March 11th, 2011
Hello and Welcome to the ReiFax.com Webinar Training Archive for March 11th, 2011. Here are some of the questions our subscribers asked in today’s training. Please watch the video to see the answer to all these questions and more:
- Q: I just signed up for the program. Does it cover all of the Board of realtors information for palm beach county?
- Q: what is “active value” ?,
- Q: If sold comps do not show any sold foreclosures or pre-foreclosures but there are about 100 around the subject property. How could you use that distress information in your analysis report to support a lower BPO?
- Q: I see there are no saved searches preloaded. Are there any that you share that are not your “trade secrets”?
- Q: I did not get a chance to view the BPO video, but I would like to see one start to finish
| ow can i find the mailing or contact information for the property owner |
| Filed Under: ReiFax Trainings Archive Tagged with Board Of Realtors, BPO, CMA, Comps, Foreclosures, Google, Hello, Long Time, New Features, Ow, Palm Beach, Palm Beach County, Platinum Subscription, Probate, Property Owner, Subject Property, Subscribers, Telephone Numbers, Trade Secrets |
March 4th, 2011
Hello and Welcome to the ReiFax.com Webinar Training Archive for March 4th, 2011. Here are some of the questions our subscribers asked in today’s training. Please watch the video to see the answer to all these questions and more:
- Q: Is there a way that your system can generate the seller’s telephone numbers
- Q: How to work with estate leads?
- Q: How to work with a probate leads? Do we have a name of a personal representative?
- Q: Tell me about the difference between the BPO produced by Reifax and a BPO produced only with MLS.
- Q: hey ramon, first time i use xima, now reifax, in a long time. can you quickly show me how i can do a basic cma?
- Q: ramon, do you do one on one training?
- Q: What are the new features?
- Q: What kind of Probate information is available with the Platinum subscription?
- Q: I would like to run through an example from the beginning on how to run a BPO
| ow can i find the mailing or contact information for the property owner |
| Filed Under: ReiFax Trainings Archive Tagged with Addendum, BPO, CMA, Designation, Electronic Signatures, Foreclosure, Google, Hello, Lead Paint, Long Time, New Features, Ow, Platinum Subscription, Probate, Property Owner, Rei, Report Features, Subscribers, Telephone Numbers, X Ray, Xima |
September 3rd, 2010
Hello and Welcome to Xima’s Webinar Training Archive for September 3rd, 2010. Here are some of the questions our subscribers asked in today’s training. Please watch the video to see the answer to all these questions and more:
- Q: can I search by lien/mortgage holder (e.g. all SFR in Miami Beach with x amount of equity and mortgage with chase bank)
- Q: Can you select 2 specific houses and compare them to each other? Can you pull up a single house get specific info and run a BPO for it?
- Q: It does but more specifically….can I enter a specific address, get comps and do BPO? I am doing driving for dollars and want to compare/BPO a specific addresses. Thanks,
- Q: what’s the best way to check if the phone is in the do not call list?
- Q: Hi, I’d like to ask why every single time that I log in is telling me there is a previous session running?
- Q: what’s the best way to find REO’s that’s been in the market forever, from the older to the newest one.
- Q: is there a way to see the MLS history listing of a property?
- Q: what does the letter ‘A’ means under for sale column? (A = active, meaning listed in the mls?)
- Q: is there a way to have a template for the Comparables Screen ?
- Q: I found ths property that does not get any comparables “12630 COUNTRY CLUB LN”. Is this correct? can you elaborate what may cause this situation in the system? (Our criteria was 1) Zip =33167 2) Foreclosed 3)For Sale = yes)
- Q: is there a way to filter a property search so only the out-of-state owners are listed?
- Q: What does BPO stands for?
- Q: Does Xima provides additional information to Realtors?
- Q: Is there a tutorial on the BPO report?
- Q: Why are some MLS listings not listed on Xima
- Q: How do I do a search about an area of homes with recent sales of 750 K of more
- Q: How soon is information about price, available after a closing occur
- Q: What is the best way to compare and contrast a good investment on a house using the tools?
- Q: What is the best way to contact the homeowner to discuss a possible purchase?
| Filed Under: ReiFax Trainings Archive Tagged with BPO, Chase Bank, Driving For Dollars, Google, Hello, Ln, Miami Beach, Mls History, Mls Listings, Mortgage Holder, Property Search, Realtors, Reo, September 3rd, Sfr, Subscribers, Webinar |
We are real estate investors and work extensively in the pre-foreclosure market. Many times sellers are financed 100% or close to it and there is no deal to be had so we try to negotiate with their lender to do a short sale or short payoff. As part of the process the lender needs a BPO to determine fair market value.
