With 4000-6000 properties scheduled per day in California and only 50-150 actually selling (1-3%), getting a shot at a California foreclosure is truly like finding a needle in a haystack. Fortunately, the FTT solves this enormous challenge by predicting with 86.1% accuracy which properties will actually sell at auction each day. Combine this groundbreaking technology with our on-site, at-auction bidders and capital, and Sound Equity is making it easier than ever to compete and win in this tough environment.
Plus, with our new mobile and online bid management system, investors can bid on auction properties right from their computers, smart phones or tablets and our underwriters and on-site bidders can instantly go to work helping our clients win the best auction properties in California!
- New “Bid” link in FTT emails make it easy to bid from anywhere
- Full, unlimited access from computers, tablets and Smartphones
- Online, easy to use Bid Management for Sound Equity clients and our underwriters, bidders, sales staff and brokers.
With only 1-3% of scheduled properties going to auction, the best way to win is to jump on FTT “Hot Property” emails. The FTT scours every trustee sale every 5 minutes looking for clues suggesting which properties will actually go to auction and be worth buying. Properties it picks are instantly emailed to our clients and the thousands of properties that cancel, postpone or aren’t worth pursuing are automatically filtered out. No most wasting time on the 97% that don’t go to sale. Instead, FTT users can focus on the 86.1% of daily sales that the FTT identifies. There is truly no faster or more convenient way to find out why properties are worth jumping on.
Last Minute Opening Bids
For every hour of notice the bank gives when they set the opening bid, properties are bid up 1% higher. For example, properties with an opening bid set 3 hours before auction time sell for an average of 3% higher. On a $300k property, that’s $9000 in lost profit potential.
Why? Simply, the earlier the opening bid is set, the more people know about it. Last minute opening bid drops present quite possibly the ONLY properties worth buying at auction today and there is absolutely no better way to jump on last minute opening bids that with Sound Equity’s FTT system and on-site bidders.
To make it even easier for our clients to jump on last minute opening bid drops, FTT Emails now include a “Bid” link in the left column for each property (see screen shots below). Clicking this link takes the user to the property details page on the FTT web site where the user can submit a bid, request a loan, save their diligence or just express preliminary interest in a property… all from any computer, tablet or Smartphone. Our underwriters and bidders are instantly notified and will be ready come auction time!
FTT Website—Property Diligence
Sound Equity Due Diligence
Each property on the FTT website includes the option for Sound Equity underwriters to save information from our diligence on each property. As part of SEI’s diligence, we’ll specify a Suggested Bid (based on our experience on what properties are selling for) and a Max Loan Amount.
Client Diligence, Placing a Bid and Requesting a Loan
We also enable clients to save their diligence, submit their preferred and max bids and requested loan amounts. Our underwriters will thoroughly review every property bid on that we think is going to auction. And when you place a bid, we’ll not only do the bidding and buy the property for the lower possible price, but you’ll know that we’ve done our homework. After all, we don’t up on 75% of the capital on a property unless we know it’s a great investment!
- Preferred Bid: How much you hope to get the property for. Our bidders will always bid in small increments to win properties at the lowest possible price.
- Max Bid: This is the absolute highest possible price you would be willing to pay. Again, we hope to win for a lower price, but this is the highest amount you could pay to beat out other bidders.
- Requested Loan Amount: This is how much you’d like to borrow from Sound Equity.
FTT Website—Bid Management
Sound Equity clients, staff & brokers now have a new menu item on the FTT Website… labeled “My Bids” for clients and simply “Bids” for our bidders, underwriters, etc.
Clicking “My Bids” provides access to all pertinent information for bids placed on properties. There’s also a “Bid Search” window that allows advanced users to search by over a dozen fields to view & manage bids they’ve placed on properties.
Users can then bid on additional properties or view detailed information on each property or update their diligence or bid information.
With thousands of “junk” that isn’t going to auction to weed through, tough competition and limited professional services, Winning at trustee sale auctions has never been tougher. With the help of Sound Equity’s FTT technology, our on-site bidders, millions of dollars of capital available for lending at auction and insanely experienced underwriters, Sound Equity provides the key ingredients to successfully investing at the auctions.
For more information, visit us at www.SoundEquity.com, call our main line at (888) 490-4450 or call your Sound Equity sales rep.