how to buy foreclosure properties in michigan

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WHERE REAL ESTATE IS MOVING WHERE REAL ESTATE IS MOVING™ How to Buy Foreclosure Properties in Michigan © Auction.com | Confidential & Proprietary © 2014 Auc*on.com, LLC CONFIDENTIAL & PROPRIETARY – DO NOT FORWARD OR PUBLISH

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WHERE REAL ESTATE IS MOVING WHERE REAL ESTATE IS MOVING™!

How to Buy Foreclosure Properties in Michigan

  © Auction.com | Confidential & Proprietary ©  2014  Auc*on.com,  LLC  CONFIDENTIAL  &  PROPRIETARY  –  DO  NOT  FORWARD  OR  PUBLISH  

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Presenters

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Mike Jansta Auction.com

Sr. Vice President of Marketing

Sarina Kinder Auction.com

Vice President of Foreclosure Operations

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Bid Win Find

How it Works

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Search for properties and save those you would like to buy as your favorites on My Dashboard

Review the date, time and location of the sale, arrive early to the venue and prepare to bid

Winning bidders will submit payments and documents to the party conducting the sale

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What is a Foreclosure Sale?

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What is a Foreclosure Sale?

Foreclosure Sale

When a Residential Property is in a Foreclosure Process, a Public Auction of the property is held in an attempt to Recoup the

Amount Owed to the

Beneficiary; usually a bank or financial institution.

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What is a Foreclosure Sale?

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Foreclosure Sale Short Sale REO

Foreclosure Bank Owned

Pre-Conveyance

A Foreclosure Sale is the final step in the foreclosure process. The properties for sale at these public events are called foreclosure homes, as they are still going through the foreclosure process and have not yet been foreclosed upon.

You can also bid on Short Sales, Pre-conveyance and REO properties on our website.

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About Auction.com

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About Auction.com

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Auction.com is the nation's leading online real estate marketplace,

conducting thousands of ballroom and online auctions every week

Powerful combination of real estate domain expertise, auction

experience and marketplace technology

Free research tools and due diligence information to help buyers choose homes that represent the

best value

Privately held company with over 900

employees in 10 offices in U.S. Headquartered in Irvine, CA

Over $25 billion of real estate sold since 2007

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Auction.com Advantages

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No Auction.com Buyer’s Premium Final sales price is what you pay

Save Time and Money Free property documents, photos, plat maps and more to ensure maximum returns

Buyer Experience Transparent, easy to access information & convenient

Identify Value-Based Bids Property tags help buyers identify properties priced to sell

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Auction.com’s role in Michigan Foreclosure Sales

•  Auction.com has built a relationship with the banks, servicers, or current deed owners to market these Michigan homes on our website.

•  While all sales will still be conducted by the county, Auction.com has created a transparent and educational platform for prospective buyers to conduct research and due diligence.

•  This provides a great opportunity for investors to buy foreclosures within the state of Michigan!

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Getting Started

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Search for Michigan Properties by Calendar

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Michigan Foreclosure Sales are listed weeks in advance. Use the filters to narrow your search and click on the event or county of interest.

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Search for Michigan Foreclosure Properties

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Enter your location of interest or Property ID into the search bar.

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Search by state, county, city, zip, address or property ID

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Search Results Page

Refine your search by typing in the search bar or by using the many filter options.

Search by state, county, city, zip, address or property ID

Click on More Filters to narrow your search by price, bed/bath count, occupancy status, bid type and more

Use the Asset Type drop down menu and select Foreclosure/Trustee

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Value-Based Bid

Value-Based Bid Also known as a Specified Bid, a Value-Based Bid is when the lender is expected to submit a bid that is either at, or below, current market value and less than the total amount owed on the property.

Total Debt is when the lender is expected to submit a bid equal to the amount owed. In some cases, the lender is expected to submit a bid equal to the amount owed. BUT, we believe that the amount is less than the current value of the property.

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Postponements and Cancellations

Because these are pre-foreclosure properties, there is a high rate of postponements and cancellations.

