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What to Know Before Buying Bank- Owned Homes, Short Sales and Foreclosures Presented by… Chris Williamson Mortgage Advisor Mortgage California Raymond Stoklosa Managing Broker and Co-Owner The RayChel Realty Group The RayChel Realty Group w w w . R a y C h e l R e a l t y G r o u p . c o m

What to Know Before Buying Foreclosures in San Mateo County

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In The RayChel Realty Group's recent class, What to Know Before Buying Foreclosures in San Mateo County we discussed what to watch out for when buying foreclosures, dispelled some common myths about buying foreclosures and presented a few foreclosure financing programs San Mateo County home buyers can use to buy San Mateo County real estate.

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Page 1: What to Know Before Buying Foreclosures in San Mateo County

What to Know Before Buying Bank-y gOwned Homes,

Short Sales and Foreclosures

Presented by…

Chris WilliamsonMortgage Advisor

Mortgage California

Raymond StoklosaManaging Broker and Co-Owner

The RayChel Realty Group

The RayChel Realty Groupw w w . R a y C h e l R e a l t y G r o u p . c o m

Page 2: What to Know Before Buying Foreclosures in San Mateo County

Introduction

• Public Infatuated with Real EstateAlmost Everyone Loves a Bargain• Almost Everyone Loves a Bargain

• Foreclosure Suggests the Lure of a DealF l S ll S b t f O ll • Foreclosures are Small Subset of Overall MarketMost are Low End Homes in Need of • Most are Low End Homes in Need of Rehabilitation

The RayChel Realty Group

Page 3: What to Know Before Buying Foreclosures in San Mateo County

Peninsula Real Estate

UniqueUnique

CompetitiveCompetitive

ExpensiveExpensive

ScarceScarce

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Page 4: What to Know Before Buying Foreclosures in San Mateo County

Why is Peninsula Housing So Scarce?

• Mandated Open Space• Growth-Management Laws• Growth-Management Laws• Community Land Use

RestrictionsRestrictions• Environmental Laws• Dedicated Farmland• Dedicated Farmland• Historical Preservation• 60% plus of San Mateo • 60%-plus of San Mateo

County Land is Protected

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Page 5: What to Know Before Buying Foreclosures in San Mateo County

Why is Peninsula Real Estate So Expensive?

• Acute Shortage of Buildable LandBuildable Land

• High Cost of Land• Confined Geographic Confined Geographic

Boundaries• Finite Supply of HousesFinite Supply of Houses• Economically Vibrant• Desirable Amenities• Desirable Amenities• Supply and Demand

Imbalance

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Imbalance

Page 6: What to Know Before Buying Foreclosures in San Mateo County

It’s Not About the Market, It’s About You

• The best time to get a good deal in real estate is any time you canestate is any time you can.

Th i ht ti t b h i h • The right time to buy a home is whenever you find the right home for you at this point in your lifein your life.

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Page 7: What to Know Before Buying Foreclosures in San Mateo County

Buy Value

Historically Distress Real Estate

Offers Potentially

Great Value

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Page 8: What to Know Before Buying Foreclosures in San Mateo County

Buying Foreclosures

• Media Reports…Gl f l d Glut of Foreclosed HomesNot Enough BuyersNot Enough Buyers

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Page 9: What to Know Before Buying Foreclosures in San Mateo County

Insights

• Bargain Hunters Beware: Perfect Homes Seldom Exist

• Extremely Desirable Homes Will Probably Not Suffer ForeclosureM D i bl H Will S ll i A T f • Most Desirable Homes Will Sell in Any Type of MarketH i G t L ti ith G t • Homes in a Great Location with Great Features Will Sell in the Conventional MarketConventional Market

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Page 10: What to Know Before Buying Foreclosures in San Mateo County

Stages of Foreclosure Process

Pre-ForeclosureSh t S lShort Sales

F lForeclosureTrustee Sale

Post-ForeclosureREO’REO’s

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Page 11: What to Know Before Buying Foreclosures in San Mateo County

Short Sales

B i Bl k H l ?Bargains or Black Holes?

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Page 12: What to Know Before Buying Foreclosures in San Mateo County

What is a Short Sale?

