Auctions Part 5: What Agent Should I Hire?

The last critical post in our series about Real Estate Auctions is about hiring a buyers agent to assist you.

Unless you are extremely savvy and experienced, I suggest you seriously consider hiring a buyers agent. But, let's face it, unless you hire one with experience with auctions, you've done yourself a disservice.

Your agent's role is to:

~Help you do your homework before the sale:

1. To find out the type of auction, and the details about the auction.
2. To make sure you and your inspectors have access to the property to do a full assessment.
3. To get a copy of the Purchase Agreement, make sure you understand it and coordinate you getting any legal advise that may be necessary.
4. To coordinate the RIGHT financing, including facilitating any needed appraisals.
5. To give you comps and educate you (and himself) on the market. To give you a price opinion.
6. To find out if you can make an offer pre-auction, and if so, help you determine if that is in your best interest.
7. Guide you in determining what offers you are, or are not, willing to make to win the property.
8. To help you understand auction requirements (if you most pre-register, if it is live bid only, what deposit is required, etc.)

~Help you stay focused in the quick moving auction environment. It's easy to lose focus and get caught up in the emotion. Your agent will keep you focused and remind you of the commitments (price and terms) you made to yourself when you were thinking clearly.

~To coordinate the after contract process...including lending, appraisals, inspections, scheduling contractors (if needed), ordering title work, hiring the settlement agency, and coordinating any other related details, and to help you keep your head throughout the process.

While it doesn't sound too hard, you'd be surprised. As they say "the devil's in the details". One false move and you'll lose. Your agent should be your best friend, guiding you through the process and making it seem easy. If, at the end of the transaction you are thinking "wow, that was easy, why did I decide to pay for an agent? I could have done THAT myself", that means you hired a fabulous agent. And, the first chance you get, you should hire that agent again. Auctions are tricky.

Ask for recommendations. Hire an "auction specialist"- either someone who is a certified auction specialist (if you can find one), one who's been on both listing and buying sides of auctions, or one who's been an auctioneer AND a real estate agent (and be careful, because sometimes these agents are technically great, but they won't give you the personal comfort level and assurances you want moving through a major financial transaction).

Once you've decided who to hire, make sure you sign a buyer agency agreement so you know the terms of the agreement... how they will represent you, what you must pay, how and when, and what you can expect for that money. Then, check AGAIN on the day of the auction. Unlike traditional sales, not all auctioneers compensate the buyer's agent; and some only pay a portion of what a strong agent will require. Beware of agents charging below market fees - often, you get what you pay for. The right agent will also help you understand how, if at all, that might affect your loan.

Look for, and hire, the right agent; and be willing to compensate that agent fairly.

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I am happy to provide a personal referral to a buyers agent in your area. I have contacts throughout the country. Just contact me directly... Vchrisner@kw.com

Auctions: Part 4 - Retail Auctions

The next in a series about Real Estate Auctions, this post discusses what I call "retail" auctions. These are the ones you see advertised in the late night infomercials, on signs, in magazines, etc. They're held in ballrooms, convention centers, or perhaps at a property. While they may be single property auctions, multiple property auctions are more common, and sometimes have only one owner - a bank, who hopes to dispose of multiple properties at a single event.

These are private auctioneers, hired by sellers (today this is mostly being used by banks to dispose of their post foreclosure holdings). These auctioneers are selected for their promises of grand marketing campaigns. Logic dictates that the more exposure you have, the better your chances of selling a property. Further, with auctions, you create something that has largely been missing from our marketplace, a sense of urgency. That urgency is created by the auction deadline.

These auctions work under the assumptions that the higher number of people in attendance, the better prices the properties will bring. They get consumer attention by giving the impression that banks are pricing them well below market and willing to sell at any price. The auctioneers and sellers hope that once you get the potential buyers in a crowded room they will compete against one another to increase the price. Buyers hope that price is well below market value. Sellers hope it will be well above. The auctioneers really just want it to sell (that part is a secret).

To get attention, the advertisements will say "opening bid $20,000" for a property that is clearly worth $200,000. Since we know the difference between an "opening bid" and a "minimum bid", we know that does not mean that the bank is willing to sell the property for $20,000. When you call the auctioneer, you'll likely be told (only if you're educated enough to ask) that the auction is a "reserve" auction. This frustrates consumers. But, I wish they understood that the auctioneer doesn't just facilitate the transaction, he represents the owner. The auctioneer has a contractual obligation to the owner to hold certain information in confidence, including the minimum selling price. It is in the best interest of the owner that the potential purchaser does not know the minimum selling price until he's made his best and final offer.

