how to buy foreclosure properties in north carolina

WHERE REAL ESTATE IS MOVINGWHERE REAL ESTATE IS MOVING™

How to Buy Foreclosure Properties in North Carolina

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© Auction.com | Confidential & Proprietary

Presenters

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Mike JanstaAuction.com

Sr. Vice President of Marketing

Sarina KinderAuction.com

Vice President of Foreclosure Operations

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

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Bid WinFind

How it Works

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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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.


A foreclosure sale is sometimes referred to as a trustee sale. A trustee is someone appointed by the bank or financial institution to manage the foreclosure


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Foreclosure SaleShort 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

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

Over $25 billion of real estate sold since 2007


Auction.com Advantages

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

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

Buyer ExperienceTransparent, easy to access information & convenient

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


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Getting Started

Search for North Carolina Properties by Calendar

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

Search for North Carolina Foreclosure Properties

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


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

http://www.auction.com/

Search Results Page

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

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

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

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Jenifer Schaller

use a screenshot that includes the green ADC header on the top

Value-Based Bid

Value-Based Bid

Also known as Specified Bids, Value-Based Bids occur 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 bids occur when the lender is expected to submit a bid equal to the amount owed on the property. In some cases, a Total Debt bid is still thousands of dollars below the current market value of the property.


*Definitions can be found under "Property Details" on the Property Detail Pages

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?

Why do properties get cancelled?

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 declaration of bankruptcy.

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 satisfied the delinquent amount owed to the bank.


Property Detail Pages

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

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

Review important sale documentation such as foreclosure property reports

Information on date, time and location of the sales

Links for more county information via videos and FAQs

View educational videos on the foreclosure auction process


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Free Homebuyer Tools

Free Homebuyer Tools

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• Foreclosure Cleared for Sale

• 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.

Access your email notifications

Return to your saved searches

Download your saved assets

View sale details & get directions


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

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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*Seeking legal advice is often 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.

Upset Bidding

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What is an Upset Bid?

Upset bids must exceed the previous high bid amount by 5% or $750, whichever is greater

Each time an Upset Bid is received, the bidding period is extended an additional 10 days until no further bids are made

An Upset Bid can be made up to 10 days after the auction is over

An Upset Bid is a bid placed on a home after the live auction has ended


Where to Start

• Upset bids can be placed at the county courthouse

» Obtain property records from the Clerk of the Court

» Complete an Upset Bid Form

» Submit a deposit for 5% above the last high bid amount


What to Expect

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Notice is sent by standard mail

Check the property’s upset bid records often to ensure you have not been outbid


Trustees are required to notify the high bidder if and when an upset bid is placed

Why Attend the Live Auction?

Why should I attend the auction when I can place an upset bid?

Attending the live, in-person auction can save you money.


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How to Buy

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RENT OTHERFLIP

Investment Strategies

Residential real estate investors have 2 primary strategies:

Buying to fix and sell or wholesale immediately.

Buying to repair and rent or maintain current tenant.

A very small % have niche strategies.

Vacation RentalOWC Finance

Farm…


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 Terms & Conditions

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

• Bring cashier’s checks or cash*

* Auction.com recommends bringing cashier’s checks as they allow for faster post-sale processing


What Happens After You Purchase a Property

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Congratulations! You are the winning bidder. Now what?

• Present appropriate funds directly after being declared the winning bidder

• Obtain a report of sale

• Check the property’s upset bid records to ensure it has not been outbid

• 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

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

Questions?

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

• Go to: Auction.com/NorthCarolinaWebinar

• Login to follow, share and participate

THANK YOU AND HAPPY BIDDING!

http://www.auction.com/northcarolinawebinar

http://www.auction.com/northcarolinawebinar

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how to buy foreclosure properties in north carolina

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