What is a BPO? A Broker’s Price Opinion is a market value assessment usually performed by a licensed real estate agent or broker. These are most often done on properties that are in foreclosure. A lot of times when the property is not sold before or at auction, the BPO that did the opinion will get to list the property. Sometimes it can be a full time appraiser looking for extra work that may do the BPO. Because of the fact the agent may eventually get a listing they tend to sometimes give a high appraisal.
Now realize that market value generally assumes a home in great shape needing no repairs. 90% of retail buyers will not buy a home that needs any repairs. Many lenders will not finance a home that needs wood replaced or roofing done.
What is a Drive By? A drive by consists of a BPO going to the house and stopping in front, taking a picture of the outside and driving off. They never get out of the vehicle, never to see the inside or any damage or repairs needed on the property. Comparable sales, past appraisals and tax records will be used to determine the value of the home without taking needed repairs into account. A lot of houses have good curb appeal, once you step thru the front door it’s a different story. We have had the BPO agent miss the fact that a tarp was on the roof to stop the rain from coming in the house because the holes in the roof were on the back of the house and the agent never stepped out of their vehicle.
How can I get an accurate BPO Appraisal? Be there early. Bring pictures and the list of repairs from your first visit. Develop rapport and become best friends with the appraiser. Do your homework on the neighborhood. Look for true comps. Example: If you are looking at a stucco home and the rest of the neighborhood is brick. You can’t find true comps. For future reference if you are in a mid to high humidity area, get a moisture test on the stucco and bring the results with you.
How can I keep from being a victim? Arrive 45-60 minutes before appt. Do not allow the home owner to greet the BPO instead of you. Stay where you can see the road. If you see a vehicle pull up and stop, jump out and holler politely,” Would you like to see the inside of the home”? To make the experience better for yourself and the BPO offer help. Tell them what you have found. Don’t take it personally if they don’t want help from you. Do your homework. Don’t let the homeowner show them around as they will try to point out nice things. Your job is to point out the flaws of the house and drive the appraisal down. Make sure the lender knows you are the point of contact for the BPO agent and to contact you to set up the appointment for the BPO. The pictures that you took on the first visit need to be printed out; if digital take them to a kiosk that makes prints. Have 3 copies made. Put two to a piece of paper, go with colorful construction paper, yellow is a happy color, go to your local office supply store and get printable file folder labels. In detail tell what’s wrong in the picture. Give the BPO agent 1 copy. Let them know what you have found wrong with the house or yard. Give them a repair list. Any true comparable sales you have found within a 5 mile radius will also help. Always pick the lowest comps. You will document a lot more problem area’s with the house than the BPO will see. This will be the difference of making 30k or 5k on a house.
August 27th, 2010
Hello and Welcome to Xima’s Webinar Training Archive for August 27th, 2010. Here are some of the questions our subscribers asked in today’s training. Please watch the video to see the answer to all these questions and more:
- Q: the webinar is every Friday?
- Q: How do I delete a Saved “Search, templates, etc”?
- Q: where is the link for the webinar record?
- Q: how do we do an equity search to find out if and how much an owner’s equity is?
- Q: once you have a BPO or any type of report, how do you send the link to someone? I figured that out before on my own and sent myself an e-mail link. However, after a couple days I tried opening the link and it said it was “non existing site” or something like that.
- Q: can you ADD an item to the left column of the default?
- Q: Is the new residential interface part of our subscription or do we have to pay additional for it?
- Q: Good morning Ramon, What is the banner that says subscribe to free realtors web site banner at the log in page?
- Q: What are the standards for the bpo report? i see at times, the TSqFt is greatly different between the properties the system included in the report, subj prop = 3000+, but comps were 7000+. and. the subject prop was a 4/3, and the comps brought up 3/1′s.
- Q: When the equity shows undefined, how do we find what the equity is on the property? Thank you.
- Q: Hello Ramon. Do the listings on Xima include the contact number for the properties?
- Q: Is the Debt on the property accurate? How accurate is it? thanks,
- Q: If REO properties fall under the foreclosed tab, how does your system separate foreclosed properties not yet bank owned vs REO properties
- Q: How do you access the training link?
- Q: I am trying to use Xima for the first time. Will this Webinar teach us how to use this program from the beginning step by step or is there another suggestion you have to learn this?
- Q: BPO stands for?
- Q: what is the easy way to have a BPO report in a PDF format?
| Filed Under: ReiFax Trainings Archive Tagged with BPO, Comps, Contact Number, Couple Days, E Mail, Foreclosed Properties, Google, Hello, Interface, Left Column, Mail Link, Realtors, Reo Properties, Search Templates, Subscribers, Suggestion, Webinar |