In any case, headlines like "Bank sale of foreclosed properties! Hundreds to be sold! Minimum Bid $20,000!" will bring out all sorts of buyers who think they smell blood. And, if you play your cards right, you could be one of them! (lol)

Although it is my goal to dispell myths here, I don't want people to think that the entire thing is a scam. It's not, it's a marketing tool. The sellers (in my examples, the banks) DO want to sell the properties. If they get the right price, they will. While the price is not $20,000... it may be lower than you think.

Before showing up at the auction, do your homework:

• Review the purchase agreement, get advice on it.
• You may need to have your financing lined up (and may be risking your deposit if your financing falls apart after the sale). Check that purchase agreement for financing contingency language. Some allow financing contingencies only if you're getting financing through their preferred lender, which often will be the seller.
• You are likely to have to do any home inspections and perhaps appraisals in advance of the auction. This information, too, is available by reviewing that purchase agreement. Find out (and attend) one or more open house/inspection opportunities.
• You will need to know what money you'll be required to present in order to bid (this is usually a set amount in the form of a cashier's check).
• I recommend getting a broker's price opinion AND an appraisal. Hopefully, the two are fairly close, and then you'll know what your maximum purchase price should be.
• Understand how, if at all, your real estate agent will be compensated by the auction company. They may not be compensated at all, and you may have to pay the agent out of your pocket at the settlement table. It's worth it, but talk to your lender and make sure it does not mess up the ratios required for the purchase.
• Ask if there is a "buyer's premium" and how much. Confirm that the sales price shown on the purchasing agreement will be the "gavel" price plus the buyer's premium, and make sure your lender is comfortable with how that will affect your loan.

Once you get to the auction, you'll be registered to bid, given a brochure and told approximately when the property will be auctioned. Other vendors are likely to be present, perhaps a mortgage company, maybe a title company, etc. who may be able to answer your questions and solicit their services. When your property is called, be ready. Things move quickly. You will have no time at all to think through what you wish to bid. If you are to remain competitive, you must continue to bid. If you need to think about it, you'll lose. Again, your agent can assist you with this process, help you keep your focus. Then, it's done.

The highest bidder wins, if they meet the minimum reserve set by the bank. Assuming there is one, the winner has more paperwork to do, and then you're done. That's it. By the time you realize whether you won or lost, they've auctioned off 2 more properties.

If the highest bid does not meet the minimum reserve required by the bank, but it's pretty close, the bank will often continue to negotiate with the purchaser after the auction...and sometimes, will reach an agreement. You see, the auction is a process, it is not a day.

If there is no satisfactory buyer that produces a bid the seller is willing to take, the property will likely be re-listed again with a "regular" listing agent and marketed through conventional means. This time, the bank's been able to reevaluate the pricing strategy they have, based on the bids received at auction. If the bank had previously priced the property at $210,000, and they had 2 registered bidders producing a high offer of $160,000; then the bank may have the property re-appraised, and may lower the asking price to $175,000; and here they usually pay your agent's fees for you, and allow reasonable financing, inspection and appraisal contingencies, with more time to think about each decision. It's a better process for the buyer, but still has it's own headaches. For more information on purchasing REOs, read my previous posts.

What Buyers Should Know About Auctions

Real Estate Auctions are just one more tool, which can be good for both buyers and sellers in today's market. As they are being used with increasing frequency, I get more and more questions... buyers assume all the wrong stuff. Sadly, I also hear inaccuracies about auctions and intimidation with the auction process, even from real estate agents. So, as a Certified Auction Specialist, and an agent who works with both buyers and sellers, I will make an effort to educate the public on the process. As it is a large topic, I will attempt to share what I know through a series of posts...which are intended to educate buyers, sellers and the general public. Our first post is "Auctions, Part 1: Where is the Auction Held?" . By understanding where the auction is, you automatically know certain things about how the auction will be promoted and run. Stay tuned....

