January 6th, 2012

Hello and Welcome to the ReiFax.com Webinar Training Archive for January 6th, 2012. 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: how do I save a search?
• Q: What is the differece between “my follow up” and “my follow list”?
• Q: Can I seperate my follow up into different areas? such as the first three numbers are different.
• Q: My Follow Up:Is there any way in My Follow Up to mark that a property’s agent/seller has made such a large counteroffer that the deal is impossible, without actually deleting the property from My Follow Up? If I delete the property from My Follow Up, then I might end up pursuing it again if I run another search in a week and forget that I already bid on it. I know that I can make a note in My Follow Up, but unless I read through all of my followed properties, this information will not be readily accessible. Is there any way to make this fact that there is no possibility for a deal visually apparent from the follow list?
• Q: Comparables: Hello Ramon, I am trying to create as a low an average as I can within the Comparables window, so that I can send screenshots with offers. When looking at Comparables in Overview, is there any way to filter out properties that sold high, but are still so close in distance/proximity to the Overview property that they are unavoidable when using a rectangle? Or is there any way to isolate properties with the polygon tool but then to eliminate the polygon tool’s appearance so it is not so obvious that the data is being skewed to create a lower average?
• Q: Thanks for the Comparables advice.Probates Contact Info:In an Overview for a probate property, the phone numbers belong to the deceased owner, not the people who are in charge of the estate/property of the deceased right?
• Q: Thank you. If I find a realtor’s contact email is incorrect, and then I find the correct email online, is there any way that I can email it to Reifax so that it can be corrected within the system?
• Q: When we bring up the statistics of the area around a property, we can see that there are properties that are over-leveraged but not on the market.  Is there any way we can click on those numbers and there would be a list that pops up?  It would have to be a link.  I am already aware that we can do the advanced search to get this information but it would be nice to make it simpler for users who area laready staring at the number in the x-ray report.  Robin

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If you have chosen to renovate your home then you know the price can easily exceed your predictions. Home renos tend to have what is known as “scope creep.” This is when the renovations start and as they progress new things or problems cause there to be more work than originally predicted. This can be difficult to deal with is funding is limited so its a good idea to build contingencies into your financing plans right at the start. That way when the surprises pop up, you will be ready for them.

When thinking about renovation financing there are two likely candidates for you to consider. The home equity loan and the home owner’s line of credit. The amount available for a home equity loan is based on the amount of equity that you have built up in your home. This loan is sometimes referred to as a second mortgage. It is calculated by taking the value of your home and subtracting the amount left outstanding on the original mortgage. If you own your home outright, then the amount would be the home’s value. As an example, if you have a home that is worth $250,000 and you have already paid off $110,000 then your accumulated equity would be $140,000. The value of the property is what guarantees the loan so the interest rate is low as well as they payments. It is also normal to be able to secure fixed interest rates for such loans.

The other popular financing option is the home owner’s line of credit. This loan does not have a finite amount save for the limit which is once again decided by your equity. This is a popular option as it allows for a lot of room when considering costs. The loan operates much like a credit card, with a variable interest rate. This is certainly the most flexible of the options and does not have a definite end date. The line of credit remains open for as long as you need it and do not close it out.

The best way to discern which type of loan is proper for your needs is to confer with a financial expert or banker. Prioritize your needs and try to find a loan that is tailor made for you. Remember that your home is going to be on the line as collateral so be sure to plan your payment schedule carefully and within what you can afford to pay. Make sure that you research all your options here and find what work s for you and for your budget.