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|When you can do it yourself and save, why should you pay a $5000 to $20,000+ markup to a wholesale company? Nowadays, the margins are thin in most markets and the old wholesale model just isn't working anymore... Thus, you and other investors require a new way to buy. That's why all of our online education courses and foreclosure listings are geared toward the investor who is interested in attending auctions and bidding on their own.
"I will sell this property to the highest and best bidder for cash"
First Coast News, April 2007
How to "Virtually" Attend the Auction
Many of our clients have full-time careers or are full-time business owners and cannot possibly attend daily sales. Therefore, we came up with a revolutionary way to bring the auction to you. Our system is the future of buying foreclosures. Through our local representation, our VIP Clients can buy from the comfort of their own home or office. Our unique system allows VIP clients to enter a bid online for the properties in which they are interested.
Qualifying for Online Bidding
Each VIP client completes our bidding agreement prior to bidding through our system. This is to ensure that you are clear on what it takes to fulfill the minimum requirements of the trustee and allows our local representative to properly qualify to bid on your behalf. There is a nominal fee for this service starting from $50-75 (Prior to bidding, you may contact the local representative directly for the exact fee, or you may click on the Place a Bid button from your client page). For such a small fee, it's no wonder that our clients take advantage of this option. It's a fair compensation for the time you'd have to take off work as you benefit from the experience of our representatives.
In order to qualify to bid in Maricopa County, Arizona each bidder is required to have a $10,000 cashiers check made out to the trustee. You would need to arrange to get these funds to the local representative prior to the auction date. Once you have the appropriate bid money on file with the representative, they can bid on properties on your behalf. A trust account will be set up for each client in accordance with our bidding agreement.
"Foreclosures reported up 47% in past year"
Washington (Market Watch), April 2007
How Bidding Works
Here are some questions you might be asking yourself right now:
- What happens when more than one investor wants to bid on a property?
- Do you take multiple bids for the same property?
- How does bidding work?
Let's Look at an Example
Bids are taken on a first-in, first-position secured basis.
- Market Value: $420,000
- Opening Bid: $235,300
First client bid: $310,000 - bid will be accepted by the system and is protected to the amount of the opening bid. (310,000 to $235,300)
Second client bid: $305,000 - system will not take the bid. Client will be informed that another bid exists up to $310,000.
Third client bid: $327,001 - system will take the bid and will inform the client that their bid is good from $327,001 down to the next high bid of $310,001.
Forth client bid: $332,500 - system will take the bid and will inform the client that their bid is good from $332,500 down to $327,002
"Nevada's foreclosure activity increased 29 percent from the previous month"
PR Inside, April 2007
Tips to Effective Bidding
- Know your maximum bid amount prior to bidding. In other words, place your bid to the maximum amount, so you don't leave money on the table.
- If you don't know your maximum bid amount, you might see a higher bid on a property and lose profits by trying to "outdo" the other bids.
- Trust your initial analysis and stick to your numbers.
- Do not get caught up in the emotional aspect of bidding. In order to protect profits, foreclosure investing needs to be a numerically driven process not an emotionally driven process.
- Fees are charged at the time you place your bid. You will be given an opportunity to confirm your bid a second time before you actually place it. The fee is non-refundable once your bid is confirmed. All bids are considered a contract to provide the service of bidding on the Clients behalf.
- When you are the successful bidder, you will be informed and given instructions on how and when to complete the transaction.
Our system allows VIP Clients to take advantage of additional markets. As other franchise locations are opened, VIP Clients will have the ability to buy in multiple markets across the United States.
Subscribe today and let us assist you in making the most out of your foreclosure investment experience. If you have other questions please contact us at info@INFOclosure.com.