Village properties - It takes a
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Selling tax foreclosed properties - It takes a Village 10.3.19 Cheri Hipenbecker Gen. Counsel Knight Barry Title [email protected] Amy Turim Real Estate Dev. - City of Milwaukee [email protected]
Transcript of Village properties - It takes a
Selling tax foreclosed properties - It takes a Village10.3.19
Cheri Hipenbecker
Gen. Counsel Knight Barry Title [email protected]
Amy Turim
Real Estate Dev. - City of Milwaukee [email protected]
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By the numbers:Milwaukee, WisconsinCity Population: 599,000Metro Area Population: 1,572,000
St. Louis, Missouri City Population: 303,000Metro Area Population: 2,800,000
Atlanta, Georgia City Population: 498,000Metro Area Population: 5,950,000
Source: HUD ACS & CHAS 2011-2015
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By the numbers:
City of Milwaukee, Wisconsin
Median Home Value: $118,000
Owner-Occupied Homes: 42%
Renter-Occupied Homes: 58%
Median Income: $35,958
Source: HUD ACS & CHAS 2011-2015
#1 City of Milwaukee
How we GET the properties
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Overview - In personam and In rem
6 Mural Artist: Kate Madigan
#2City of Milwaukee
How we SELL the properties
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60 Days
Owner Occupancy Restriction
Partner Broker lists the property
After 60 Days
InvestorsCBOsOwner Occupants
LISTING TIMELINE CITY ORDINANCE + DEPT. PROCEDURE
30 Days
Owner Occupancy RestrictionCompetitive Bid Period500+ Letter
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Common Council Authorization to Use Listing Brokers
Pilot Program - 5
1st RFP - 2014
Pilot Status Ends - 5 more
2nd RFP - 2014
Contracts up - 10 new
3rd RFP - 2017
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2206 N. 37th St.
1730 SF
2/2 Duplex
Built 1894
#3City of Milwaukee
Public and Private sectors UNITE
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1-4 Unit Property Sales Since Jan. 1, 2014:
2,036 Properties Sold
772 Properties Sold by Broker Listing (38%)
Capacity = Built
#4City of Milwaukee
How we make our City BEAUTIFUL
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Shift in OperationsPartnership with Realtors
OLD:Purchase Price + (100% of Scope of Work - sweat equity) = Proof of Funds
CHANGE:Purchase Price + Essential Repairs + Performance Deposit = Proof of Funds
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Regular Sale Essential Repairs
✔ $ 1000 Owner Occupants
✔ $ 2000 Investors (for each/every property)
Project-based Requirements for Code Compliance
BEFORE AFTER
Code Compliance Required Workforce Project
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Partnership with settlement company:
✔ Fund Verification
✔ Performance Deposit Escrow
#5A few words of Caution
What Could Go Wrong?
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https://www.clickorlando.com/news/schemes-and-ripoffs/orlando-home-buyers-lose-46000-in-title-company-impostor-scheme
Cyber risks and best practices● 2 factor
authentication● Educate● Avoid wires?● If it happens, do
you have your team in place?
https://www.clickorlando.com/news/schemes-and-ripoffs/orlando-home-buyers-lose-46000-in-title-company-impostor-scheme
Baltimore - Ransomware and Extortion
● Attack on May 7, 2019 - RobbinHood encrypted hard drive data
● Hackers demanded $76K in bitcoin
● Baltimore said NO - estimated costs of $18.2M in lost or delayed revenue and direct costs to restore services
What affected?● All servers taken offline except
“essential services”. Not all back up until mid-June?
● More than 1500 real estate sales delayed - no water or property tax bills
● Affected hospitals, factories producing vaccines, airports etc…
● Baltimore failed to budget to insure against cybercrime, train and protect
Other cities attacked- Atlanta $17M to repair the damage; Riviera Beach FL paid $600K and Lake City FL pid $500K to get data unlocked
#6Audience
‘Because that’s the way it’s always been done’
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Connect the People in YOUR Village
Lenders
RealtorsCity
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Title Co.
SUCCESSFUL HOME
OWNERSHIP
“I’m a Wisconsin kid, so I like brats and burgers and stuff
like that. Cheese curds.
J.J. Watt
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