Sale • Between Owner and Buyery• Lender Approval Required• Lender Must Agree to Accept g p

Less than Amount Owed• Seller Receives or Pays No Moneyy y• Seller Does Not Sign Promissory Note

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Page 13: What to Know Before Buying Foreclosures in San Mateo County

Who is Eligible?

Eligibility of Seller is…

• Completely Up To Lender• Each Lender Sets Own Rules• Each Lender Sets Own Rules• Rules Vary Lender/Loss Mitigators

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Page 14: What to Know Before Buying Foreclosures in San Mateo County

Who Usually Qualifies?

Homeowners with Genuine Hardship Homeowners with Genuine Hardship

• Job Loss• Medical Reasons• Divorce• Involuntary Relocation that Depletes

Homeowner’s Assets• Cannot Pay New Loan Payment – ARM

Adjustment

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Page 15: What to Know Before Buying Foreclosures in San Mateo County

What is NOT a Hardship?

• Home Worth Less than B P idBorrower Paid

• Borrower Does Not Want HHome

• Borrower Does Not Want to Make Paymentsto Make Payments

• Borrower Wants to Buy Another HomeAnother Home

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Page 16: What to Know Before Buying Foreclosures in San Mateo County

Ineligible

• Homeowners with Significant Assets or Homeowners with Significant Assets or Income

• Homeowners Who Have Bought 2nd Homesg• Investors

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Page 17: What to Know Before Buying Foreclosures in San Mateo County

Benefits of a Short Sale

Seller/Borrower

• Less Negative Impact on Credit – 2/5/7• Move on with Life

Lender

• Cut Losses• Eliminates Non-Performing AssetEliminates Non Performing Asset• REO Inventory Unaffected

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Page 18: What to Know Before Buying Foreclosures in San Mateo County

Potential Benefits for Buyer

• Prices Lower than General MarketBuy Less Than Outstanding Loan BalancesBalances

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Page 19: What to Know Before Buying Foreclosures in San Mateo County

Buyer Beware

• Many Alleged Short Sales are Not AttainableS ll C t D t t H d hiSeller Cannot Demonstrate HardshipPrice NOT Acceptable to Lender

• Code Violations• Code ViolationsHabitability & Corrective Issues

• May Not Open Short Sale File Until NOD• May Not Open Short Sale File Until NOD• Lender’s Right to VOID Sale after Sale

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Page 20: What to Know Before Buying Foreclosures in San Mateo County

Challenges of Short Sales

• Outcome is Uncertain• High Failure RateHigh Failure Rate• Lengthy Processing Time• Technically Complexy p• Unfamiliar with Local Market • Unresponsive• Seller’s Not Proactive• Recovery Demand Unacceptable• Foreclosure Date Too Near• Potential Opportunity Loss

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Page 21: What to Know Before Buying Foreclosures in San Mateo County

Investors – Proceed with Caution

Home Equity Sales Contract Law

Special Contract required when…

• Buyer is an Investor• Property Being Sold is Residential 1 - 4 UnitsProperty Being Sold is Residential 1 4 Units• Owner Currently Occupies the Property• Notice of Default (NOD) has Been Recorded• Notice of Default (NOD) has Been Recorded

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Page 22: What to Know Before Buying Foreclosures in San Mateo County

Seller Has Legal Rights

Upon Recording Notice of Default

ll d• 5 Day Cancellation PeriodSeller may cancel

2 Y C t t R i i P i d• 2 Year Contract Rescission PeriodRescission for any unconscionable acts

N W i b S ll• No Waiver by SellerAny waiver is void

No Limitation on Damages• No Limitation on DamagesLimiting investors liability is void

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Page 23: What to Know Before Buying Foreclosures in San Mateo County

Finding Short Sales

Where to Look…M l i l Li i S i (MLS)• Multiple Listing Service (MLS)

www.MLSHomeInformation.com

REALTOR• REALTOR.comwww.realtor.com

Yahoo Real Estate• Yahoo Real Estatewww.realestate.yahoo.com

Public Records• Public RecordsLegal Publications

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Page 24: What to Know Before Buying Foreclosures in San Mateo County

