Realtor to the Rescue

1. Realtor to the Rescue Helping Families Buy Homes Stabilizing Neighborhoods in Oakland County A Public-Private Partnership with NOCBOR Oakland County Treasurer’s Office

2. What is Realtor to the Rescue? • REALTOR to the Rescue is a program developed in 2011 by NOCBOR and the Office of the Oakland County Treasurer that connects the concierge-style professionalism and customer service of licensed REALTORS with families looking for a home who are less familiar with the property tax foreclosure process. • The County Treasurer’s Office conducts two live auctions each year in accordance with the General Property Tax Act. Purchases require careful due diligence to identify all potential issues with properties!

3. Mission Statement Realtor to the Rescue will partner the Treasurer’s Office with area Realtors to connect families in need with suitable homes from the Oakland County Land Sale. Some commercial properties will be included; focus is on placing families and new businesses who will plant roots and become part of the community. Selling properties pays commissions and recovers delinquent property taxes, interest and fees.

4. Tax Foreclosure Timeline

5. History of Realtor to the Rescue

6. 2014 Realtor to the Rescue Properties • A list of Realtor to the Rescue Properties will be emailed with lock box codes to participating agents. • That list will be updated if new properties become available for showing. • Residential properties have been trashed out, swept, mopped and cleaned to the extent practical.

7. 2014 Land Sale Auction • When? • Monday, August 18, 2014 = Townships and Villages • Tuesday, August 19, 2014 = Cities other than Pontiac • Wednesday, August 20, 2014 = Pontiac • Where? Ultimate Soccer Arenas, 867 South Blvd, Pontiac • Live Auction begins at 10am each day • New Policy: No same day registration!

8. Registering your client as a bidder • Registration is open July 9-August 15, 2014 at the Treasurer’s office or at www.oakgov.com/treasurer • Your buyer must be a registered bidder. • Same day registration will not be permitted this year. • Additional restrictions: • Bidder cannot owe delinquent taxes in Oakland County. • Bidder cannot have lost property to tax foreclosure in Oakland County within the last three years. • Payment by the winning bidder is expected the same day of the sale at 1200 N. Telegraph, Pontiac, using certified check, money order or cash.

9. Waiver and Release of Liability Form • Waiver and release of liability forms must be completed in full and signed before each showing by all parties entering the property. • Fax to 248-858-1810 or email to treasurer@oakgov.com • Available on our website at www.oakgov.com/treasurer.

10. Designated Buyer-Agency Agreement • Purpose: Officially informs County Treasurer of buyer’s intent to bid on a Realtor to the Rescue property. • Required if buyer is interested in bidding on a property at Land Sale Auction that is part of Realtor to the Rescue. • Designated Buyer-Agency Agreement must be signed before the Land Sale begins. • Must be received by 9:00am on August 18. • Fax to 248-858-1810 or email to treasurer@oakgov.com • Available on our website at www.oakgov.com/treasurer.

11. How the Money WorksAll criteria must be met in order to be compensated. • Property must be a part of Realtor to the Rescue program; • Waiver and Release of Liabilitysigned and received by Treasurer’s Office by 9am on 8/18/14; • Designated Buyer-Agency Agreement signed and received in the Treasurer’s office by 9am on 8/18/14; • Realtor must physically show the property to buyer; • Buyer must be the highest bidder on the property at the land sale, and must complete the transaction; and, • Invoice must be provided to the Treasurer’s Office by the Realtor within 30 days of Land Sale.

12. Payment Requirements • Invoice must be on company letterhead • Must include client name, sale number, parcel number, address, minimum bid, winning bid and amount commission • The Oakland County Fiscal Services Registration Packet, including W-9 form, must be filled out and returned with invoice • Vendor name must match invoice name exactly and must match tax identification number as filed with IRS exactly • Commission must be paid to the brokerage • Commission will not be paid for property purchased by a REALTOR.

13. Compensation Schedule Compensation for Realtor to the Rescue is based on the final winning bid price • Less than 2 times the starting bid = $750.00 • At least 2 times the starting bid = $1,000.00 • At least 3 times the starting bid = $1,250.00 • At least 4 times the starting bid = $1,500.00 Turnaround time on payment may be as little as 3 days for wire transfers or two weeks for checks.

14. Partial List of Issues with Tax Foreclosed Properties • Title Insurance and Title Issues – Title companies and underwriters have required additional quiet title actions and due process certification for properties purchased at auction. • Special Assessments – Special assessments, including for utilities or sidewalks, survive the property tax foreclosure process and remain in effect for their natural life, or the years remaining on the special assessment. • Environmental – Oakland County makes no representations regarding the condition of the property, which must be carefully researched by Realtor and/or buyer. • Zoning – Is the property condemned for demolition? You want to start a restaurant but the property is zoned locally as residential only. Check with your local city, village or township for any and all issues related to zoning and the status of the property. • Many others – The tax foreclosure process is almost three years, so many of the properties we auction have been neglected for at least that long. A satisfied customer will be one who is not surprised.

15. Questions? • Point of contact: Jody Weissler DeFoe, Chief Deputy Treasurer defoej@oakgov.com 248-858-0625