31 May Ep. 42 Distressed Properties with Ben Nichols
In this episode, Realtor Adam Kruse and Realtor Shannon St. Pierre talk about distressed properties with asset manager, Ben Nichols, of Nichols and Associates Real Estate. Find out what happens during the foreclosure process and what to do if squatters are found.
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0:44 Adam introduces Ben Nichols of Nichols and Associates Real Estate
1:55 What is Ben’s history in real estate?
4:09 When did Ben decide to start focusing on foreclosures?
5:21 What is an asset management company and an asset manager?
8:14 Adam remembers when it was really hard to get retail listings
9:03 What is the procedure when obtaining a foreclosed property?
11:00 Is it interesting to go through the properties even before the property preservation company does?
12:16 What is relocation assistance and cash for keys? How does cash for keys help avoid paying homeowners associations, Missouri Sewer District, attorneys, court costs
13:16 What is broom swept condition?
14:00 How does a homeowner get foreclosed on after living in a home for 30 years?
14:10 What is a reverse mortgage? Why is appraising a reverse mortgage foreclosure so important?
16:05 Why do banks have a seperate account to pay for things that are not covered by the HUD and why do the listing agents have to float those fees?
18:00 What happens when a property is found vacant?
18:15 Is an asset manager allowed to immediately take any of the stuff he finds in vacant properties?
19:35 What kind of stuff does Ben find to be valuable when looking through a vacant property?
21:00 What kind of first time home buyer gifts does Ben give out from his collection of found stuff?
21:44 What is a personal property eviction?
22:10 When evicting, should all the property be thrown away?
24:20 Are personal items from a foreclosure still put out on the lawn?
26:10 What happens when there is a squatter in a property that’s been foreclosed?
28:10 Does Ben wear a bulletproof vest and carry a weapon?
28:40 What is a foreclosure?
29:18 What does it mean that Missouri is a 3 party ownership state?
29:40 What does a foreclosing attorney do?
30:45 What is a sheriff sale when it comes to foreclosed properties?
31:55 Where do sheriff sales take place? Do sheriff sales take place on the actual courthouse steps?
32:30 How does a bank buy a property back from itself?
34:35 How do buyers get updated on notices of default?
35:30 How long with an REO (real estate owned) property sit on a bank’s balance sheet?
37:00 How can a lawyer delay an eviction even after the bank owns the property?
38:10 Why are people always mad at the bank when they get foreclosed on?
39:10 Is it true that property owners will retaliate against a foreclosure by pouring concrete down the drains?
41:00 Are there rules against stripping the house of everything before getting evicted?
41:30 What is a deficiency judgement?
43:27 How do you tell if methamphetamines have been used and cooked in a house and does it need to be disclosed when selling it?
44:10 What does the company Bio Absolute do?
45:40 How do you fix a mold problem in a foreclosed property?
47:30 Will there be more foreclosures in the future?
48:18 What is shadow inventory?
50:00 What is a broker price opinion (BPO)?
55:15 Are foreclosures always sold as-is?
57:03 How can a foreclosure be sold while still occupied?
58:00 What happens if a landlord stops paying the mortgage while there are leasors living in the property?
1:00:28 You can reach Ben at NicholsRealtySTL.com
1:01:43 Where is Ben at his best?
01:02:16 Does Ben have a favorite blog or podcast?
1:03:31 What is Ben’s guilty pleasure?
1:04:21 Who is Ben’s mentor and how has he thanked them?