Ron Taylor

• Real Estate Info For Investors

"It is a myth that bank-owned properties are a bargain" is true in most cases. That is why we work in the pre-foreclosure market and not the REO market. By working with the homeowner who is in a pending foreclosure situation, we are able to inspect the home while the utilities are still on and ask questions about the condition of the home. As a North Carolina Auctioneering and Real Estate firm, we try and offer a unique approach to the homeowner and the lender but yet, as already mentioned, the lenders are still not willing to face reality. We have approached the lenders to let us auction the North Carolina property after a shortsale has been agreed upon but in most cases, they refuse the offer and want the payoff plus legal fees, disregarding the fact that the property is upside down financially, viz., the debt is higher than the value of the property. CBS ran a story last week about the squatters that were living in these vacant homes without the utilities or water on. What a mess! How long will it take the banks to face the reality they are not going to get what they want from these properties? Ron Taylor<>< President/Broker/Auctioneer The Restorer, Inc. D/B/A Taylor and Sons Real Estate & Auctioneers 252-257-4822 (Office) 252-257-1302 (Fax) www.canSellnow.com

The National Association of Auctioneers have reported over the last several years an increace in the sale of residential and commercial by using the auction method. There is a reason for this. It used to be that when one heard the word "auction" someone would think of foreclosures, bankruptcies, or government seized properties. While that may still be true to a degree, times are changing and changing fast. Many consumers are not seeing "value" in the amount that is being paid in the way of commissions. That is one reason they are turning to auctions as an alternative to the list and hold method. As a professional Auctioneer, I can tell my clients that I can sell their home in 30 to 45 days from the day we sign the agreement, get a contract without any contingencies, and have a qualified buyer that has already been approved and can close in 30 days or less. My clients see value in that. Auctioneers that are licensed to sell real estate will see their income increase because of the upside down real estate market we are in today. Ron Taylor<>< President/Broker/Auctioneer The Restorer, Inc. D/B/A Taylor and Sons Real Estate & Auctioneers 252-257-4822 (Office) 252-257-1302 (Fax) www.canSellnow.com

Yes, it can take months for a short sale offer to go full cycle with a lender. The amount of paper work, viz., short sale workout package, is quite time consuming for the realtor or an auctioneer like myself but there is no way around it. Remember how much financial information the lender wanted to approve the initial loan? Well, the same information plus more, is needed to see if the homeowner can qualify for a short sale. That is why we try and get the short sale approval before trying to market the property to the public and then auction the property as quickly as possible. Whether you are an auctioneer or a realtor, your commission must be approved by the lender. That commission rate must be on the net sheet, i.e., preliminary HUD 1. Do not try and negotiate your commission after getting the short sale approval or you may be in for a surprise. I suppose it is good the NAR is doing something about disclosing a short sale situation but it will not shorten the time frame to get approval. For more information about auctioning real estate, go to my website at www.canSellnow.com. Ron Taylor<>< President/Broker/Auctioneer The Restorer, Inc. D/B/A Taylor and Sons Real Estate & Auctioneering 252-257-4822 (Office) 252-257-1302 (Fax) www.canSellnow.com