REOs - Everything you need to know

UPDATE:  Thanks for coming to my blog.  Regardless of how you got here, this series was written in 2008.  The market is ever evolving and hopefully you will find this information outdated.  A better source of CURRENT information about buying an REO can be found by clicking HERE:  REOs in 2010. 

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Buying "foreclosures" remains a major consumer focus; so I wanted to outline the series I finished up last month on the process. I broke it into several parts, all of which you'll want to read if you're thinking about jumping into the game! 

As all of these posts are very serious, informative and specific... first, I want to give you a humorous look at what you might encounter.

Yes, when you are planning to buy, it CAN feel like this.  The good news is you are taking good steps which will enable you to get through this: (1) Educate yourself  (2) Get (and keep) a sense of humor (3) Hire an agent that knows what they are doing!

The TRUTH about REOs

http://therealestatewhisperer.blogspot.com/2008/06/whats-reo.html 

Ready to Buy

http://therealestatewhisperer.blogspot.com/2008/07/ready-to-buy.html 

The Great House Hunt

http://therealestatewhisperer.blogspot.com/2008/07/great-house-hunt.html 

Making an Offer - PRICE

http://therealestatewhisperer.blogspot.com/2008/07/making-offer-on-reo-part-1-price.html 

Making an Offer - FINANCING 

http://therealestatewhisperer.blogspot.com/2008/07/making-offer-on-reo-part-2-financing.html 

Making an Offer - DEADLINES 

http://therealestatewhisperer.blogspot.com/2008/07/making-offer-on-reo-part-3-deadlines.html 

Contract to Close - TITLE COMPANY

http://therealestatewhisperer.blogspot.com/2008/07/contract-to-close-process-for-reo-part.html 

Contract to Close - Everything "else"  

http://therealestatewhisperer.blogspot.com/2008/07/reos-contract-to-close-pt-2.html 

I am successfully helping investors, first time home buyers, and those "moving up" find great deals in the market every day. So many of the homes are post foreclosure REOs, and they can be great deals - after all, they SHOULD be if you have to know all of this, AND MORE to buy one! I can help you navigate the murky waters of today's market - please give me a call!  

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Update note 5/29/09: Thank you to all that continue to contact me expressing appreciation for this blog. For those of you that would like a copy of the addendum I reference in these posts; please see http://therealestatewhisperer.blogspot.com/2009/05/reos-addendum.html. 

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Vicky Chrisner Keller Williams Realty 

