▶문= 집을 경매로 구매하면 시세보다 낮게 구입할 수 있나요? 경매로 집을 구매하는 방법이 궁금합니다.
▶답= 많은 투자자들이 주택을 저렴하게 구매하기 위해 경매를 주목하고 있습니다. 경매의 종류는 여러가지가 있으나 일반적으로 가장 널리 알려진 옥션은 포클로져 옥션(Trustee Sale)입니다. 집 주인이 거주하고 있는 경우가 많으며 모기지의 불입으로 인한 은행의 경매로서 LA카운티의 대부분 주택은 포모나(Pomona)법정 앞인 400 Civic Center Plaza Pomona에서 휴일을 제외하고 매일 아침 9시부터 시작합니다.
매일 300~ 1000개의 집이 매각 예정으로 잡히지만 반 이상이 취소되기도 합니다. 경매는 가장 높게 가격을 부르는이에게 판매가 되나 이때 주의 할 것은 그 집에 붙은 세금 미납 담보권(Tax lien) 등이 있는지 경매 당일 확인해야 합니다. 1차 융자를 옥션으로 구매시 정부의 유치권(Lien)을 제외한 모든 빚이 없어지나 2차 융자를 구매하는 경우 1차 융자의 전액을 값아주어야 하므로 오히려 시세보다 더 주고 구매하게 되는 경우도 생깁니다.
옥션에서 낙찰이 된 경우 모든 금액을 자기앞 수표(Cashier's Check)으로 지불 해야하며 더 많이 지불한 경우 차액을 우편으로 돌려 주게 됩니다. 거주하고 있는 사람을 설득하거나 법으로 퇴각을 시켜야 하며 집 상태를 미리 알지 못하고 구매를 해야 한다는 단점이 있습니다.
이외에 인터넷 웹사이트 'Auction.com' 'Hubzu.com' 'Hudsonandmarshall.com' 'Kazork.com'에서 행하는 경매도 시세보다 낮게 구매를 원하는 이들이 많이 찾고 있습니다. 인터넷에서 이루어지는 옥션은 일반적으로 에스크로를 통하여 정식으로 구매하고 융자도 얻을 수 있는 경우가 많이 있으며 타이틀 보험도 가입할 수 있어 거주용 집을 원하는 바이어도 이용하기 좋습니다.
이외에 전 주인이 사망을 하고 상속인이 없을 경우 '케네디윌슨(Kennedy Wilson)' 사 앞에서 옥션을 행하나 상속인이 있는 경우 법원 내에서 공증(Probate) 옥션을 합니다. 다양한 방식과 규칙이 있는 옥션을 통해 좋은 기회를 만나려면 노련한 부동산 에이전트나 옥션 구매 경험이 있는 이와 동행을 하는 것이 큰 도움이 될 것입니다. ] ------------------ 캘리포니아 부동산 경매의 허와 실가격은 좀 싸지만 구입 절차와 장벽, 결코 쉽잖아 타이틀 회사 직원, 부동산 에이전트의 협조 필수
한국에서와 마찬가지로 미국에서도 부동산 구입을 고려하고 있는 이들은 경매시장에 대해 지대한 관심을 갖고 있다. 경매를 통해 부동산을 싸게 구입할 수 있다는 막연한 꿈과 기대가 있어서일 거다. 싸게 산다는 숫자적 결과만 놓고 본다면 뭐 그리 틀린 말은 아니다. 하지만 구입의 절차와 장벽을 고려한다면 결코 쉽잖은 것이 미국에서의 부동산 경매다. 한국과는 달리 미국의 부동산 경매시장에는 일반인의 참여가 제한적이다. 덩치 큰 어깨들이 경매법정에서 험악한 인상을 써 가며 일반인들의 참여를 막아서 그럴까? 아니, 그런 얘기는 아니다. 미국 부동산 경매시장의 구조에 있어, 일반인들의 참여가 활성화되지 않았던 첫 번째 이유는 경매법정에서 실시하는 당일 입찰에는 100퍼센트 현금으로 당일 결제를 해야한다는 부담이 있어서다. 한국에서의 경매처럼 10퍼센트 입찰보증금만 내면 되는 것이 아니다. 즉 얼마가 될지도 모르는 낙찰금액의 100퍼센트 이상을 현금으로 확보한 뒤, 이를 가지고 은행에 가서 본인을 수취인으로 지정한 Cashier’s Check을 발행해, 경매현장에 입장해야 한다. 경매장에 입장하는 것 자체가 신분증을 지참하고 케쉬어스 체크를 보여준 후에야 가능하다.
