Tips On Buying Real Estate At Auction
HIGHLIGHTS OF TODAY’S PODCAST:
MARKET NEWS
LOOK BACK TRIVIA CONTEST
Questions answered by Lance Walker:
1) What is selling on your website now?
2) Why are you doing more online auctions now instead of live?
3) If someone has real estate or personal property to sell, what is the process of having an auction?
4. Why an Online Auction? What are the advantages of the online auction for buyers and sellers?
Other questions answered by Lance Walker :
- Why has there been an increase in the sale of real estate at auction?
We now live in an instant world where people want it done now. (Take the U out of auction and you have action)
What are the advantages of Selling Real Estate at auction?
Questions answered by Jo Garner:
REAL ESTATE TIP OF THE WEEK (Lance Walker )
Announcements
5/31/14 “Tips On Buying Real Estate At Auction”
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Good morning Memphis! Good morning across the country on IHEART radio. You’re on the Real Estate Mortgage Shoppe program. I’m your host, Jo Garner, mortgage professional with Evolve Bank and Trust. Our topic today is “Tips On How To Buy Real Estate At Auction.” Our co-host, Hall of Fame Auctioneer, Lance Walker of Walker Auctions in Memphis will be able to help us learn some skills today that hopefully will be able to SAVE you some money AND MAKE you some money. Lance Walker, fast talker, Auctioneer/Realtor who conducts over 100 auctions annually. Sells real estate and estates exclusively at auction in the Memphis area. Conducts benefit auctions from California to Florida to Canada. Last year Walker Auctions helped charities raise over $12,000,000 through successful benefit auction events. Lance, its always a pleasure to have you in studio with us. Tell our listeners a little about yourself and Walker Auctions.
(Jo) Lance’s wife is also an award winning auctioneer around the nation tool Lance, what do you and Terri see has trends in the real estate and market place right now ?
(Jo) The mortgage market has not moved at all the way financial experts predicted they would, but its not because of normal market indicators we are seeing here in the States but more about how the European Central Bank decides to handle their own version of Quantitative Easing to boost their economy. One of the safest bets for investments if the ECB employs their own QE is to put your money in US bonds which should drive down our mortgage rates since mortgage rates are tied to the US bond market. There is, of course, no guarantee that the European situation will keep our mortgage rates low over here. Next week comes in as a “high risk” week for mortgage rates because the European Central Bank will make some important decisions regarding their Quantitative Easing AND, here in the United States, we will have our all-important JOBS SITUATION report come out next Friday. My advice? IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY! 30YR FIXED – 4.125%
- FHA/VA – 3.75%
- 15 YEAR FIXED – 3.25%
- 5 YEAR ARMS – 3.0-3.50% depending on the lender
- If you are only 30 days or less away from closing, you may want to consider locking your mortgage rates with the mortgage company and not take any more chances.
- (Jo) Based on a poll of 31 property analysts polls show that prices in the U.S. have peaked and that further increases over the next two years will be more restrained. The analysts’ predictions centered on a median 7.5 percent increase this year and a gain of only 4.0 percent by 2016.
Let’s talk about winners and losers on the market news this week. Winners may be those who waited a few extra days to lock their rate and terms, even though most people who locked over the last month also got great rates on their mortgage. Losers could be “bottom fishers” (people who try to wait for the lowest rate and miss it totally) because they were too greedy and would not lock their terms with the mortgage company until too late. If you have a home or if you know someone trying to refinance a home, my very capable assistant, Susan Belew and I would like very much to give them some bragging rights on their home purchase loan or refinance for a primary residence, 2nd home or investment property ANYWHERE in the country, call me right now on the air at 901 535 WREC or directly off the air at 901 482 -0354. That’s 901 482 0354. Or catch me on my blog www.MortgageLoansBlog.com
If you’ve tried to close on a refinance loan or a home purchase loan and could not get approved for one reason or other, call me. Values have gone up in a lot of areas more than most homeowners think. What was NOT possible a few months ago, may very well be possible now. Susan and I have some mortgage products for certain types of refinances that don’t even require an appraisal.
