Bidders must be present at the Auction place at least thirty (30) minutes prior the the auction.

Individual bidders are required to prepare the following items to qualify for an auction sale at the high court:-

(1) a cashier’s order or banker draft with the 10% earnest deposit of the reserve price;

(2) a photocopy of the bidder’s identification card;

(3) an envelope size 4×9 (write the A/E number on the top right corner)

Company bidders are required to prepare the following items to qualify for an auction sale at the high court:-

(1) a cashier’s order or banker draft with the 10% of the reserve price along;

(2) a photocopy of the bidder’s identification card;

(3) an envelope size 4×9 (write the A/E number on the top right corner);

(4) documents to prove ownership of the Company (form 49, etc.)

*If an individual or company bidder is unable to be present on the auction day and wish to appoint a representative to do the bidding, an additional letter is required:-

(5) an authorization letter stating the representative’s name and identification card number along with the maximum bidding amount the person is allowed to make.

Bidders who wish to bid the an auction property must have read the Conditions of Sales and have understood its contents.

By participating in the bidding, bidders acknowledge acceptance of the terms and conditions of sales. The highest bidder will be the successful bidder. Immediately, the successful bidder will sign the Sales and Purchase Agreement and pay the difference of earnest deposit (if any by cashier’s order or banker draft) as well as for the stamping fee of the agreement. After the signing of the Sales and Purchase Agreement, the subject property is considered handed over to the successful bidder.

Please email enquiry@edbidproperties.com or visit www.edbidproperties.com for further information on any of these or other properties in Penang.

With the increased number of foreclosed homes on the market, many real estate investors are able to purchase homes at lower prices and selling the homes at the industry’s normal rates. This means that real estate investors can make a large profit on each business deal.

Short Sale Option: How Homeowners Are Avoiding Foreclosures

Since there are so many people facing foreclosure, more homeowners are opting to do the short sale option instead of waiting to lose their home. Short sales are a perfect way for homeowners to avoid the foreclosure process and the seizing of their home by the lender. This process enables the homeowner the option to sell their home at a price less than what they owe to the lender institution, clearing off their debt to the mortgage lender entirely. Instead of losing everything to the bank or mortgage lender, the homeowner will able to take whatever is leftover from the short sale process… only after paying the mortgage lender.

Since banks are willing to accept short sales, there has been increase in the number of short sale properties on the market; this saves the bank and homeowner both money and effort. After all, foreclosing on a property takes a lot of time. For instance, there’s the auction that must be conducted, repairing of the property, finding a worthwhile investor and much more.

Now short sales and foreclosures have inundated the real estate market with many property options, ideal for both the United States and foreign investors. If you’re an investor, you can find some very good short sale experts and businesses that will give you both short sale help and information in every aspect of the process so that you have a successful experience.

Many experts will offer you short sale assistance during the negotiating talks with the party selling the home. This keeps you from having to be involved with the hassle. All you have to do is relax and let the industry handle this for you. To get short sale information, you need to contact a company and give them all the details about the deal. You can start purchasing some short sale properties and see the kinds of benefits and profits that will come in with each one. The momentum is bound to increase with the rising demand of the market with no decline forecasted in the near future.

The US real estate is ripe with properties that have been in the short sale process; it’s what the industry sees for now and for real estate investors, there are huge benefits and interest in them.

For those of you that are not aware, a short sale is when the bank agrees to let the property sell for less than what is owed on the mortgage.  The reason banks are pushing short sales rather than foreclosure is that they make more money if the property sells in a short sale – often times 15% – 30% more.

I would like to make the public aware of what role the bank plays in the real estate distressed market. The bank merely services the loans in most cases.  These mortgage loans are mostly owned by investors that purchased them in the secondary market.  In other words, when a home goes to foreclosure or short sale, it is the note owning investor that ultimately loses money.

Recently I was involved in a short sale on a property in San Diego.  I worked closely with the homeowner to ensure that the bank, received all the paperwork they had requested.  The bank approved the short sale at a certain purchase price after two months of negotiating.  This means that when an offer comes in on the property, the bank in turn contacts the investor to discuss the current market values and the investor makes the decision to move forward with the sale or counter offer.  The purchase price was approved and the offer was submitted to the bank for the amount approved.  We lost our first buyer but quickly found a new buyer at the required approved price and submitted the offer to the bank with all supporting documentation. While the above was going on there was a Trustee Sale date (Foreclosure Auction) set for four weeks away.  We reminded the bank that they needed to postpone the auction because we had given them the full price offer they had requested.  They said that it would be done and not to worry.

We spent the following  weeks calling the bank daily to remind them to postpone the auction date as it was still active.  After three weeks and hundreds of calls and emails the property went to auction on the courthouse steps, selling for 25% less than the offer we had presented to the bank!

I feel it imperative to point out that the ultimate loser on this bank-bungled transaction is the homeowner that now has a bad credit rating due to the foreclosure and also the investor that owned the loan on the property.  The investor now receives 25% less than offered, and all the bank does is shrug its shoulders.  They have no explanation, and quite frankly, simply don’t care!  These banks are notorious for not assisting homeowners, and telephone hold times are sometimes over thirty minutes. 