또 하나 기억해야 할 사실. 부동산 경매에서 은행대출은 불가능하다. 100퍼센트 당일 현금 결제로만 거래가 성사된다. 낙찰이 되면 경매 법정 이름을 수표 뒤에 이서하고 나서야 매물을 낙찰받을 수 있다. 그런데 경매 당일 입찰에 앞선 사전조사 절차 과정이 그리 녹록치가 않은 것이다.
경매시장에서 원하는 매물을 찾아내고, Preliminary Title 조사를 통해 입찰자 본인이 직접 물건의 소송/ 대출/ 채무관계 등의 권리관계를 알아본다는 건, 상당히 어려운 일이다. 경매부동산을 구입하려면 이런 과정을 거쳐야 하는데 일반인으로서는 넘기 어려운 산이다. Title 회사 직원들과 부동산 에이전트의 적극적이고 헌신적인 협조가 있어야 비로소 가능해진다. 이런 점 때문에 일반인들의 경매 부동산 참여가 어려운 것이다. 생각해보라. 누가 100개의 Title을 뽑아서 분석해 줄 것인가? 매물의 권리분석은 웬만한 “꾼”이 아니라면 결코 쉽잖다. 여기서의 “꾼”이란 인맥과 지식, 시간과 집념을 가진 진정한 “꾼”을 의미한다. 일반인들은 믿을 만한 부동산 에이전트를 통해야만 이런 권리분석이 가능하다. 한국에서 부동산 정보들은 오픈 자료다. 일반인들도 등기부 등본을 쉽게 구해서, 권리 분석을 해볼 수 있다. 하지만 미국에서의 사정은 180도 다르다. 돈과 인맥이 필요한 Preliminary Title report를 100개 정도 구한 후, 상세하게 확인 분석 작업을 해야 하기 때문이다. 자, 10일 전에 100개의 관심매물들을 발견했고, 입찰자가 100개의 매물에 대한 Title 조사를 실시한다고 가정해보자. 그런데 경매 전날에 확인해 보면 실제 경매법정으로 넘어가는 유효 매물이 100개에서 30개 정도로 줄어든 것을 발견할 것이다. 이유는 다양하다. 은행이 자기보유매물로 보유키로 결정했거나(REO), 집주인이 집을 뺏기지 않기 위해 은행과 재협상을 한 경우, 집주인이 파산신청을 한 경우 등, 여러 이유들이 있다. 이로 인해 Pending / postpone / cancel 발생률이 경매 전날 70퍼센트에 달하며 경매 당일날 가서 보면, 실제 유효매물은 그나마 100개에서 10개로 또 줄어 드는 것이다. 매물을 싸게 사려는 희망으로 열심히 사전조사를 해온, 현금 확보 투자자 입장에서는 낙담이 클 것이다. 그러나 그것이 현실이다. 쉬운 일은 없다. 매물 취득 후, 이전 주인이나 테넌트가 퇴거를 하지 않고 버틸 경우, 법원에 퇴거를 신청하고 집행 하는데 드는 기간이 평균 약 4개월 정도라는 점도 염두에 두어야 한다. 이럴 때는, 흔히 배 한 상자를 들고 가서 2000-3000달러 정도로 협상하는 노력을 먼저 하게 된다. 이는 한국과 비슷하다. 캘리포니아 부동산 시장에 관심이 있는 투자가는 경매전문 투자가들이 보는 몇몇 개의 유료 웹사이트에 등록을 하고 매물을 유심히 살펴야 한다. 한국과 달리 법원에서 제공하는 웹사이트 정보는 업데이트가 빠르지 않아 유효성이 떨어지기 때문이다
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미국 부동산 정보 사이트 – Zillow.com 미국에 주택을 구입하려는 분들에게 도움이될 사이트를 소개합니다. 오늘 소개할 사이트는 www.zillow.com 입니다. 미국에는 한국과 같이 전국의 부통산 정보가 검색 가능한 사이트가 있습니다. www.realtor.com 그런 사이트로 별다른 설명이 필요없는 사이트로 매물만 등록해 놓은 사이트 이기 때문입니다. 부동산 중개업자에게 연락을 하면 자세한 자료를 주겠지만 불편도 하고 믿을 수가 없으니 공개된 기본적인 자료가 필요하겠죠. 그래서 Zollow.com사이트를 소개합니다. Zillow.com사이트에도 물론 다른 부동산 사이트와 같이 부동산 매물이 등록되어 있습니다. 그러나 이 사이트는 아래와 같이 다른 부동산 사이트와는 차이가 있습니다. 물론 매물이 아닌 주택정보도 주소만 알면 알수가 있습니다. 백문이 불여일견 꼭 한번 사이트 들어가 보세요. 첫째, 이 사이트는 팔려는 주택의 리스트 가격을 단순히 제시하지 않고, 그 지역의 주택가격 변동 경향을 표로 보여주고, 그들의 노하우로 가격을 책정해 놓았습니다. 주택구매자가 Offer Price를 낼때 아주 도움이 됩니다. 둘째, 이사이트는 일정 기간 주택이 게약된 가격과 판매를 위해 부동산에 내놓았던 가격정보가 정리되어 있습니다. 셋째, 그 동안의 냈던 부동산 보유세가 정리되어 있습니다. 분명 다른 사이트 보다 더 많은 정보가 있어 주택구입시 Offer Price를 결정할때 도움이 되겠죠. 그럼 구체적으로 사이트를 내용을 보죠. 아래의 그림은 주택에 대한 일반 적인 자료를 보여줍니다. 이 부분에서 링크를 클릭하면 더 자세한 자료를 볼 수 있을 것입니다. 이 주택의 특이사항은 7월에 리스트가격을 30,000불 내렸다는 것입니다. 여기에 속으면 안되겠죠. 다음 자료에 설명 됩니다. 아래의 자료에서는 Zillow.com이 자체적으로 주택가격을 책정하였습니다. 