If you have been turned down for a mortgage because your credit scores were slightly off, there are some very simple things you may be able to do to very quickly get your scores where they need to be for you to go through with refinancing or buying a home. For customers who just need to gain about 10 to 20 points in a month or two, we may be able to help you using our Credit Simulator tools. If you have been turned down for a loan because of an investor overlay or extra loan restriction required by another bank, let’s talk about a solution for you. Evolve Bank and Trust, at the time of this podcast, goes directly to Fannie Mae and Freddie Mac and other lenders so we have almost no investor extra restrictions at all. Call me on the air at 901 535 WREC or directly at 901 482 0354 or catch me on the blog www.MortgageLoansBlog.com
Today we’re talking about “Tips On Buying Real Estate At Auction” with Hall of Fame auctioneer, Lance Walker of Walker Auctions. Lance, can you tell us some advantages for a seller to use the auction method of selling? Lance launches his topic>
2ND SEGMENT 9:18 AM It’s time for the Look Back Memphis Trivia Contest brought to you by notable Memphis historian Jimmy Ogle. Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn. For information about Jimmy Ogle and his schedule for the historic walking tours, go to jimmyogle.com. Our Look Back Memphis Trivia Contest SPONSOR is Marlene Foster of ADT Security Services—the number one security system. Give Marlene a call at 901 232-6277. She will take good care of you Marlene is giving away a $25 gift card to the first person who calls with the correct answer to our Trivia Contest. If you know the answer, call us on the air at (901) 535 WREC. (901) 535 9732.
Here’s our trivia question : Who am I? (go to hints)
Garner # 16 05/28/14
Riverside Drive
Question:
Hint: I was once the City Dump!
Hint: I opened in 1935, but did not get sidewalks until 2002.
Hint: I annually host the largest festival of its kind in America each May.
Last Hint: I was built to connect Downtown Memphis to the “new” automobile bridge on the south bluffs.
Answer: Riverside Drive
Back Story: In 1892 Memphis built its first bridge (Frisco) across the Mississippi River for a single railroad line. In 1899, Memphis quadrupled its size by annexing all the way out east to Lick Creek (in today’s Overton Park). In 1904, Memphis had eight automobiles and the speed limit was 8mph. By 1916, a second bridge was built (Harahan) to connect Downtown Memphis to Arkansas, as Memphis now had over 6,000 automobiles. In 1935 Riverside Drive became the main thoroughfare for the connection and a small Astor Park (now Tom Lee Park) was built.
In 1991 Tom Lee was expanded to stabilize Riverside Drive, the river channel and the bluff. Riverside Drive was made level, given four lanes and a nicely landscaped median strip between Beale Street and Georgia Avenue. In 2002 sidewalks were added above the cobblestones on the west side of Riverside Drive between Beale and Jefferson. This Summer, the southbound lanes of Riverside Drive, south of Beale Street, will become dedicated to bicycles and pedestrians for a more sustainable Memphis. The loveliest view in Memphis is the sunset along the Mississippi River on Riverside Drive.
Last Week: A.W. Willis, Jr. Bridge. A.W. Willis, Jr. was a WW2 veteran, businessman, lawyer and the first African-American to be elected to the Tennessee legislature in the 20th century in 1964. A.W. Willis, Jr. Avenue now stretches from the bridge (by The Pyramid) to Danny Thomas Boulevard. The A.W. Willis, Jr. Bridge opened in December, 1987 connecting Downtown to 600 acres of vacant land on the Mississippi River, and was dubbed by The Commercial Appeal as the “bridge to nowhere”.
Today, over 7,000 residents called the island home just five minutes from the core of Downtown Memphis. Mud Island Entertainment Park, the boutique hotel named River Inn which houses Paulette’s Restaurant, Tug’s bar, Miss Cordelia’s Grocery, Harbor Town Marina, Maria Montessori School are some of the businesses on the island that include apartments, condos and homes in communities with the names of Harbor Town, Riverset, Belle Harbour, Riverpoint, Island Grove and Rivertown. The 106-acre Greenbelt Park runs the length of the island providing recreational opportunities along the Mississippi River, and even includes a ramp to launch boats. The sunsets are marvelous!
Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn.
Go to jimmyogle.com for the 2014 Spring season schedule and locations.
Shelby County Courthouse: Third Thursday each month at 12:00 noon
TUESDAY TOURS: Tuesdays from April 1 to June 10 at 11:45 a.m. for about four blocks from a different street corner each week
Questions answered by Lance Walker:
4) What is selling on your website now?
5) Why are you doing more online auctions now instead of live?
6) If someone has real estate or personal property to sell, what is the process of having an auction?
Why an Online Auction?
Walker Auctions is a part of MarkNet Alliance which is the largest online auctioneer portal in the country. We have our own online auction portal that has proven to be most successful in selling real estate and personal property. You can go to www.marknetalliance.com and view the several hundred auctions that are taking place across the country now-both live and online.
Online auctions are growing in popularity for several reasons.
- The bidding process is stretched out over several weeks.
- Out of town buyers can go on line and get all the information they need to make a wise decision to purchase on line and save travel costs and time.
- People who are not comfortable bidding in front of others can bid in the privacy of their home.
- You can monitor the sale from anywhere in the country.
- The number of registered bidders remains private. Participants do not know if there are two bidders or twenty two.
- Bidders who wish to remain anonymous can do so online.
- Terms and conditions of sale are agreed to online at time of bidder registration.
- A person can become interested in the property at the last minute and still participate.
With MarkNet’s bid extension option, no one is outbid at the last second. Anytime a bid is placed in the last ten minutes of the auction, the bidding is extended for another ten minutes. This allows people to bid to their optimum amount.
- The marketing program is the same for a live onsite auction as it is for an online auction.
- Potential out of town buyers are more likely to participate using the convenience of online auctions.
- The world is becoming more internet savvy and online purchasing is becoming the preferred choice.
12. Any potential buyer who is not comfortable bidding on line will be personally assisted by Walker Auctions through the process. We can even bid for them if they prefer.
13. Weather will have no effect on the auction attendance.
14. If someone is unavailable on the day of the auction, they can leave a maximum bid in our online bidding program and the system will bid on their behalf to their maximum.
Other questions answered by Lance Walker :
- Why has there been an increase in the sale of real estate at auction?
We now live in an instant world where people want it done now. (Take the U out of auction and you have action)
- What are the advantages of Selling Real Estate at auction?
| -- Auction is the most accelerated form of asset disposition. |
| -- An auction generates excitement and heightens buyer interest. |
| -- Auctions create competition among pre-qualified buyers. |
| -- Auctions create intense demand and exposure where the highest bidder |
| wins. |
| --Auctions realize the properties true market value. No limit on upside |
| potential. |
| --Auctions can convert your property into cash in as quickly as 30 days. |
| -- Auctions reduce carrying costs as a definite timetable for the sale of |
| the property is set. |
| -- Auctions are cost effective there are no negotiations or |
| contingencies. |
| -- Auctions offer a fair, transparent and open marketing program. |
| -- Auctions are not filled with promise they are the "real deal." |
- What are some of the situations listeners may be in that may want them to consider selling at auction.
Homes, land, household contents, estates, automobiles, jewelry,
It looks like you work a lot with senior citizens. Moving into retirement home, moving in with son or daughter, and downsizing.
4. We are seeing more and more online auctions. What are the advantages of an online auction?
As I look on your website (WalkerAuctions.com) It looks to me that you are using the “Online Auction Method” a great deal. Why?
Tell me what Walker Auctions sells online.
5. When someone is selling their home, they almost always have many household furnishings they need to sell. Can you help them with that?