703-669-3142 vchrisner@kw.com 

Start your home search today at: http://www.vickychrisner.com/

Making an Offer on an REO - Part 3: Deadlines

UPDATE: Thanks for coming to my blog. Regardless of how you got here, this series was written in 2008. The market is ever evolving and hopefully you will find this information outdated. A better source of CURRENT information about buying an REO can be found by clicking HERE: REOs in 2010.
* * * * ORIGINAL POST BELOW * * * * *
In Part 1 of this series, we talked about PRICE -the thing most people are interested in. In Part 2, we talked about FINANCING - the thing people become most interested in when they are in the negotiating process, or after they've had an offer or two turned down. So, here in Part 3, we're going to talk about what can be a huge stress and series of pitfalls - timelines and deadlines. Here is how an offer goes... you write, you submit, you wait and wait some more. After a few days - 2-10 business days - you get a response... they call it a "counter offer". If you are not up against multiple contracts their agent may tell you they need some changes in price or terms to accept it. If they are in a multiple offer situation, you will not get this opportunity. If they suggest those changes, and you accept, this is when you will typically get the "bank addendum". These are terribly, scary documents, and they override your contract. So, read carefully. Some will say you can not do a home inspection. I strongly suggest you do not waive this right. DO a home inspection, but understand the bank does not plan on making repairs. So, if you find that the AC doesn't work, you will have to decide if you will buy the house anyway, for the same price, or if you will move on to your next house. These are your only options. Some will say you have a definitive time for financing contingency and appraisal contingency, and if you do not meet those deadlines there will be no extension. If, after that date, you have a financing/appraisal issue, beware - you will likely be considered in default. The most common remedy the bank will use is to refuse to refund your deposit. Theoretically, however, there may be other remedies for default. Each bank is different - as Forest Gump would say they are like "a box of chocolates, you never know what you're gonna get". Do not sign these blindly. Remember it is better to walk away from a good deal and talk about the "one that got away" than to get into a bad deal. Every addendum I have seen removes the typical "X days from ratification" contingency periods in most standard REALTOR forms, and replaces them with exact dates. But, be careful. Let's say you are signing the paperwork on June 15, with a goal to settle July 15. Your contract, according to the bank addendum, gives you until June 30th to complete your home inspection, get financing lined up and have the appraisal back. But, here is what is not obvious to someone new to this process - you may not have a signed contract back until June 28th. You COULD end up with 2 days to complete all of these requirements. So, I recommend a different addendum that you create that says, for example, "Financing and Appraisal contingencies will expire the later of June 30th, or 15 days from the date of ratification of contract. Closing shall be the later of June 15th, or 30 days from the date of ratification." I have created an addendum like this, and if you email me, I will share it with you. This builds in protections for delays caused by the banks, and protects you from dealing wtih the per diem penalties that most bank contracts call for if there are delays in closing, which can quickly get steep. Be ware - every listing agent I've presented this to tells me the "bank will not accept this"... and then I ask them to present it, and every bank has accepted it. The listing agents don't think the banks will, but they don't know, because no one's every tried it before. Once you've signed the bank addendum, and anything else that will be submitted along with it, expect it to take double the amount of time that the original response took. If the bank took 4 days to acknowledge your offer, it will likely be 8 business days before you get a final ratified contract. If the original acknowledgement took 10 business days, it could be 15-20 business days to get to ratification. At that time, the race begins. If you were smart, and anticipated this process, you'll have plenty of time... of course, you may be moving in August, and not July. But, these are the risks with purchasing REOs. All of this goes back to the posts where I warned you to not just focus on REO purchase, and if you are going to buy one, to make sure you are getting a good deal - one that makes it worth a little risk, that makes it worth the frustration, and that makes it worth not being able to move in when you expected. As you can see, someone must have EXPERIENCE with buying REOs in today's climate. Few buyers will be able to anticipate and navigate this process themselves. And, quite honestly, few REO agents wish to deal directly with a buyer, or to deal with an inexperienced agent. If you, or your agent, do not know what you are doing, your offer may not be presented for acceptance, or if it is, the listing agent will say to the asset manager "this one will be trouble", and your otherwise great offer will not be accepted. The lesson here - hire an agent with experience in this arena; and do hire an agent. Your cousin who just got her license should not be attempting to guide you through the murky waters of today's real estate climate.... and even if you DO know what you are doing, believe me, there is no financial incentive to you, the buyer, to deal with this yourself.

You will prove yourself to be much wiser to hire a buyers agent to represent you and advise you. Even the listing agents agree.

The Great House Hunt

UPDATE: Thanks for coming to my blog. Regardless of how you got here, this series was written in 2008. The market is ever evolving and hopefully you will find this information outdated. A better source of CURRENT information about buying an REO can be found by clicking HERE: REOs in 2010.


==============ORIGINAL POST===================

So, you’re ready to go see some properties. With the REOs flooding the market, the term House Hunt is starting to have a new meaning. Looking at some REOs can be an adventure – think “Wild African Safari”. Here are a few tips on what to expect when you get out there… none of this is fiction, it is based on actual experiences; and it includes mundane information that will bore you, but make you more prepared for the day of "the HUNT".  (Watch this video - it will give you a clue! This was prepared by a colleague at another brokerage, but is similar to stories heard around the country!)

Short Sales – In our area, you’ll find that these are often occupied homes, so you must call ahead before going to see the homes. Many times, they're in good shape and very presentable. Sometimes, however, the "depression" of the owners will be obvious.

REOs – Let’s call these what they are – abandoned properties. You never know what you will find.