가치는 455,400불이고, 가격의 폭이 나옵니다. 그리고는 이 주택으 가격이 변화하는 추세를 보여주며 해당 도시의 추세 역시 보여줍니다. 이런 자료는 의사결정할 때 많은 도움이 될 것으로 생각됩니다. 다음 정보는 가장 중요한 자료라고 생각합니다. 그 동안 주택이 매매되었던 가격과 주택 소유자가 팔려고 내놀 당시 리스트가격이 정리 되어 있습니다. 여기에서 위에서 조심하라는 것이 있었죠. 이 집은 원래 40만불도 안되는 가격에 판매를 하려다 갑자기 15만불을 올려 55만불에 시장에 내놓았다가 너무 비싸다 싶으니 가격을 스스료 내린 것으로 예상됩니다. 부동산 중개업자도 바꾼 것 보니 부동산 업자가 내가 비싸게 팔아 줄께하고 장난친 것일 수도 있습니다. 이런 자료 다른 부동산 사이트에서 구할 수 없고 부동산 중개업자가 솔직히 이야기 할까요? 그래서 Zillow.com사이트가 도움이 될 것이라고 안내하는 것입니다. 그 다음은 중요한 자료는 아니지만 부동산 부과세 내역입니다. 미국에서 부동산 보유세ㄴ는 상당히 높은 편입니다. 일반적으로 부동산 보유세에는 이역 교육예산을 반영해 결정을 합니다. 특히, 이 지역은 교육열이 높은 곳으로 상대적으로 부동산 보유세가 높다고 생각 됩니다. 주택구입은 평생 몇번 하지 않는 큰 거래입니다. 이런 거래에 자료가 많으면 많을 수로 손해볼 것은 없죠. 부지런히 부동산 사이트에서 매물 찾아보고, 충분히 검토 후 결정하시는 게 좋을 것입니다
----------- May 31, 2015 Many people that buy commercial real estate purchase through larger companies, institutions, and/or REITs. There are private investors that may want to invest in real estate and here is the basic process. 1) Initially, ask yourself a lot of questions. Why do you want to invest? Where do you want to invest? What is your financing/cash situation? Would you want to partner up with anyone? What are the legal entity or entities that you will want to set up? Are you setting up processes to make sure you can manage your investment effectively? How much time can you commit to your property? How much expertise do you have right now? What topics do you need to do research on or educate yourself about? What topics will you need to employ the help of outside experts? Do you have these contacts or do you have to network or ask for recommendations? Do you need to have a property management company help you run the property after closing? Or is this something that you can manage yourself? 2) Learn some commercial real estate vocabulary. It will take awhile to learn a lot of terminology. Brokers and lawyers involved in commercial real estate have a lot of experience and you'll need a broker who can help you along in this process and/or you'll want to educate yourself. Examples: Loan to Value, Capitalization rate, Vacancy Rate, etc. 3) Figure out what kind of properties you want. Do you want NNN? Single tenant? Office? Industrial? Retail? There are a lot of options out there. The property should meet your needs for price, location, and use. Understand that some properties need more work than others. Some properties have more risk, but can also create more reward. Also take into consideration what is going on in the city, neighborhood, and the immediate surrounding areas. All those are factors that will affect how much income you get from the property. 