What’s Going on Now?Single Family Homes & Condos in San Mateo County Oct 2009Single Family Homes & Condos in San Mateo County Oct 2009

1519 Current Total # of ACTIVE Listings

187 ACTIVE Short Sale Listings187 ACTIVE Short Sale Listings

597 SOLD Short Sales Last 12 months

1351 NEW Short Sale Listings Within Last 12 months1351 NEW Short Sale Listings Within Last 12 months

910 EXPIRED/CANCELLED Short Sale ListingsWithin Last 12 months

89.53% Sales Price vs. Original List Price of Short Sales that Actually Sold in the Last 6 Months

141 Avg Days on Market for Short Sales that Actually Sold in the Last 6 Months

Source: MLSLISTINGS, INC.

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Page 25: What to Know Before Buying Foreclosures in San Mateo County

Active Short Sales

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Page 26: What to Know Before Buying Foreclosures in San Mateo County

Reality of Short Sales

• Locally 70% + - “Alleged” Short Sales Fail• Nationally Only 10% - 20% SucceedNationally Only 10% 20% Succeed

Short Sales are REO Preview

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Page 27: What to Know Before Buying Foreclosures in San Mateo County

Keys to Buying Successfully

• Be Patient• Follow the Process• Set Realistic Expectations• Understand the Property• Professional Representation

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Page 28: What to Know Before Buying Foreclosures in San Mateo County

Foreclosure Sale

The Most Dangerous Way ToBuy Real Estate May Be Buy Real Estate May Be

Potentially the Most Profitable!

Seriously High Risk, Potentially High Reward

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Page 29: What to Know Before Buying Foreclosures in San Mateo County

The Trustee’s Sale

What is a Trustee’s Sale?• Non-Judicial• Forced SaleForced Sale• Highest Oral Bidder• Public Auction• Conducted by Trustee• Conducted by Trustee• Power of Sale

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Page 30: What to Know Before Buying Foreclosures in San Mateo County

What Are You Bidding On?

• Lien Owned By The Beneficiary• Winning Bidder Responsible • Winning Bidder Responsible

for All Liens Senior• All Junior Liens Wiped Out• Trustee’s Deed Upon Foreclosure• Trustee s Deed Upon Foreclosure

No Warranties as to Title, Encumbrances, Possession or Condition of Propertyp y

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Page 31: What to Know Before Buying Foreclosures in San Mateo County

Trustee’s Sales are Risky

• All Cash• As-Is, Where Is• No Disclosures • No Disclosures • No Inspections • No Contingencies• No Deficiency JudgmentsNo Deficiency Judgments• Senior Liens Remain in Force

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Page 32: What to Know Before Buying Foreclosures in San Mateo County

Finding Trustee’s Sales

Look for Notice of Sale (NOD)• Legal Publications• Public Records• Public Records• Subscription Services

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Page 33: What to Know Before Buying Foreclosures in San Mateo County

Keys to Success

• Money• Knowledge• Time• Time• Support Team

AttorneyReal Estate BrokerReal Estate BrokerInsurance Broker

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Page 34: What to Know Before Buying Foreclosures in San Mateo County

REO

The Mother Lode or Just the Shaft?

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Page 35: What to Know Before Buying Foreclosures in San Mateo County

What is an REO?

• “REO” is an acronymReal Estate OwnedReal Estate Owned

• Property Repossessed via Foreclosure

No One Would Pay • No One Would Pay What Bank Was Owed

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Page 36: What to Know Before Buying Foreclosures in San Mateo County

Overview of Foreclosure Market

Fannie Mae and Freddie Mac own $6.9 BillionSi l F il H d C d i i• Single Family Homes and Condominiums

8 500+ other Banks own $8 5 Billion8,500+ other Banks own $8.5 Billion• In Single Family Homes and Condominiums

Fannie and Freddie are America’s Largest Landlorda dlo d

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Page 37: What to Know Before Buying Foreclosures in San Mateo County

Banks Have Problems

Internal Staffing ProblemsO h l d U d t ff d & P l T i dOverwhelmed, Understaffed & Poorly Trained

Utilize 3rd Party Vendors for AssistanceUtilize 3rd Party Vendors for AssistanceIndependent Asset Managers for ProcessingREALTORS® for BPO’s and MarketingREALTORS® for BPO s and Marketing

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Page 38: What to Know Before Buying Foreclosures in San Mateo County

What’s Going on Now?