- There may or may not be a sign out front. You'll likely be greeted by signs that say "WARNING" and then have a bunch of smaller writing...but they will not be warning you of the stuff that they SHOULD be warning you of! - These homes are generally (but not always) “trashed out” – meaning the owner’s stuff that was left behind has been removed. There MAY have been a surface cleaning done. (Tip - DO NOT OPEN THE REFRIGERATOR, even if the house looks clean.) - Previous owners, depressed and angry about their situation, may have deliberately vandalized the home – and sometimes you find some really gross stuff in there. - Locks have likely been changed and the property may be winterized and/or have no utilities in service. Try to plan your trip when there’s plenty of daylight. Sometimes the locks are broken. I had a door knob fall off in my hand once. Bring a screwdriver with you. And, while you’re at it, you might want to bring a flash light, too, and, oh, a pair of rubber gloves never hurt anyone. - Who knows the last time someone checked this property? Check the perimeter of the property, and enter carefully, some of these vacant homes are being occupied by the homeless, or prostitutes. And wild animals, or dead animals (or dead wild animals) are being found inside. - Consider your dress. You could have to walk through the yard to get to the home. The grass could be overgrown (think trash, pet waste, snakes or ticks) or you could enter a home that has a pest infestation. Wearing sandals or heels and a nice suit may not be a good choice.

I do not say any of this to scare you. Banks are taking more pride and doing more to ensure that the properties are presentable. However, I know I wish someone had warned me before I showed a few of these properties!

Traditional Sales – These may be vacant or occupied, so read the showing instructions carefully. They will generally be in presentable shape, they may even be professionally staged. Utilities are usually on, the home is comfortable, and visiting these homes can be pleasurable. Sometimes, they’ll even have nice brochures, smooth jazz playing in the background; there could be take away promo items or even refreshments! Gosh, you’d think these people want to sell! After your first trip out, you’ll be more educated. Look at the prices, consider what cleaning and maintenance costs might be involved. (I had one home inspector make a written recommendation to a buyer client of mine to have the toilet cleaned by a licensed professional.) Talk to your agent about the timelines and potential negotiation and transactional pitfalls to expect from the various types of sellers. Still thinking of focusing on REOs? It’s something to consider. But, make sure you get a good deal.

Now that you have a clue about the market, are you ready?  Well... come on!  Hop in and let's start looking!

My next post will be on preparing the offer for an REO. So, you can stay up and keep reading... or jump in the car with me, and we'll talk on the way to look at houses!

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Ready to Buy?

UPDATE: Thanks for coming to my blog. Regardless of how you got here, this series was written in 2008. The market is ever evolving and hopefully you will find this information outdated. A better source of CURRENT information about buying an REO can be found by clicking HERE: REOs in 2010. FINANCES How much cash do you have to purchase this property? Will you need financing? What will that financing look like? Interview a few lenders. Find someone that has competitive rates and a wide range of products, and find someone that explains things to you well, and most importantly WHO YOU TRUST. Then, examine your options. Consider both the cash for closing and the monthly payments. Don’t forget about taxes and insurance, and HOA fees. (Tips: If you already have a buyer's agent, ask for a referral to a couple of lenders. Other good sources include a bank or lender you already have an established relationship with; and/or a referral from someone you know.) FIND AN AGENT Now, interview a few buyers agents. Most buyers NEED one, but even those that don’t NEED one, will find a great amount of convenience and pleasure in having someone coordinate this process for you and advise you at every turn. Working with a true professional will bring you great value. Plus, if you make a bad decision, and you don’t have a buyer’s agent, who will you blame? (Tips - find good agents through referrals of friends and relatives; but then interview them. All agents are not alike.) LEARN ABOUT THE MARKET An agent can tell you what’s available that meets your criteria based on an automated search. From there, drive the neighborhoods, get a feel for the areas you like best. Have your agent set you up with an automated search so you’ll be notified of homes coming on the market that might fit your criteria. This online studying will be the start of your education about price fluxuations, neighborhoods, available inventory and the activity level in the areas you're considering. If you are an investor, consider the strength of the rental markets, too, and the property price vs. the rental rates. Your agent should be able to help with this. After you’ve selected a few potential neighborhoods, consider looking at a homes. Here, there may be some minor differences between looking at “short sales”, REOs, or traditional sellers. Choose what homes you’ll see based on your criteria and the price. Don’t specifically target REOs, Short Sales or Traditional sales just yet. I learned along time ago to consider what I hear but to make my decisions on my first hand knowledge. Your agent should share their experiences with you, and be able to prep you on what to expect - like the things I will tell you in my next post… So, before you run out to get that first hand knowledge, wait for tomorrow's post. You'll be glad you did.