4) Make contacts in the community. Your best bet is to find a broker that will represent your needs, especially if you haven't bought investment real estate before. In addition to a broker, you may want an attorney to help you through the transaction documents. An accountant will help you figure out your finances and help you in your decisions on what you can afford to purchase and may be able to advise you on loans. If you are getting financing, a mortgage broker will help you shop around and find the best lender for your needs. A broker can give you recommendations for other experts you need, e.g. surveyors, engineers, environmental consultants, mortgage brokers, escrow officers, etc. The best people to hire are the ones that someone has either worked with in the past or someone that comes highly recommended. It is best that all of these parties can work together for you. It is detrimental to have one party who wants to control the situation 100% without taking into consideration other parties' roles and what your needs are. Especially if you are a new investor, you'll want to make sure your voice is heard and that you are comfortable with the process since this is a big investment of your time and money. In another guide, I'll discuss the nuts and bolts of a transaction.
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April 8, 2014 Whether looking for the perfect storefront or an apartment complex to generate some extra income, commercial real estate can be a solid investment. eBay enables prospective buyers to search for commercial real estate properties nationwide. The following guide provides the reader with the tools and information needed to successfully purchase commercial real estate. The information contained in this buying guide is intended for general information purposes only. This guide is not intended to be a complete list of all things relevant to the purchase of real estate and should not be deemed a substitute for professional advice. You should conduct your own due diligence into all aspects of a real estate purchase and depending on your situation, you should get assistance from experts, including a licensed real estate broker, a property inspector, title/escrow company, attorney, and/or financial advisor. What is Commercial Real Estate?
