Foreclosure Buying 101 December 2012
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The document provides an introduction to the RealtyTrac website and how it can be used to find foreclosure properties. It explains that RealtyTrac is the largest database of foreclosure and bank-owned properties, covering over 1.5 million homes. It also outlines the three opportunities for buying foreclosed homes: pre-foreclosure properties by contacting homeowners, buying at foreclosure auctions, or purchasing bank-owned or REO properties directly from lenders. The presentation concludes with an offer to demonstrate the RealtyTrac site and how to use it to find these foreclosure buying opportunities.
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Foreclosure Buying 101 December 2012
- 1. FORECLOSURE BUYING 101 with RealtyTrac site demo
- 2. What we’ll cover today • A brief introduction to RealtyTrac • What is ‘Foreclosure?’ • The Three Foreclosure-Buying Opportunities • Site Demo: Using RealtyTrac to: – Find foreclosure and bank-owned homes – Contact lenders & homeowners in default – Find community resources and support ©RealtyTrac Inc. 2012, Not for Distribution 2
- 3. A BRIEF INTRODUCTION TO REALTYTRAC
- 4. WHO RELIES ON REALTYTRAC DATA ©RealtyTrac Inc. 2012, Not for Distribution 4
- 5. WHO RELIES ON REALTYTRAC DATA ©RealtyTrac Inc. 2012, Not for Distribution 5
- 6. WHAT REALTYTRAC IS • 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 • #1 Foreclosure site – 1.5 million foreclosure and bank-owned properties nationwide – More coverage, more detailed information than any other national provider • Unmatched property evaluation and transactional tools – HomeScore, Equity & Loan Info, Comp Sales, Online Offers, Foreclosure-MLS Match, and much more ©RealtyTrac Inc. 2012, Not for Distribution 6
- 7. WHAT REALTYTRAC IS NOT • 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 – Only 15% of REOs are listed – Many MLS organizations prohibit including any REO or foreclosure information in the property listings – RealtyTrac gives you advanced notice that it will likely be ‘For Sale’ in the near future. ©RealtyTrac Inc. 2012, Not for Distribution 7
- 9. Foreclosure Overview What is ‘Foreclosure?’ •Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. When does foreclosure begin? •The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of Default or Lis Pendens. ©RealtyTrac Inc. 2012, Not for Distribution 9
- 10. ARE FORECLOSURES WORTH IT? • Save money! – Bank-owned properties were discounted 38% in third quarter – Short sales sold at a 27% discount • Many properties in excellent condition, but not all • Fewer buyers – Less competition! • Motivated sellers ©RealtyTrac Inc. 2012, Not for Distribution 10
- 12. FORECLOSURE PROCESS Four Possible Outcomes 1) The borrower/owner reinstates the loan by paying off the default amount during a grace period determined by state law. This grace period is also known as Pre-Foreclosure. ©RealtyTrac Inc. 2012, Not for Distribution 12
- 13. FORECLOSURE PROCESS 2) The borrower/owner sells the property to a third party during the pre-foreclosure period. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history. ©RealtyTrac Inc. 2012, Not for Distribution 13
- 14. FORECLOSURE PROCESS 3) A third party buys the property at a public auction at the end of the Pre-Foreclosure period. ©RealtyTrac Inc. 2012, Not for Distribution 14
- 15. FORECLOSURE PROCESS REO 4) Properties repossessed by the lender are also known as Bank-Owned or REO properties (Real Estate Owned by the lender). ©RealtyTrac Inc. 2012, Not for Distribution 15
- 16. THE 3 FORECLOSURE-BUYING OPPORTUNITIES
- 17. PRE-FORECLOSURE • Contact the owner to make offer • Purchase from “distressed” homeowner • Often short sales (but not always) • Average discounts of 27 percent in third quarter • More than 600,000 on RealtyTrac ©RealtyTrac Inc. 2012, Not for Distribution 17
- 18. FORECLOSURE AUCTION • Purchase at public auction • Contact trustee to verify auction dates • Often requires full payment in cash • High risk, high reward • More than 300,000 on RealtyTrac ©RealtyTrac Inc. 2012, Not for Distribution 18
- 19. BANK OWNED • Work with listing agent if listed • Contact bank to make offer • Be persistent if not listed • Submit offers online • Average discount of 38% in third quarter • More than 500,000 on RealtyTrac ©RealtyTrac Inc. 2012, Not for Distribution 19
- 20. REALTYTRAC SITE DEMO a quick look at what you get
- 21. CONTACT INFORMATION • Membership help – (877) 888-8722 • support@realtytrac.com • Thank you! ©RealtyTrac Inc. 2012, Not for Distribution 21