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Why do properties get postponed?

• A  common  reason  is  that  a  homeowner  reached  out  to  the  bank  or  lender  in  order  to  try  to  work  out  a  way  to  keep  the  home.  A  postponement  could  also  result  from  a  filing  error  or  a  declara*on  of  bankruptcy.

Why do properties get cancelled?

• Usually,  the  homeowner  has  worked  out  a  way  to  keep  the  home  or  the  home  was  sold  by  the  homeowner  as  a  Short  Sale.  The  homeowner  may  also  have  sa*sfied  the  delinquent  amount  owed  to  the  bank.  

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Property Detail Pages

Property detail pages provide specific information for each property, which may include:

ü  Access to plat maps, title insurance information, photos and more

ü  Review important sale documentation such as foreclosure property reports

ü  Information on date, time and location of the sales

ü  Links for more county information via videos and FAQs

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Free Homebuyer Tools

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Free Homebuyer Tools

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•  Property Alerts and Auction Notifications customized to meet your criteria

•  Foreclosure Data Feed

•  Access to Due Diligence documents from property detail pages

•  Ability to save properties of interest

•  Online Dashboard to manage your saved assets and searches

FREE Tools

When you create an account on Auction.com, you can access several valuable tools, absolutely free.

For more information on Property Alerts, Data Feed and other tools, visit: auction.com/service

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My Dashboard

Once you’ve created an account, you can track your saved assets through your Dashboard.

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ü  Access your email notifications

ü  Return to your saved searches

ü  Download your saved assets

ü  View sale details & get directions

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Save Properties

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To save properties to your Dashboard, click on the star located above the bid information on the property detail page or on the top left of the photo when browsing properties.

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Do Your Due Diligence

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Do your Due Diligence

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Below are 5 Easy Steps to follow before you bid on a property. See all 10 steps at: www.auction.com/BeforeYouBuy

Title Review

Consider the Surrounding Properties

Examine Recent Sales Activity on the Property

Review Price Trends

Look at the Upside Potential

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Easy Steps

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3

4

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* Reviewing all applicable documents and seeking advice from real estate professionals and legal counsel are all part of a thorough due diligence process.

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Free Due Diligence Information

Auction.com provides Foreclosure Property Information for most properties.

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Free Due Diligence Information

Auction.com also provides Plat Maps & Insurance Information.

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How to Buy

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RENT OTHER FLIP

Investment Strategies

Residential real estate investors have 2 primary strategies:

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Buying to fix and sell or wholesale immediately.

Buying to repair and rent or maintain current tenant.

A very small % have niche strategies.

Occupy Vacation Rental OWC Finance

Farm…

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Auction Day Checklist

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•  Seek legal advice regarding questions about property titles, bidders' rights or the overall foreclosure process

•  Know the date, time and location of the event

•  Read through the County Sheriff’s Terms & Conditions

•  Provide a driver's license, passport or other government- issued I.D.

•  Bring cashier’s checks or cash*

•  Print out all helpful documents- FAQs, T&Cs, Property Portfolios, etc.

* The time at which proof of funds will be provided is dependent on the county conducting the sale. Also, some counties may accept cash, however Auction.com recommends bringing cashier’s checks as they allow for faster post-sale processing

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What Happens After You Purchase a Property

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Congratulations! You are the winning bidder. Now what?

•  Go through the closing process and obtain necessary documents from the county sheriff conducting the sale.

•  Present appropriate funds directly after being declared the winning bidder

•  You’ll receive the foreclosure deed as proof of ownership to the property*

•  You will be responsible for post sale procedures such as liens and eviction

•  You may be subject to a redemption period

*There are a number of factors that can contribute to the timeframe in which ownership is transferred. Please contact the persons conducting the sale with questions

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Questions?

Please join us in the Auction.com Community for a post webinar conversation

•  Go to:

Auction.com/MichiganWebinar

•  Click “Follow” at the top right

THANK YOU AND HAPPY BIDDING!

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