Commercial real estate can be any real estate other than a single-family home. The term generally applies to office buildings, apartment complexes, retail properties, warehouses, educational buildings, and manufacturing facilities. Commercial real estate may already feature an operating business on the property, such as a gas station or restaurant. Commercial real estate may also be unused space, such as a vacant lot or mini-mall. Determine Your Commercial Real Estate GoalsBuying commercial real estate can be a wise investment. Most people start buying commercial real estate for one of the following reasons: a specific business use, extra rental income, or to build equity. Commercial Real Estate for Specific Business UseSome people buy commercial real estate with a specific use in mind. They might want to open a store, restaurant, or bar and need a place to put it. Buying property can provide particular benefits over renting, including building equity, and the ability to manage the space without restrictions from a property owner. Commercial Real Estate for Extra rental IncomePeople who buy commercial property are also often looking for some extra income. Whether they are interested in buying a duplex, an apartment complex, or a mini-mall, renting out their commercial real estate space can be a great way to earn some extra money. In a growing market, where real estate prices are rising, someone else is helping the owner build equity. If the owner rents out half of their duplex, renters are helping pay the mortgage and build equity for the owner. Prospective owners should understand the economics and personal finance issues surrounding commercial real estate. Commercial Real Estate for Building EquityEquity is the value of the owner’s share in a property. When you finance a large-scale commercial real estate purchase, you are borrowing the money from a bank and paying the bank back slowly, over time. With each dollar the owner pays back, that much of their equity is growing. Think of it as the ultimate piggy bank, where every dollar you put in gives you a little more of the property. And if the commercial property appreciates in value, that single dollar can end up being worth more than a dollar. As the value of commercial real estate property increases over time, so does the owner’s equity. Plan Commercial Real Estate Investments
No matter what kind of commercial real estate property you buy, real estate appreciation is usually a slow process. The prospective owner will need to create a solid business plan and account for any potential problems. Before a buyer can decide what kind of commercial real estate property they want to buy, it is important to take a few key things into account. Financing Commercial Real EstateBefore securing financing, it is important to know exactly what the buyer can afford and how much risk they are willing to accept. They need to determine whether the rental rates can support the expenses of the property. Theses expenses may include, but are not limited, to mortgage loan payments, property taxes, property insurance premiums, building repairs, and building maintenance. The owner may find that they have other expenses, including realtor fees or fees associated with advertising available property space. Assessing Their Skill SetBuyers must assess their skill set. For example, if they are able to do building repairs and maintenance, they might be more willing to consider buying a building in poor condition. They may need to hire someone to handle accounting and financing, however. Likewise, if they can do accounting and financing work, they might need to hire a contractor or superintendent to repair and maintain their new property. Buyers must think about what their particular skill set brings to the commercial real estate investment. Any duties that must be performed, but which they cannot do, will be an additional cost, because they will need to pay someone else to perform those duties or fix their mistakes if they are unable to fulfill those duties properly. Time CommitmentHow much time are they willing, or able to devote to a commercial real estate investment? If they plan to pursue a full-time career in addition to investing in commercial real estate, they may want to limit their day-to-day responsibilities in relation to their investment property. For example, even though they are able to afford to buy a 10-unit apartment building, they may not have the time to properly manage the property. Day-to-day tasks might involve collecting rent payments, documenting and performing building repairs, resolving disputes among tenants, property maintenance, and so on. If they cannot perform those tasks while working another full-time job, and they do not want to pay someone to do it for them, they might want to consider a less time-consuming commercial investment property; a duplex housing unit, for example. on the other hand, if they are considering commercial real estate as an alternative career, they might find it advantageous to invest in a large commercial property such as an apartment complex or mini-mall. Risk ToleranceBuyers must also consider their tolerance for risk. Some types of commercial real estate properties have the potential to deliver better financial returns than other types of real estate. Generally speaking, the risk level of an investment increases as its potential for financial gain rises. Therefore, a buyer must decide how much risk they are willing to accept before they invest in commercial real estate. If you are investing in commercial real estate to supplement their retirement income, they will likely want to invest in low-risk properties. Conversely, if buyers are young and looking for maximum financial return, they might want to consider investment properties with higher levels of risk, because they have time on their side to earn back potential losses. A low-risk investment property, for example, might include buying a new duplex housing unit in an established, desirable