January 14th, 2011

Hello and Welcome to Xima’s Webinar Training Archive for January 14th, 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: Can you please review how to save a search and retrieve it again? Thanks
• Q: can you determine if the property has city water or a well?
• Q: What is the best search parameters for an investor that want to find listings in which the listing agent will submit a very low ball offer?
• Q: why do some homes show listing next to details and other don’t?
• Q: Not all foreclosed properties show DOM. How do we DOM on foreclosed properties?
• Q: Can you pls find comps for foreclosed properties, not lived in?
• Q: How often the XIMA comps would be the same number as what a professional appraiser would come up to? In other words what is the confidence percent that the comp number given by Xima is accurate? What factors may have XIMA give us an inaccurate comp value? I am supposed to make offers for 55% of market value. Can I blindly make a offer for 55% of what Xima comps provide or there is still a need of manually analyzing the property?
• Q: Good morning Ramon..  In doing a search where a specified an area using the map feature I find it difficult to zoom in and out and pan when I am specifying the area I want to search. Can you go over this feature.  Thanks…
• Q: were can i put in the search to show only non listed property
• Q: Could you explain looking for pre-foreclosures using the % of equity
• Q: Can you explain further the issues with properties with negative debt equity. You mentioned before to be careful with those. Why?
• Q: What is the difference in the color of the house icons on the map? Brown, green, blue
• Q: When a listing agent changes the status from Active to on contract: how long it takes for XIMAUSA to update the listing status?
• Q: Recently I notice that on the comparables and active comparables that there is a new feature which says “F SOLD” what does that mean versus “F”?
• Q: Are you going to be covering any other parts of the country besides Florida?

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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?

A foreclosed property or home can at times be an excelled real estate bargain. A property forecloses when their original owners fail to pay mortgages on time and thus have to return the property back so that the money can be retrieved. The following are a few steps to stay ahead while purchasing a foreclosed property.

Step 1

One first needs to search and identify a foreclosed property. They are usually put on auctions which one can easily find in the local newspapers, auction listings or even at the Sheriffs office. The foreclosure or auction section of the classifieds will most likely lead you to some of the best deals in the foreclosure business.

Step 2:

Another way to get first hand information on foreclosure home property listings, is to inform the local attorneys in the locality of interest and request to be informed about such auctions. foreclosure home cases usually come to the attorney for resolutions and so they are probably one of the best persons to seek advice from. real estate agents in your areas may have complete details about every property and may thus be helpful in pointing out foreclosed homes and properties. real estate agents themselves are buyers of such properties because of the good profit it gives them when they re-sell it after making necessary repairs.

Step 3:

Urban development and Housing organizations can also be a nice place to seek for foreclosed properties.

Step 4:

On finding a foreclosed property of interest to you or one that you have decided to enter an auction to, the next step is to go ahead and make investigations on the property.

Step 5:

During the investigation process, one needs to check the property thoroughly. Firstly, one needs to get an estimate of the market value of the house. The acknowledgement of the market value will help you determine whether the bid you intend to make will turn the investment beneficial for you or not. While analyzing the market value, make sure to take the market trend into consideration as well. A property will be beneficial if the trend is up or tends to go up in the future.

Step 6:

On assuring yourself of the market value, rent the services of an expert and make an estimate of the total repair costs that needs to be incurred if you get the property. Add the estimated repair costs to the estimated market value to make a realistic decision of whether the deal is of value or loss to you.

Step 7:

If possible get details of owner ship and check for any arguments over the property. A disputed property is something no one will want to acquire.

Step 8:

After all the investigations have been made and you are satisfied with the prevailing condition of the property you should then contact the auction or foreclosed property trustees to get information about the minimum bid amount that may be accepted on the auction.

Step 9:

A decision phase comes up once again. Once you get to know the minimum bid, you now have to decide whether you can finance this property or not? Will taking a loan be a wise decision? How will you repay the loan?

Step 10:

Finally when the finance decisions have been made, the last thing left is to submit a proposal to the foreclosure committee according to the predefined criteria set. Every auction has its own bid submission guidelines. On reading through the guidelines completely one can draft the bid accordingly.

These are some guidelines that will assist you through the basic procedures of buying a home at a foreclosure auction. There however may be certain amount of legalities involved in the process. Therefore it is required that you read the auction guidelines carefully and if you are a novice or first timer, please use the services of an expert or a real estate agent so you never find yourself stuck in some kind of financial or legal issue.

Make sure you clear that there are no legal bindings on the foreclosure property. Some trustee or foreclosure companies give the owners certain amount of time. The property may be returned back to the owners if they make complete payments within that time period. It is very easy to be left with empty hands and disappointment in such cases and it is of grave importance that we show a great deal of caution.

Are you looking to profit from the current real estate market? Ask any expert and they will tell you that the real estate market is suffering. Yes, this is true. What they will also tell you is that there is the potential to make money. If you have the needed financial resources or the ability to secure financing, you can profit from the buying of short sale foreclosure homes.

What are short sale foreclosures? They are homes listed for sale before foreclosure begins. In these instances, there is no way that the current homeowners can make their mortgage payments. foreclosure will occur; it is just a matter of when. Instead of just waiting for the home to foreclose, the homeowner and lender work together to decide on a short sale. The home is listed for sale through either the homeowner, mortgage holder, or a third party real estate agent. The sale price is less than the outstanding mortgage.

foreclosure short sales should result in great buys. It is a relatively easy way to make a profit. Are you looking to buy your first home? Do you want to buy a multi-family home to rent for a profit? Do you want to buy, make improvements, and resell a home? You can easily do so with foreclosure short sales. Unfortunately, many first-time buyers assume that they are getting a bad deal. After all, why would a financial lender sell a home for less than it is worth or even less than what the current occupants owe? There are many reasons why.