There are new government programs to further simplify the short sale process but these programs are still a work in progress. 

I believe there must be a way for Banks to stand accountable for the 25% loss the investor suffered due to their incompetence.   This happens every day.  These losses are substantial and it is a shame that banks are not held accountable.  I wish I could speak with the investor that owned the loan and describe how  incompetence and lack of caring cost him/her a substantial amount of money.  I am sure that investor was not even aware that this had taken place. 

This kind of practice must be exposed as investors throughout the country are taking huge losses due to this kind of incompetence and attitude.  It is important to point out that not all banks operate in the same manner.  For example, Wachovia, Wells Fargo and GMAC seem to be the most capable when facilitating short sales.

WHB Solutions have created a community of short sale experts and real estate professionals working with short sale transactions. It is due to our collaboration that we have been able to get short sales approved. Lender short sale approval guidelines have been a mystery, but through collaboration, we have narrowed down the lender trends and strategies that work and have clearly documented our best practices with short sales. Our short sale strategies have gotten 90% lender approvals on our short sale transactions.

The following are the top ten reasons why real estate professionals avoid short sales:

1) Bankruptcy – When a homeowner files for bankruptcy, it helps to stop a foreclosure process. A short sale can still be performed, but it requires an approval from the bankruptcy attorney to release the property so a short sale attempt can be made. This is just means extra work for a real estate professional and it may increase the time to close a short sale, but it can still be done.

2) Sellers Misleading – When qualifying a homeowner for a short sale, the homeowner must be cooperative. Many homeowners start the process of a short sale yet to cancel the transaction midstream by deciding to walk away from the home or file bankruptcy. If you feel that a homeowner may not have true intentions of going through a short sale, you should walk away.

3) Multiple Lenders – We have closed short sales with multiple lien holders. For example, we had one file that was in bankruptcy, had two mortgage lenders, and five separate tax liens. It was because of a cooperative homeowner, we were able to get the short sale closed.

4) Lack of Agent Knowledge – Many real estate professionals have not done short sales and based on our experience it takes a dedicated resource handling short sales day in and day out to understand what it takes to get a short sale approved and closed. We provide all information to how a short sale needs to be properly processed for a high chance of approval and this is based on the hundreds of short sale files we have analyzed and closed.

5) Banks Taking too long to respond – As in any business, building relationships is important when working with a lender who takes too long to review a short sale file. WHB Solutions has worked enough short sale deals with lenders that we have actually been asked to send future short sale files to the same negotiator because of our proven experience. Many real estate professionals don’t do a high volume of short sales and are not able to establish any strong relationship with lenders.

6) Client Knowledge on consequences – Many real estate professionals do not know how to explain to their clients the consequences of a short sale and do not push for the homeowner to seek professional help when looking at their best options. It is this fact that causes a homeowner to not even attempt a short sale or stop mid-stream in a short sale process.

7) Lack of Communication – We have learned from the experience of multiple short sale transactions that communication has been a key factor to ensure the success of short sale transaction. Buyers were not updated with progress and end up looking for another home. Frequent touch points with the lender were not made and deals fell through because someone did not do their job and the property was sold at an auction. There are many reasons short sales fail due to lack of communication.

Consistency – Every lender has a different timeline when processing short sales and many real estate professionals have experienced inconsistent results, which causes a low level of confidence when working with short sales. All of our short sale education materials teach best practices that we have used to close our short sales that have been proven to work, regardless of the lien holder.

9) Buyers Walking – This is a major concern for any short sale transaction. Putting in hours of work, yet to have it fall apart because a buyer walks away from a deal is not a good feeling. That is why it is important to continue finding backup buyers and setting the right expectations with the current buyer.

10) Staffing/Resource Issues – It is possible for a real estate professional to single handedly become a short sale expert. But it is our opinion that the best results occur when there is a team in place. Unless short sales are 100% of your sale pipeline, one resource cannot be used to make endless phone calls to a lender to get a single transaction closed. Our short sale training materials is formatted in such a way that a single resource can work through a single short sale transaction to closure. Being a member of our short sale community will also aid to the success of any short sale file.

Full Article Resourse:  www.whbsolutions.com/blog/

Another very important element is the figure of condos which deck the area’s landscape. The condo building complexes are very common and they are the complete option for tailored individualist households. Tourism is another important income generator which has lead to a advance in the costs of Lauderdale Real Estates.

This is the reason why investors are considering investing their money in Fort Lauderdale’ Real Estate marketplace. It is critical here to realize that you need to make a complete search and investigate the real estate markets well ahead getting at such a decision. This is accommodating for you thus that you do not gain into whatsoever hassles at a subsequent date. In That Respect are many sources of gaining data either by mode of booklets, brochures, web browsing, through quotations etc. Internet besides presents you extended info about all the points. Real Estate info can be better sought from the Lauderdale Real Estate Broker who would have best hand information about the real estate marketplace. When you gain all the essential facts and figures at your fingertips, committing turns better. Distinguishing the right property is important. The legitimate papers, title and deed have to be clear and independent of burdens. Therefore, it is insistent that you select an agent who has knowledge about the legalities as well, so that he is able to read between the lines. Understanding the fine prints in the papers is important.