area and renting one half while the buyer lives in the other half. A riskier commercial real estate property might involve investing in a new mini-mall on the outskirts of a growing town with the expectation that the area will continue to develop and rental prices for commercial properties will go up substantially. Remember that the value of commercial real estate property is often averaged over a large area, but that each market is unique in its size and scope. Buyers should spend some time walking around the neighborhood. What is the rent of other similar commercial real estate properties in the area? Is there a difference in commercial rental prices depending on what side of the street the property is located on? What types of commercial properties are most valued in the area? A buyer might not want to invest in an apartment complex on the edge of an industrial area, but an out-of-business machine shop down the street might generate high rents from businesses that want to be near their business partners. Tax and Investment GoalsA buyer should consult an accountant, financial advisor, or other expert before they invest in any commercial real estate property. They will want to be sure that their business plan will help them achieve their tax and investment goals. Buyers will also find that there are many commercial real estate books available on eBay to help them learn more about buying commercial real estate property, and how to make it work for them. There are many ways to earn money by buying a commercial real estate property. Buyers might benefit by learning lessons from experts in commercial real estate. Find Commercial Real Estate on eBay
Once you know what type of commercial real estate you want, go to the Real Estate portal, click Commercial, and start searching for item listings on eBay.Use the checkboxes in Commercial Real Estate Finder on the left of the screen to quickly narrow down item listings by State, Type, or Lot Size. Search eBay listing titles for specific words. For example, if you want to find an apartment complex, "type apartment" (without quotation marks) into the Search box. Click Search Title and Description to expand your results. Visit eBay’s Search Tips page for more tips on searching with keywords. If you can’t find exactly what you want, try shopping eBay Stores, tell the eBay Community what you want by creating a post on Want It Now, or save a search on My eBay and eBay will email you when a match becomes available. Buy Commercial Real Estate With Confidence
Before moving forward with any real estate purchase, you will want to consider specifics like price, insurance and the nature of bids in auction-style advertisements. You should carefully read all the item listings and if you have any question you should query the seller. A buyer should always research the seller before moving forward with the transaction. Know What You’re BuyingCarefully read the details in item listings. If you want more information, ask the seller by clicking the Contact Member link in the seller’s profile. In some states, the seller may be required to deliver a specific disclosure statement. Familiarize yourself with the seller’s terms, including any guarantees and requirements regarding the acceptable forms of payment. Check to see what closing costs you are expected to pay. Important questions you need to ask yourself: About PriceAm I bidding on the full price, or am I bidding on a down payment? About TitleIs the title clear; that is, free of liens, easements, and other encumbrances? If the title is not clear, what are the easements on the property? About InsuranceCan I get title insurance at my own expense? About CCRsAre there any covenants, codes, and restrictions on the property? About the DeedWhat type of deed will I be getting? Nature of Bids in Auction-style AdvertisementDue to the wide variety of laws governing the sale of real estate, eBay Real Estate auction-style advertisements of real property do not involve legally binding offers to buy and sell real estate. A bid is not a contract between seller and buyer. Rather, bids represent a buyer’s serious expression of interest in buying the seller’s item. Learn more about eBay’s bid policy for real estate and eBay Real Estate Rules and Policies. Know Your SellerResearch your seller so you feel positive and secure about every transaction. What is the seller’s feedback rating? How many transactions have they completed? What percentage of positive responses do they have? What do buyers say in their feedback? Did the seller receive praise? Do Your Due DiligenceAs with all major decisions, in buying real estate, you will want to make sure you get full information and the best advice possible. You may want to consider using an experienced real estate broker who can help you with your due diligence, negotiations, and closing. Depending on your personal circumstances and investment goals, you may also want to engage an attorney and/or a tax advisor. PaymentPayPal enables you to pay without the seller ever seeing your bank account or credit card numbers. In fact, PayPal protects buyers 100% against unauthorized payments from their accounts.Visit the Security and Resolution Center to learn how to protect your account and use eBay’s quick and efficient resolution tools. Never pay using instant cash wire transfer services through Western Union or MoneyGram. These payment methods are unsafe when paying someone you do not know. Conclusion
Buying and renting out a commercial real estate property can be a great way to supplement your existing income, invest for retirement, or even start a new career. Regardless of what path you choose, be sure that it is consistent with your skill set, time allotment, risk tolerance, and your tax and investment goals. Before you invest in any property, consult a financial expert and create a well-developed business plan. Investing in commercial real estate is a serious financial and personal commitment, but it can be a very rewarding experience.
