If you are currently in the market to buy a home or investment, why not at least look at foreclosures as a possible way to purchase your next home? They are a part of the market and can be bought at 50%, 60% or 70% under Market Value.
What is the difference between buying at a trustee sale and buying at auction sites that you see on the net?
A foreclosure allows a lender or beneficiary to recover the amount owed on a defaulted loan through the public auction of a property. Foreclosure can end in one of the following ways:
- The borrower reinstates the loan by paying the defaulted amount during the pre-foreclosure period.
- The borrower sells the property to a third party during the pre-foreclosure period allowing the borrower to pay off the entire loan amount and avoid having a foreclosure on their credit history.
- A third party buys the property at the foreclosure auction.
- A third party buys the property at a public auction.
- The lender or beneficiary takes ownership of the property at the foreclosure auction.
- All properties are required to be purchased with 100% cash. There is no traditional financing on foreclosures. If you don’t have 100% of the cash, we have easy funding available for you.
What is buying at a normal auction site? Very simply stated, the sites are just another way to list a property for sale. They are not distressed properties anymore. They are generally owned by a bank or another institution that is simply trying the auction avenue to sell the property rather than listing on the traditional Multiple Listing Service.
Even though a lot of foreclosed homes are vacant, it is important to handle it professionally, considerately and patiently. This is one of our primary goals in any transaction.
As a client of ShopProp not only do you have access to all the properties listed on the market, you also have access to the ones that are not, and these are ones that can be bought 50%, 60% or 70% under market value. For end user(people that are interested in living in the house) it is an option that very few people consider. Why not at least look at it as an option? Through ShopProp we can provide you access to OurCapitalGroup’s software. You can view the properties that we consider are the best properties coming to auction for the upcoming week. If you find something that looks like a possible fit for you, we can help you get funding, bid on the property, and take possession.
How it works:
1. Contact us and gain access to our proprietary software.
a. Sign the buyer’s agency agreement with ShopProp and the software user agreement.
b. Fill out our 2-page lender’s document. Remember there is no traditional lending on foreclosures.
c. Search for properties you are interested in buying.
d. Place bids on properties you are interested buying. These bids will go to our bidders and they will bid for you at auction. This service is only available in WA state.
e. Upon successful bidding of the property, you will have two options. 1. Bring in 100% of cash to our lender the next day. For this service, you will be charged 1% for access to our software, research, bidding services and $1,000 to our lender for carrying the transaction for that 2 days. Receive a 6-month loan from our lender. For this service, you will be charged 1% for access to our software, research, bidding service and 2% to our lender plus 12% per year. The goal for most clients is to refinance this loan as quickly as possible.
f. We will help you take possession of the property by walking you through the process.
Feel free to contact us anytime 1-888-821-0556 ext 210