Interview approximately 3 Real Estate agents and take one based on his go through and achievement. Sooner, demand for his credits and certificates. If possible, personally travel and see umpteen of the mentions he has presented and meet the clients he has assisted out, then that you know for particular what to bear from this Real Estate Agent.

The agentive role likewise needs to have passing knowledge about the Lauderdale Foreclosure laws. There are 3 modes through which you could buy a Lauderdale Foreclosure real estate. i.e a Pre-foreclosure, Auction and REO.

A Lauderdale preforeclosure is a trouble free mode to gain the place since you have all the information promptly open. Erstwhile you scrutinize the house and are content with the claim research, the proprietor of the property signs the Agreement Deed and the place gets removed in your identity. A Lauderdale Foreclosure has turned really frequent of late as per the recent statistics. Homeowners of Lauderdale Real Estate are cladding the brunt of these foreclosures.

In a tax lien sale, the tax authority, usually the county, offers its right to the tax lien on the property for sale.  The buyer of the lien may then exercise the lien in order to profit from it.

In a tax deed sale, the county offers full ownership of the property itself for sale.

When you bid on a tax lien sale, you are bidding on the tax debt.  You are not going to come away from a tax lien sale owning a property.  In fact, you will be paying off the owner’s tax debt in exchange for first lien position on the title.  The homeowner now owes you ahead of mortgage lenders, deeds of trust or anyone with a claim against the property, with the exception of the state.  These sales are held at public auction, with the highest bidder winning the tax lien.  To verify this position, the buyer receives a tax lien certificate.

Now, when the delinquent homeowner pays off their tax lien debt to the buyer, the buyer can consider an interest penalty of from sixteen to twenty-four percent.  This is where buying tax liens becomes quite profitable.  If the tax lien debt is not paid back to buyer in full, plus interest, by a designated time, the buyer has the right to foreclose and acquire the property.

At a tax deed sale, you are purchasing the property itself.  If you are the highest bidder, you win the property and the right to take possession without any mortgages, deeds of trust, liens, or any obligation whatsoever attached to the real estate property.  Properties at such auctions are usually sold for taxes owed, plus any fees and court costs, etc.  They are generally very good real estate deals to make.

In order to find out where and when tax lien and tax deed sales are taking place, it is probably best to contact the county government offices or check on their website.

Before you purchase a property, be sure to review it thoroughly.  Visit the property before the sale and attempt to determine its value.  You want to safeguard yourself against risk as much as is possible.  You know what they say about buying a pig in a poke.

If you scratch the lucrative surface of property tax sales, you will find many attractive bargains.

Occasionally, homeowners are forced to sell their property for less than the mortgage they own on it. This is what a short sale is.

The main consequence of a short sale, for the property owner in particular, is that the bank sets the final guide price and the terms of sale.

Banks and other mortgage suppliers dislike short-selling so it can take a long time for them to approve any offer made on a short sale property. This usually amounts to a wait of up to six weeks for the mortgage-provider’s approval.

During this period, in the current market, mortgages will have changed. Interest rates will have risen and it is possible that you will be unable to buy the property that you bid on six weeks previously.

Obviously, for any sort of speculator, time is money. Even for buyers interested in personal property as a home, this is a lot of time on such a risky deal.

Fortunately, there are other strategies available to investors that allow for changes in the market.

Investing in a buoyant market such as the one in Las Vegas now, is sure to build a very positive portfolio in the years to come. There is no harm in buying property for a high price if you are confident that the value of that real estate will grow. A true investor understands this and so will usually avoid the temptingly low prices of short sale real estate.

In fact, Las Vegas provides decent profits for any sensible real estate investor for reasons pertaining to the current market. Constant developments and new employment opportunities make it a reliable market.

You are likely to find many examples of short sale properties in Las Vegas because to the current market conditions. There are a lot of people that paid too much for his or her property originally; or who has altered the real property state in a way that was damaging to its value.

The key point to take away from this article is while short sales are risky, the can be very profitable if you have patience in the market. The key is to find a buoyant real estate market like the one that exists in Las Vegas. Sensible investments in a good market will repay you with a nice profit margin. Equally, people buying real estate as a permanent home may want to ensure that they don’t waste their family’s time on short sales or markets that will lose them money.

I hope this has helped you in your efforts to make money from real estate.

As i understand it, in CT. one can purchase a home for the value of the taxes owed on a particular property.
i.e. Bob owes 10,000 in taxes on a home. In CT. the municipality that the property is located gives Bob time to pay that back tax that he owes. When his time is up, the municipality auctions his property at a tax sale, where the starting bid reflects the taxes owed. If someone should bid and win, then that person must wait 6 months before that bidder can claim the home as his via a sheriff’s deed. the 6 months is the period of redemption that bob has of which takes place after the home has had its taxes paid for by an outside party.

My question is, Do liens transfer with title as they do with a regular sale of a home, or in the case of tax sales, liens do not transfer with title?

Is there anything that i should be looking out for besides liens, if there be liens?