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May 31, 2015 I previously wrote a guide on how to start your path towards investing in commercial real estate. once you've figured out what you want and a property that you like, here is what to expect from then on. 1. Figure out your financing. Some people may have come into a lot of cash where they can make offers that don't involve a financing condition. Most people, however, need to get a loan on a property, especially if you are a new investor and haven't just recently sold another property. What kind of a lender do you have access to? What kind of credit do you have and what is the best rate a lender could give you? If you don't have great credit, are there other creative financing structures? If you want to shop around, a mortgage broker is a good person to go to. They can help you get quotes from multiple different lenders. Mortgage brokers, like most brokers, develop relationships with certain people and companies and use those relationships to work for the client. You may want to start this process before you even put an offer on the property so that you can get the ball rolling. The financing process takes awhile and you want to take care of as many issues up front as possible so that it doesn't throw a wrench in the deal. 2. Make an offer. You will likely retain a commercial real estate broker (the broker's commission will come out of the sale price). Your broker should listen to the types of properties that you want and tease out any properties that may be the best fit for you. The broker will email you marketing packages from any properties that he or she might think you would be interested in. When you find a property you want, you'll work with your broker on the terms of the offer. The major terms are price, earnest money, the inspection condition timeframe, financing condition timeframe (if you are getting a loan), and the closing timeframe. 3. Purchase and Sale Agreement and Escrow. When the seller accepts your offer, one of the brokers or your or the seller's attorney will draft the purchase and sale agreement. When that is accepted, you'll be under escrow. one of the parties will open escrow with an escrow officer that you and the seller agree upon. You will likely make an earnest money deposit and that will be with the escrow officer. The escrow officer will send you a title report so that you and your broker and attorney can see if there are any liens or other issues with the property. You will also get due diligence documents from the seller. You'll want to review leases, operating statements, property taxes, any environmental reports, etc. You may need to hire consultants to perform surveys, property condition assessments, Phase 1 environmental site assessments, etc. Your broker can refer consultants with which they have a good relationship. After you approve of the due diligence documents, you'll go through closing. You'll have to work with your broker, attorney, and the escrow officer to make sure all documents are in order. on the closing date, the escrow officer will record, and you are now the proud owner of a commercial real estate investment property. --------------- ----------------
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Current Owner Search Description If you need to check all liens, mortgages, judgments on the property from last property purchase to current date - Current Owner search is what you need. Current Owner Title Search is ideal for foreclosure auctions, pre-tax auctions, short sales, by-owner transactions, refinance, checking for clear title. You will receive a Title Report on all outstanding mortgages, liens and judgments recorded against the property and current owner(s).
ProTitleUSA performs vesting information search, mortgage and assignment search, federal, state and municipal lien search, HoA (Home Association) lien search, Civil judgment search including Foreclosure Proceedings, as well as, bankruptcy and tax delinquency status. All of the Property related information is captured on the summary page. Copy of the current owner deed is included in the current owner title search report.
To check the price for the Title Search on any property, please, enter the address on the Home page.
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Current Owner Search Description If you need to check all liens, mortgages, judgments on the property from last property purchase to current date - Current Owner search is what you need. Current Owner Title Search is ideal for foreclosure auctions, pre-tax auctions, short sales, by-owner transactions, refinance, checking for clear title. You will receive a Title Report on all outstanding mortgages, liens and judgments recorded against the property and current owner(s).
ProTitleUSA performs vesting information search, mortgage and assignment search, federal, state and municipal lien search, HoA (Home Association) lien search, Civil judgment search including Foreclosure Proceedings, as well as, bankruptcy and tax delinquency status. All of the Property related information is captured on the summary page. Copy of the current owner deed is included in the current owner title search report.
To check the price for the Title Search on any property, please, enter the address on the Home page.
-------------- Full /Foreclosure/Two Owner Title Search Description Full Title Search is a great option for bank owned properties, foreclosure auctions where its important to receive all copies pertaining to the Title including copies for any outstanding liens, mortgages, assignments, deeds, judgments recorded against the property, current and prior owners.
ProTitleUSA performs vesting information search, mortgage and assignment search, federal, state and municipal lien search, HoA (Home Association) lien search on both current and prior owners, Civil judgment search including Foreclosure Proceedings, as well as, bankruptcy and tax delinquency status. All of the Property related information is captured on the Title Search summary page. All relevant document copies are included in this plan (one of the major differences from Current Owner Search).
To check the price for the Title Search on any property, please, enter the address on the Home page and select Full Title Search.
