to Value • High Interest Rates • Other Collateral Besides Property • Shorter Terms 6 Months to 1 Year • Quick Cash • Beware of Pre-Payment Penalties'

  17. Buying “Subject To” • What is it? • Due on Sale Clause • Keep Making Payments • Rates Are at Historic Lows • Banks Are Overwhelmed • Land Trust

  18. Foreclosure Scams • Equity Skimming • Bait and Switch • The “Bailout” • Phantom Assistance • Counseling Agencies • List of Don’ts

  19. Assemble Your Team • Experienced Real Estate Agent. • Experienced Mortgage Banker • Real Estate Attorney/Title Agent • Accountant/Tax Advisor • Home Inspector • Contractor/Handyman • Well/Septic/Termite Inspector

  20. Checklist to get Started •  Assemble your team. •  Find a real estate agent. •  Get pre-qualified for financing. •  Start your search. •  Select a property. •  Inspect the property (home inspection, well, septic and termite inspections). •  Order and/or do a title search. •  Make an offer with a non-refundable deposit. •  Contract submitted negotiated and agreed upon. •  Secure financing. •  Appraisal is ordered and completed, if a requirement of your loan. (Note: there may be repairs required by your lender in order to obtain financing. You should be prepared to do the repairs yourself. •  Prepare for settlement. •  Congratulations you own a HOME!!!

  21. Q and A Thanks for Attending Held Every Week From 7 to 9 at Hilton Garden Inn (Pantops) By Anthony McGhee, Assist 2 Sell Bill Bader, Greenwood Lending

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