6. Do you work with Realtors in helping them sell their client’s homes?
Questions answered by Jo Garner:
- 3. What steps does someone need to take to ensure that they’ll be preapproved for a loan to buy real estate at auction? It normally takes about 8 to 10 minutes on the phone to do a quick preapproval letter using the automated underwriting software through Fannie Mae or Freddie Mac. To strengthen the preapproval letter considerably, we recommend sending over a copy of your income verification documents, and copies of statements showing your assets. We would have already seen your credit at that point. The appraisal can be a wild card
- 4. What kind of solutions do you offer to get past common barriers people face when they try to get financing to buy a house?
First, clients will tell me they don’t have any money to put down.
The second barrier is showing enough income to qualify for the loan you need to buy or refinance a home.
The third barrier that we can overcome is credit issues.
The fourth barrier is problems with the house needing repaired or a title issue. This is where an experienced realtor or closing attorney.
REAL ESTATE TIP OF THE WEEK: (Lance talks about the most important priority when considering an auction of real estate or personal property, you need to put HAPPINESS about price. What will give you happiness sooner rather than later. )
Jo’s announcements:
- 1. Talk Shoppe offers free education and networking to anyone interested in real estate or in business. This Wednesday June 4, 2014 9A-10A at the YMCA Corporate office 6373 Quail Hollow Rd 2nd floor Memphis, TN 38119 Attorney Kevin Snider of Snider, Snider and Horner, PLLC will be talking about how and when to go to small claims court. For more information about Talk Shoppe, go to www.TalkShoppe.BIZ
- 2. Talk Shoppe thanks the YMCA of Memphis for providing a place to hold the free business events for the community. The YMCA has opened registration for the YMCA Corporate Games, giving businesses a chance to PLAY LIKE A KID AGAIN …and….get some great publicity while having fun. If you would like for your business or employer to participate, contact the Y at www.ycorporategames.org or call Shauna Bateman at 901 766-7677 x 116
- 3. Next Saturday June 7th, 2014 on the Real Estate Mortgage Shoppe, Marlene Foster of ADT Security Systems will be sharing ideas on how to keep your home and office safe and secure. For today’s podcast of our show and other podcasts connect with us on www.MortgageLoansBlog.com
Transition Music: “ The Auctioneer Song” by Leroy Van Dyke; “Sold At The Grundy County Auction” John Michael Montgomery
Lance and Terri Walker of Walker Auctions www.walkerauctions.com
Lance Walker, Auctioneer/Realtor
901.322.2139
Jo Garner’s Bio
www.MortgageLoansBlog.com www.MoneyShoppe.NET (901) 482 0354 jogarner@mindspring.com
Jo Garner is a mortgage officer with extensive knowledge in tailoring mortgages to her customers who are refinancing or purchasing homes all over the country. She offers conventional, FHA, VA or other loan programs for refinancing and purchases.
Jo can help you look at rent vs buy, when it makes sense to refinance, how to get the best deal on your home purchase financing.
Jo Garner has been in the real estate/financing business for over 20 years. She got her start in Portland, Maine where she first began her real estate career. She received her real estate education from the University of Southern Maine and was personally mentored in San Diego, California by Robert G. Allen, author of Nothing Down, Creating Wealth and The Challenge.
On moving back to West Tennessee in 1987, she went into business buying and selling discounted owner-financed notes secured on real estate. In 1990 Jo went to work for a residential mortgage company and has been a mortgage loan officer for over 20 years. Her goal is to offer excellent, affordable service to her customers, tailoring the loan programs to the specific needs of her clients.
In addition to her work in the mortgage field, Jo Garner is the primary sponsor and founder of Talk Shoppe in Memphis. www.TalkShoppe.BIZ She was also the editor of Power Shoppe, a free weekly ezine designed for real estate professionals and others indirectly connected to the real estate industry and currently publishes on her blog www.MortgageLoansBlog.com .
For real estate financing solutions, plug into the Real Estate Mortgage Shoppe program. You can find mortgage rates, FHA Streamline refinance with no out-of-pocket costs, refinancing options, home purchase loan programs, answers and real estate, money-saving tips and more.