---------- ProTitleUSA Commercial Title SearchProTitleUSA team can handle complex commercial searches, including developer’s, buildings, condos, cell towers, plants, environmental, oil & gas. We completed many large scale commercial projects with 1,000's of properties. Due to the complexity variation of commercial property title search, we don't offer a fixed price for Title Search through this web site. Instead, we encourage to call our toll free number 888-878-8081 to receive a customized quote for the Title Search on the given commercial property. In many cases, the cost of the commercial search can be the same as residential, however in a few cases the commercial search may be quite complex and time consuming. The typical turnaround time for commercial search is 48-72 business hours.
Our Commercial Title Search includes a chain-of-title search including all of the leases and contracts that would affect the Title on the property, open mortgage and assignment search, federal, state and municipal lien search, judgments search, as well as, bankruptcy and tax status. All of the relevant information is captured in the summary page. All relevant document copies are included in this plan.
Title Search on the Foreclosure Property We understand that when looking at foreclosure auction prices, most of the properties look like a bargain. Investor has to understand where the auction price came from.
Initially, let’s understand how the property happened to be in foreclosure. A common reason is that a current owner did not pay mortgage or tax bills on-time, causing bank or municipal government to place a lien against the property, in other words, the lender or the government wants to get payment on the current owner’s obligations by any means, even if they have to go through the foreclosure expense and auction the house to recover owed amount or gain possession of the house to sell it via real estate agency (REO - real estate owned properties).
In the case of mortgage foreclosures, the amount you see at the foreclosure auction as a starting bid is a remaining pay-off amount on the mortgage note plus loan interest, attorney fees, penalties and costs associated with a single mortgage note. Depending on the lien priority (show by a Title Search), there may be IRS liens or Tax/Municipal liens that typical get attached to the property. IRS Lien pay-off does not depend on lien priority at the auction as IRS has a right to go after the equity in the property within 120 days after the auction to redeem the property. Tax Liens are always at the highest position to be paid off. one of the simplest ways to find what liens, mortgages, judgments exist against the property and in which position is to order a Title Search.
Foreclosure auctions (sometimes called sheriff’s sale) are typically held in the municipal (county) courts. The County does not offer you any protection against additional liens on the property, nor do they guarantee you a clean title. Lenders or government agencies are always represented by real estate lawyers that represent lender's interests and highly motivated to sell you the property at the auction.
Please, allow us, ProTitleUSA.com, to be your Foreclosure Title Search Service Company. We have vast experience in foreclosure title searches and pay a great deal of care in performing the search as accurately as possible. We recommend a Full Title Search service to be sure that there are no liens are carried over from the previous owner to current owner. For REO properties, we recommend Full Title Search service, since the current owner is the lender, while the liens are carrying over to the property from a previous owner(s).
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Title Search on Short Sale Property
Let’s touch on what "Short Sale" is. Real Estate short sale opportunities are becoming ever more popular in today’s real estate market. As home prices drop further, the home values become lower then the mortgage on the house. Homeowners loose their previously built equity in the house and are no longer interested in paying the mortgage for the property. This is an opportunity for a short sale, a 3-way (or more) deal between lender, investor and current home owner that transfers the property from the home owner to the investor for a price lower then the mortgage amount owed to the lender. Everyone wins in the case. The lender does not have to go through an expensive foreclosure process, the owner maintains his credit history and the investor gets a bargain price for the house.
When the homeowner stops paying his mortgage or taxes, a Notice of Default is issued by the mortgage lender or the federal/state/municipal government institution which serves as a sign to the investor to evaluate short sale opportunities by contacting the owner and the bank. Without diving in to actual details of the short sale flow, the key element of the critical decision on the short sale purchase is a title search on the property to verify which lenders he would need to talk to and whether there are any additional liens on the property. This information should be generated before making any offers to the current owner or the lender. The Title Search Report becomes an "enabler" to short sale negotiations with both owner and the lender. Remember, the owner and the lender want to get rid of the property by selling it to you, the investor. You have to arm yourself with a negotiation weapon – a Title Search Report.
For short sale opportunities, we recommend a Full Title Search which goes 2 owners back on the property, analyzing all current liens and obligations against the property. If you are convinced that the current owner is the original (the only) owner in the case of new construction properties or the property that was in possession of the current owner for a significant number of years, you may choose to order a Current Owner Title Search, instead.
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