Chris Johnson - REALTOR Daytona Beach, Florida

I thought it might be cool to post weekly the number of Residential Listings on the Daytona Multiple Listing Service (MLS) to track fluctuations in our inventory levels. Tonight Daytona Beach MLS has 5,725 residential real estate listings. I believe this is up from last week's numbers.

In January there were 150 sales and out of those sold 1/3 were either bank owned, HUD owned or repossessed. So far in February there have been 66 residential home sales in the Daytona MLS and out of those sold 11 were either bank owned, HUD owned or repossessed.

I just started using Google adwords to drive traffic to my daytona beach real estate websites: www.ChrisThePro.com, www.VolusiaHomeHunter.com, www.OrmondHomeHunter.com, http://www.portorangehomehunter.com/, www.DaytonaHomeHunter.com and http://www.386foreclosures.com/.

I have heard in the industry that you need to boost activity on your real estate website by "pay per click" advertising. Google, the largest search engine in the world, provides excellent tools such as keyword search, multiple ad campaigns, goal settting and tracking to name a few.

This is a very powerful website tool, easy to use and it's FREE to sign up (you will be charged per click on your sponsored sites if a browers clicks your link). The world of technology has changed the face of real estate in Daytona Beach, real estate in Port Orange, real estate in Ormond Beach, real estate in Palm Coast, the state of Florida and all over the world.

My Name is Chris Johnson and I'm a REALTOR serving the Daytona Beach, Port Orange, Ormond Beach and Palm Coast areas. If I can do it...so can you!

I just started using Google analytics to monitor traffic data to my daytona beach real estate websites: www.ChrisThePro.com, www.VolusiaHomeHunter.com, www.OrmondHomeHunter.com, http://www.portorangehomehunter.com/, www.DaytonaHomeHunter.com and http://www.386foreclosures.com/.

This is a very powerful website tool, easy to use and it's FREE. The world of technology has changed the face of real estate in Daytona Beach, real estate in Port Orange, real estate in Ormond Beach, real estate in Palm Coast, the state of Florida and all over the world.

My Name is Chris Johnson and I'm a REALTOR serving the Daytona Beach, Port Orange, Ormond Beach and Palm Coast areas. If I can do it...so can you!

An REO (Real Estate Owned) is the term used in the banking world to describe a property that goes back to the mortgage company after an unsuccessful foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank. The minimum bid in most foreclosure auctions equals the outstanding loan amount, the accrued interest and any costs associated with the foreclosure sale including attorneys' fees. After an unsuccessful auction, the bank will go through the process of trying to sell the property on its own. It will remove some of the liens and other expenses on the home and try to resell it to the public, either through future auctions or direct marketing through a Realtor. Generally speaking, bank REO properties are in poor shape in terms of repairs and maintenance; however, real estate investors will often go after these properties as banks are not in the business of owning homes and so, in some cases, the low price can more than compensate for the condition of the property. Once a property is REO, the bank or lender will try to get rid of the property by either selling it directly themselves or through an established broker.

Please visit my website to learn more FLREOProperties

1. Verify the outstanding balance due on the note and the actual repayment terms of the note. I cannot stress enough that you MUST review the actual documents that were executed!

2. Verify with the seller of the note (the Assignor) the interest paid through date (or last paid date)

3. Verify the next payment due date.

4. Ascertain that the mortgage (or trust deed) is an insurable FIRST lien position loan (assuming you are buying a 1st lien). This is where a review of the existing mortgagee/lenders title insurance policy comes into play. Such a loan title insurance policy was probably issued when the loan was originated. You also want to establish the status of the property taxes, whether they are current or delinquent, and any impound escrow funds that might be held and be transferred to you for such payment as taxes and fire hazard insurance premiums.

5. Confirm the value of the collateral property that secures the note (that is today's fair market value). You can do your own evaluation, or have a BPO (broker price opinion) report done, or a formal drive-by, exterior only appraisal, etc.

6. Get the actual mortgage (or trust deed) security instrument assigned over to you or your entity. The assignment, once executed and recorded, will accomplish this and transfer all rights, title, and interest in the instrument to you; the assignee.

7. Have the original promissory note instrument endorsed over to your or your entity (making sure the assignment of the security instrument and endorsement of the note match one another). The endorsement can take place right on the actual original promissory note instrument or via a separate note allonge (an attached endorsement).

8. Have physical possession of the original promissory note instrument given to you. This is the negotiable instrument you are purchasing and whose rights you will be able to enforce for non-payment of the debt.

9. You may want to obtain an estoppel affidavit from the Assignor. They will affirm for you the actual balance and terms of the note and might be useful in a later dispute with the debtor.

10. Obtain notification letters to both the note payor and fire hazard insurance agent notifying them of the transfer of the note account. (These are often referred to as so called "goodbye," "welcome," and change of loss payee letters).

It would be wise to further consult with your own attorney to make sure that what you are purchasing is what you bargained for. Once you own the actual debt instrument (the note) there are a number of options available for you to pursue in an attempt to collect or get the note instrument performing. Some of these options will be covered in a future article.

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