S M t C t MLSSan Mateo County – MLSSingle Family Homes & Condominiums Oct 2009

57 REO’s Currently Listed For Sale1519 Non-REO’s Currently For Sale

536 REO’s SOLD within last 6 months2968 Non-REO’s SOLD within last 6 months

100.98% List Price vs. Sale Price REO in Sept ‘0997.50% List Price vs. Sale Price Non-REO in Sept ‘09

64 Average Days-on-the-Market REO in Sept ‘0968 Average Days-on-the-Market Non-REO in Sept ‘09

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Page 39: What to Know Before Buying Foreclosures in San Mateo County

Active REOs

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Page 40: What to Know Before Buying Foreclosures in San Mateo County

San Mateo REO Market

• Inventory Shortage• Inventory Shortage• High Demand

Multiple Offers Common• Multiple Offers Common• Over Bidding Anticipated

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Page 41: What to Know Before Buying Foreclosures in San Mateo County

What’s Coming?

More Foreclosures

½ of Newly Modified Loans are Already 30 Days Past DueG t A i Lift M t iGovernment Agencies Lift MoratoriumsAvalanche of Subprime, Alt-A, & Stated Income ARM Loans About to RecastLoans About to Recast

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Page 42: What to Know Before Buying Foreclosures in San Mateo County

Keys to Buying a Bank-Owned (REO)

• Know Why You Are BuyingK Wh Y A B i• Know What You Are Buying

• Be Financially Prepared• Respect the Process• Have Realistic Expectations • Give the Bank a Reason to

Accept your Offer

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Page 43: What to Know Before Buying Foreclosures in San Mateo County

Finding Bank Owned H om es

Wh L kWhere to Look…• Multiple Listing Service (MLS)

www.MLSHomeInformation.com

• REALTOR.comlwww.realtor.com

• Yahoo Real Estatel t t hwww.realestate.yahoo.com

• AOL Real Estatewww realestate aol comwww.realestate.aol.com

• Public RecordsLegal Publications

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Page 44: What to Know Before Buying Foreclosures in San Mateo County

REO’s Are Not Right For Everyone

If You Are…Not Sure You WantNot Sure Where You Want to LiveNot Emotionally Ready to Buy NowNot Financially Capable of Buying NowNot Financially Capable of Buying NowNot Prepared to do Repair WorkNeed Time to Make a Leisurely Buying DecisionNeed Time to Make a Leisurely Buying DecisionAfraid you’ll get stuck with a “LEMON” because the Bank didn’t disclose something

Don’t Buy An REO!

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Page 45: What to Know Before Buying Foreclosures in San Mateo County

Challenges of Buying an REO

• Over Priced vs. Well Priced• Banks Dictate the Process• Unconventional Transaction• All Sales are “AS-IS”• Must Use Bank’s Contract

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Page 46: What to Know Before Buying Foreclosures in San Mateo County

REO Myths

• Bargain Pricing• Deep Discounts• Banks are Desperate • New Financing Offered• Bank Pays Termite Repairsy p• All Cash Offers Get Better Deals• Banks Do Not Have to Provide DisclosuresBanks Do Not Have to Provide Disclosures• Will Accept Home Sale Contingency Offers

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Page 47: What to Know Before Buying Foreclosures in San Mateo County

Realities of REO’s

B P A d b S ll ’ L d• Buyer Pre-Approved by Seller’s Lender• As Is – Where Is• Cannot Speak Directly to Bank/Asset Manager• All Communication through Listing Agent• Email Communication Only• Listing Agent NOT in Daily Contact with A/M• Don’t Call or Don’t Expect Updates• New Listings May Require Seasoning• Usually No FHA, VA or CalVet Loans

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Page 48: What to Know Before Buying Foreclosures in San Mateo County

Realities of REO (continued)

