Stay in control of your portfolio using our solutions to meet your goals. We are a partner you can trust to help you now and in the future. We look forward to a long term working relationship. Contact Marty Rogers @ 888.618.SAGE to answer any of your questions or discuss your portfolio today.
*Ask about free marketing for each property that sells over $1,000,000!
Note Auctions Sold As a Traditional Sale
One of the first options you have to service your non-performing loan is to sell the note. There is no reason a note sale has to be a “discounted” sale. The mistake lenders or their vendors make is not providing the due diligence buyers require to reduce risk and therefore generate higher values. Note auctions are a great option to sell a number of non-performing loans quickly avoiding the costs and time involved with foreclosure. Note auctions are also useful for any collateral you cannot or do not want to take title to such as particularly difficult borrowers or environmentally impaired properties. A note sale does not have to be any different than a traditional sale with title. At SAGE we auction a note the same way we auction collateral you have taken title. The marketing program is the same. The only difference could be access to the property and a Note Purchase Agreement is signed instead of entering into a Purchase and Sale Agreement. Buyers will discount the note for the time and cost to foreclose but this will be a cost you will incur anyway and should still NET you the same recovery.
Debtor and Creditor Workout
Many times a delinquent borrower is cooperative with the lender and knows the best option is to avoid foreclosure and sell the collateral. In this case a traditional auction can be held as a workout between the borrower and lender (including SBA loans). This is a win-win for both parties. Both parties avoid foreclosure saving both time, money, and the hassle of going through the foreclosure process.
Pre-Market Foreclosure Sales
Another option when you can’t take title to a property but still want results equal to a traditional auction is to market the foreclosure. Foreclosure sales rarely produce buyers because the only advertising of the sale is a legal posting in fine print. It is tedious to wade through those postings and only bottom fishing investors put forth the effort. To get real interest from end users you have to market the foreclosure sale the same way we do any sale to drive interest to the court house steps where SAGE will conduct the auction in lieu of the Clerk of Court. Buyers will compete as in any traditional auction and properties are sold at market values without taking title.
90 Day Listings
Test the market with a 90 day listing (refer to our “What to auction” discussion to determine what properties should be listed). SAGE will market your property with a limited marketing program similar to a traditional broker including signs on the property and internet listing postings. This will help Sage get familiar with the property and get a feel for interest and prospect’s value. SAGE is motivated to generate a contract that meets your goal during the 90 Day Listing before incurring the time and effort required to auction the property.
Property Management
During any listing period with SAGE, we will manage your vacant property from securing it the day of foreclosure to repairing roof leaks or collecting rents. One vendor for all your needs and a free service for any vacant property that closes with SAGE! You will have only one bill to approve saving time processing new vendors and paying multiple bills.
- Secure property; change locks and boardup
- Winterize as necessary
- Complete property condition report with pictures
- Change utilites to SAGE for one vendor billing
- Contract lawncare and repairs as necessary
Need additional services? Tell us what you need to make your job and life easier to manage your portfolio.
REO Auctions to End Users
A real estate auction is THE tool to identify THE buyer who will pay the most for your property. We make a big splash in the market to drive interest and buyers to compete on auction day to sign a no-contingencies contract; no negotiating and no “free look” periods you can’t afford. Time is money. SAGE will produce a market value no-contingencies contract with a 10% non-refundable earnest money deposit approximately 45 days after listing and close 30-45 days after the auction. Fear of the unknown result on auction day is usually the biggest obstacle to most asset managers. At SAGE we use our 90 day listings (see above) and progressive feedback from prospects to establish a base value asset managers can expect on auction day. If our base value does not meet your needs you can call off the sale at any time, even on auction day or selling using a RESERVE. In most cases the property has been on the market, the monthly costs are adding up and an auction is needed because the seller needs a contract at market value. Appraisals and loan balances may be your goal but on auction day the market speaks and the marketing data provided by SAGE at our pre-sale meeting before auction day tells the story. You can count on SAGE to assemble a complete due diligence package, structure a sale method and marketing plan specific to each property, to sell the features, advantages, and benefits to each prospect on phone calls and at property inspections, and to keep you informed on the progress of each sale through our secure web based project management system. Give us a try. The results might surprise you!