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You’re an investor or a personal home buyer, and you are looking for a great deal. You’ve heard that “foreclosures” are the way to go, but after reading my last post, you now know that those “layman” are mostly talking about REOs. Anyway, where to start? Start where all buyers should start – outline your goals and get a plan together. Consider: WHAT DO YOU LIKE For a personal purchase, this is about where you'll live and the quality of your life. Consider what your household needs to be comfortable and happy. How much space, what kind of neighborhood, schools, communities amenities. How many bedrooms, bathrooms? What kind of finishes? How big of a yard? How will you get to and from work? For an investment property, who will be your renter? What will they like and need? How will the property be managed? Can you do it or will it be too far from your home? Are you OK with handling maintenance issues? HOW LONG YOU WILL OWN For a personal property, think about how you believe your family will evolve over the next several years. How’s your health? What about your parents – will they be moving in? Do you plan to have kids or do you have kids going off to college? Will you be getting married, divorced, or getting a dog? How’s your job stability? Are you likely to be transferred? If you lost your job could you find another close by? Really think about this. Based on the answers to these questions, how long do you think you’ll own the property? The average is 7 years, by the way. Some people move more often, some people only move once in their adult lives. What kind are you? Here’s a tip – if you won’t live there (or don’t want to own the property) for a MINIMUM of five years, then consider renting. For an investment property, it's part of the basics. Real estate is a solid investment as a long term hold. This not the market for a fix and flip or pure short term speculation – it’s entirely too risky, so skip it. Put your money somewhere safer. If you’re planning a long term hold, more power to you – this is a great time to buy.

Truths about REOs

Thank you for reading my blog. This post was written in 2008 and the real estate market is ever evolving. It is now 2010 and the real estate world is very different, especially in the Northern Virginia area. If you're considering purchasing a bank owned home now, please refer to the updated series found by clicking HERE.


========ORIGINAL POST==========

Despite the fact that most people, practitioners and consumers alike, are now familiar with the term REO, some myths still remain. Here, I’ll address a couple that I seem to be hearing every day.

But, first, for those that don’t know, REO stands for Real Estate Owned. This generally refers to properties which have been foreclosed upon and which are now owned by the bank. In today’s market, these properties are being marketed in large numbers, and consume about half of the available inventory in many areas. So, before you enter the buying game, there are a couple of myths you should better understand.

Myth: Foreclosures are always a great deal.
Here, people often are using the words "Foreclosures" and "REOs" interchangeably, although they are not technically the same thing. In any case, considering the "as is/where is, take-it-or-leave-it" nature of the transaction, REOs and foreclosures SHOULD be a great deal. But, never assume. In some market conditions, I've heard of practitioners referring to foreclosures as “fool’s gold” because only a fool would believe they were a great deal. The message here: always evaluate every purchase individually. With these transactions, make sure you're well educated on the market conditions, and that you carefully compare the value of these properties with other types of sales. Remember to calculate in the risks and frustrations with buying a bank owned property vs. other properties in more traditional sales. At the end of the day, you have to feel like it was worth it all.

Myth: These banks don’t want the properties, so they’ll give them away.
Well, banks do not want the properties. They really don’t know what to do with them. However, out of need, they are now systematizing the management, marketing and sales of these properties. Consumers often fail to consider, however, that most banks have shareholders and they have a fiduciary responsibility to sell the properties for FAIR MARKET VALUE. By law, they are not permitted to give them away, or even come close to that. They are required to go through a process to determine what fair market value is, and to make sure the sales price is in line with those determinations. Compared to the average seller, negotiations with a bank may be tougher.

Consider this: an individual seller is making emotional decisions and is driven by their personal circumstances. On any given day, they could decide they don't care what they get for the house, so long as they don't have to mow that lawn one more time! On the flip side, they could decide since they loved the home and raised three kids there, that no matter what the market is doing, they are not selling their home for a price that does not match their emotional attachment. The dynamics of every real estate transaction are far reaching. As a buyer, you must understand what's going on behind the listing in order to properly gauge the sellers' motivation level, so you know the best way to attempt a negotiation. With individual sellers, it's a little tough, because there are more variables. However, with banks, we're now seeing patterns of behavior which are setting industry standards. This is allowing experienced buyers' agents to better advise their clients.

This is the first of a series of posts relating to purchasing REOs. There is so much to know and understand that I couldn't possibly put it all into one post. But, if you are considering buying an REO, or if you're an agent finally relenting and jumping in with your buyers, these are posts you won't want to miss.

Stay tuned!