Time. Each state has their own rules and regulations on foreclosed properties. The process can take as little as a week, but can take many months. Some states also prohibit lenders from automatically evicting occupants. This isn’t a problem with a short sale foreclosure. In most cases, the homeowner and mortgage lender decide on a short sale together. This means that the homeowner will be out as soon as the home is sold and the new owners can move in. Why does a home occupant do this? To protect their credit and avoid bankruptcy.

Ease. As previously stated, foreclosing on a home or another piece of property isn’t an easy process. It takes time, a lot of paperwork, and so forth. Mortgage lenders do not want to deal with this. They want money. Honestly, that is really all they care about. Not only do they want their money, but they want it quickly and with as little hassle as possible. Agreeing to a foreclosure short sale allows this to happen.

Money. As previously stated, mortgage lenders want their money. If it will be two months before they can evict a homeowner, they lose money for those two months. Not to mention the previous months the mortgage went unpaid. When both agree to a short sale, the process starts right away. Typically, a real estate agent is contacted immediately. Yes, it can take time to sell a home, but since the selling price is less than the home’s value, it will sell and likely quickly. This means mortgage lenders get their money. Although not all of it, they get most and without having to wait.

As you can see, there are many reasons why a mortgage lender will agree to a short sale. So, if you see a low priced home available for sale through a real estate agent, a for sale home listed by the lender, or a cheap for sale by owner home, don’t assume you are getting a bad deal. Instead, ask. You may hear that the home is a short sale.

In short, if you are looking to profit from the troubling real estate market, look beyond foreclosed homes. Don’t wait until a foreclosure auction where you may find hundreds of other investors looking to turn a profit. Instead, look in the right places and find foreclosure short sales. You should walk away with a better deal.

Do you want to profit from the real estate market? Even if you are classified as an inexperienced buyer, now is the best time to turn a profit. Whether you opt for owning and renting or real estate flipping, it is a buyers market.

Most looking to profit from the real estate market opt for foreclosures. These properties are typically auctioned. In some cases, the lender regains ownership of the property. This is known as a lender owned or real estate owned sale. Either way, you will find dirt-cheap prices. However, it is important to familiarize yourself with short sales. Although they cost more than foreclosed properties, buyers do get a better value for the money.

Short sale properties are sold for less than the outstanding mortgage due. How much less depends on a number of factors. One being property value. If a mortgage lender believes they can get more for a property by letting it enter into foreclosure or by selling it as REO home, they may out for that route and deny all short sale offers. The next being the lenders ability to take a loss. A $100,000 loss on a home is a lot to sallow. If an agreement is made where the delinquent borrowers repay the difference through a standalone unsecured loan, more flexibility is likely.

So, as a first time short sale buyer, what should you expect?

A good value for your money. As previously stated, properties are sold for less than the outstanding mortgage due. In most cases, this does result in a good deal. Although foreclosed properties are usually cheaper, think long-term. If a borrower owes $100,000 on their mortgage, you may pay $85,000. Although a relatively high amount, it works out well if the property is valued at $175,000 or more.

The run around. Unfortunately, mortgage lenders try to avoid short sales. Most only use them as alternatives to foreclosures. For that reason, a lender may wait until foreclosure is right around the corner before accepting a short sale buy offer. Buyers experience the biggest delay with properties with two mortgages. Both lenders must approve the sale. One lender will get all of their money and the other will be shorted. No one wants to lose money; therefore, lenders will exhaust all other options before turning to a short sale. This may mean a delay.

Various calls to mortgage lenders and real estate agents. Either the lender or a real estate agent sells short sales. Either way, be prepared to apply pressure. As previously stated, some lenders give short sale buyers the run around. They are trying to buy themselves more time. During that time, they will wait to see if the borrower’s financial situation improves, if they receive a higher short sale offer, and they will compare short sale with foreclosure. Even if you can, don’t wait forever. Contact the lender and real estate agent to apply pressure. If you go two months without a response, demand one within two weeks.

Difficulty of getting a proper inspection. All homebuyers want to inspect homes before the sale goes through. Most lenders give you the chance immediately before the final signing. Unfortunately, the home occupants may have vacated the property by this point. This may mean no functioning utilities. Your hired inspector will be unable to test the electricity. Try to schedule a showing or inspection ahead of time. Get your real estate agent, ask the mortgage lender, or approach the current home occupants to let you inside sooner.

The possibility of repairs and upgrades. If you are able to buy a short sale property, be prepared to spend more. Borrowers often suggest short sales. They do this because they are concerned about their financial future. They know the impact a foreclosure and bankruptcy can have. These individuals truly care about their homes; they just can’t afford them any longer. Typically, you will get a clean and well-kept home. What you may find problems with is needed upgrades or repairs. If a homeowner couldn’t afford their mortgage payments, they may have been unable to fix that leaky faucet, lose tiles in the bathroom floor, and so forth.

So, there you have it! You now know what to expect when buying a short sale property. Despite the various bumps you may experience along the road, it is easy to profit from the buying and reselling or renting of foreclosure short sales.