• Don’t Expect Rejection Notice• No Re-Negotiation• Proof of Funds• Expect Verbal Counter Offers• Highest and Best• Short Contingency Periods – 7/10/30g y• Passive Contingency Removal• Bank Chooses Title and Escrow Companyp y• Per Diem Penalties for Late COE

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Page 49: What to Know Before Buying Foreclosures in San Mateo County

Realities of REO (continued)

• Most REO Homes Are Far from Perfect• Quality of REO Inventory Inferior to General

Re-sale Market• Best REO Homes Sell Significantly Higher Than

Li d P iListed Price• Demand for Quality REO Homes is High

Owner OccupantsInvestors

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Page 50: What to Know Before Buying Foreclosures in San Mateo County

Red Flags

• Bank’s Addendum (aka Counter Offer)

Heavily Favors Bank - Read yCarefullyIf Possible Review Bank’s If Possible, Review Bank’s Addendum Before Writing OfferSupersedes Provisions in Offer

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Page 51: What to Know Before Buying Foreclosures in San Mateo County

How To Get Your Offer Accepted

• Pre-Approved by Direct LenderE M /Off 1% 3% f i• Earnest Money w/Offer: 1%-3% of price

• Document Proof of Funds • Short Contingency Periods• Submit Highest & Best Offer at Outset• Work w/Knowledgeable, Experienced REALTOR

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Page 52: What to Know Before Buying Foreclosures in San Mateo County

Financing a Foreclosure

Three Financial Keys for a Successful Closing

• Get Your Mortgage Professional Involved Early• Direct Lender• Mortgage Banker• Mortgage Broker

• Get Pre-Approved• Know Your Financing Options

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Page 53: What to Know Before Buying Foreclosures in San Mateo County

Get Your Mortgage Advisor Involved Early

Financing Solutions to Match your Buying NeedsDetermine What you Can Afford Down Payment and Closing CostsPrograms that Meet your Short & Long Term Goals

Work with Your Foreclosure Specialist toStructure Contract to Reflect Loan ProgramUse Contract Contingencies to Protect You

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Page 54: What to Know Before Buying Foreclosures in San Mateo County

Pre-Approval vs. Pre-Qualification

Get Pre-Approved, Not Pre-Qualified

• Pre-QualificationAn informal estimate of what you can afford

• Pre-ApprovalA l it t f t bl l dA loan commitment from a reputable lender

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Page 55: What to Know Before Buying Foreclosures in San Mateo County

Mortgage Pre-Approval

A Pre-Approval Requires Verification of…• Income• Asset • Credit Score• Continuing Liabilities

A Pre-Approval Gives You...A Pre Approval Gives You...• Purchasing Power

A Pre-Approved Buyer is a CASH Buyer

• The Upper Limit of What You Can Afford

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Page 56: What to Know Before Buying Foreclosures in San Mateo County

Property Condition

Property Must Meet Certain Physical Conditions for Conventional Lender’s Approvalfor Conventional Lender s Approval

All heath and safety items must be addressedMust have a stove, sink, toilets for FHA

Properties that Don’t Meet Physical RequirementsS i l P f P ti th t D ’t M t Special Programs for Properties that Don’t Meet Physical Standards for Conventional FinancingUp to $35,000 to Put Towards Fixing Cosmetic DefectsUp to $35,000 to Put Towards Fixing Cosmetic DefectsLoan Amount Up to $729,750 to Put Towards Major Repairs Including Structural

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Page 57: What to Know Before Buying Foreclosures in San Mateo County

Fannie Mae H om e Path Conform ing Loan

Fannie Mae’s Conventional Loan Program for Financing Fannie Mae Owned HomesFinancing Fannie Mae Owned Homes

30 Y d 15 Y Fi d• 30 Year and 15 Year Fixed• Maximum Loan Amount $417,000

3% D P f Si l U i D lli• 3% Down Payment for Single Unit Dwellings

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Page 58: What to Know Before Buying Foreclosures in San Mateo County

Fannie Mae Foreclosure Financing

Program HighlightsN M I• No Mortgage Insurance

Lower Monthly Payment than FHA

N A i l R i d• No Appraisal Required• Sellers Can Contribute Up to 6% Towards

Closing CostsClosing CostsNo Money Back to Buyer

• Minimum Credit Score 580• Minimum Credit Score 580

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Page 59: What to Know Before Buying Foreclosures in San Mateo County

My Job As a Mortgage Advisor

Financing Solutions to Match your Buying NeedsD P t d Cl i C tDown Payment and Closing CostsPrograms that Meet your Short & Long Term Goals

• Structure an Affordable Monthly Payment• Structure an Affordable Monthly Payment• Find Competitive Interest Rates

Compare Programs and Lenders• Compare Programs and Lenders• Minimize Out of Pocket Costs

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Page 60: What to Know Before Buying Foreclosures in San Mateo County

Knowledge is the Key

• Don’t Use the Media as Your Only Resource• Don’t Fall into the Trap of Online LendersDon t Fall into the Trap of Online Lenders• Know All Your Options• Choose a Mortgage Professional you Trust Have • Choose a Mortgage Professional you Trust, Have

Confidence in, and Feel Comfortable With

The opportunity is out there, you just have to tak e advantage of it!have to tak e advantage of it!

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Page 61: What to Know Before Buying Foreclosures in San Mateo County

Steal of a Deal?

Final Dose of Reality…If h P i S h G d D l Wh Did ’ • If the Property is Such a Good Deal, Why Didn’t it Sell on the Open Market?If Y P 50¢ th D ll f th P t • If You Pay 50¢ on the Dollar for the Property, it’s Probably Worth 50¢ on the Dollar.

Think About It!

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Page 62: What to Know Before Buying Foreclosures in San Mateo County

Real Estate Technology Tools

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Page 63: What to Know Before Buying Foreclosures in San Mateo County

LivingWellinSanMateo.com

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Page 64: What to Know Before Buying Foreclosures in San Mateo County

LivingWellinSanMateo.com

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Page 65: What to Know Before Buying Foreclosures in San Mateo County

http://budurl.com /SearchForeclosures

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Page 66: What to Know Before Buying Foreclosures in San Mateo County

http://budurl.com /SearchForeclosures

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Page 67: What to Know Before Buying Foreclosures in San Mateo County

http://budurl.com /SearchForeclosures

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Page 68: What to Know Before Buying Foreclosures in San Mateo County

SanMateoMortgageBlog.com

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Page 69: What to Know Before Buying Foreclosures in San Mateo County

REO Buying Guide

http://REOBuyingGuide.com

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Page 70: What to Know Before Buying Foreclosures in San Mateo County

Upcoming Class in San Mateo

i iGuide To Buying Condos & Townhomes

Tuesday - November 3rd 7pm – 9pm

For Reservations Visit: http://budurl com/CondoClass

The RayChel Realty Grouphttp://budurl.com/CondoClass

Page 71: What to Know Before Buying Foreclosures in San Mateo County

Our Next Webinar

12 Costly Home Buying Mistakes Even Smart People MakeEven Smart People Make

Saturday, Novem ber 7th 10amSaturday, Novem ber 7 10amTo Register Visit:

http://budurl.com /H om eBuyingMistak esThe RayChel Realty Group

http://budurl.com /H om eBuyingMistak es

Page 72: What to Know Before Buying Foreclosures in San Mateo County

Webinar: Trustee Sales

Trustee Sales – The Most Dangerous & Most Profitable Dangerous & Most Profitable

Way to Buy Real Estate

Tuesday, Novem ber 14th 6pmTuesday, Novem ber 14 6pmTo Register Visit:

http://budurl.com /TrusteeSaleThe RayChel Realty Group

http://budurl.com /TrusteeSale

Page 73: What to Know Before Buying Foreclosures in San Mateo County

Questions

Your Questions are InvitedQ

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Page 74: What to Know Before Buying Foreclosures in San Mateo County

Free Consultation

Chris WilliamsonMortgage Advisor

Raymond StoklosaManaging Broker and Co OwnerMortgage Advisor

Mortgage California

Phone: (650) 520-0915

[email protected]

Managing Broker and Co-Owner

The RayChel Realty Group

Phone: (650) 533-8531

[email protected]@ChrisEWilliamson.com [email protected]

The RayChel Realty Group