July 23rd, 2010

Hello and Welcome to Xima’s Webinar Training Archive for July 23rd 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 for a specific type of commercial property such as Hotels?
• Q: When will you start charging for Commercial aspect of Xima? How much more is Xima Commercial?
• Q: Need help creating template in your Commercial of Pre-Foreclosure, non-listed persons first lis lendens.
• Q: Can we just input a City in Commercial search and get all commercial pre-foreclosure?
• Q: Should I look in Mortgages for Pre-Foreclosure Commercial Properties? Please go over how to use the area paragon identification tabs. I need to segregate an area for commercial and work that area for pre-foreclosure commercial properties. I will need to create a template that shows name, address of owner of those commercial properties
• Q: Is there a way to search a property’s prior mls listing (going back a year or two) in instances where the property is not currently active, and so does not show up in the listing’s search?
• Q: What is the difference between doing a search in the Foreclosure section with the filter “for sale” activated, versus performing the same search in the Listings section?
• Q: Is there a way to search on houses with code violations or other key deficiencies?
• Q: Can you just do a few general examples of residential real estate searches, for example, REOs in a specific map area and then the rented comps in the same area. And just to confirm, Xima can’t tell if the property is already listed by a Realtor, right?
• Q: Please explain how to export results data to an excel spreadsheet.
• Q: how do I download the searched results in the commercial area?
• Q: You may have answered this already but why do properties only come up under certain sections/tabs and not throughout?
• Q: Does Xima compute sales from out the MLS, such as Owner to buyer transactions that do not sell thru the MLS?

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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.

Unfortunately, the year 2008 will not be associated with happy times. Wall Street, unemployment totals, and the real estate market all took a hit. And, the year 2009 isn’t looking so bright either. Many Americans are wondering when things will get better. Instead of waiting for the final shoe to drop, take your future into your own hands. If you have the ability to secure financing or the needed financial resources on hand, don’t let the poor economy and real estate market get you down. In fact, do the exact opposite. Profit from it. You can do so with foreclosure short sales.

A foreclosure short sale is an alternative to foreclosure. In most instances, it the borrower who suggests one. If an agreement is reached, the home is place for sale immediately. This is done through either the lender or a professional real estate agent. As for how you can profit from the buying and reselling of foreclosure short sales, you do so with reduced rates. Short sales involve selling a property for an amount shorter or less than the outstanding mortgage.

Why does a borrower suggest a foreclosure short sale? It is the easiest way. Yes, some borrowers and homeowners just avoid all signs of trouble. It seems as if they are hoping the problem will just go away, but it won’t. In addition to eviction, these individuals suffer financial consequences for years. Their credit score suffers and bankruptcy is likely. Those who suggest a short sale are responsible homeowners who have just fallen on hard times. They are concerned with their long-term financial future and want to avoid the costly and damaging consequences of foreclosure.

Why does a mortgage lender agree to a short sale? There are a number of reasons why. For starters, foreclosure is avoided. Lenders want to avoid foreclosure just as much as borrowers do. foreclosure proceedings are long and costly. Lenders are also able to get their money quicker. With foreclosures, there is often a lapse between eviction, sale, and new occupants. This isn’t the case with short sales. The current borrowers stay in the home, paying what they can, until the sale is finalized. When it is, they leave the property and the new owners move in immediately. Although not all of it, lenders get more of their money and quicker. They also have the option to seek the difference from delinquent borrowers.

How do you find foreclosure short sales? As previously stated, they are typically listed for sale directly through the lender or a real estate agent. Your best chance of success is dealing with a mortgage lender. real estate agents profit from the sale of a home; therefore, they are likely to charge more. On the other hand, mortgage lenders want their money quickly and with as little hassle as possible. You have better bargaining power with mortgage lenders. In most cases, they want to unload property even if it means taking a loss.

How do you make sure you are getting a good deal? If purchasing a home to reside in, your goal is to buy a home you can afford. If looking to rent out a multi-family home or resell a single-family home for a profit, you need to make a profit. To do so, you must buy the property for a low price. foreclosure short sales do result in good prices, but never assume you are getting one. homes depreciate in value. A home that was once valued at $200,000 may only be worth $100,000 now. If the outstanding mortgage is for $100,000, pay less. In fact, make your offer much less. Comparing a property’s appraised value with the short sale price prevents you from falling into a financial trap.

In short, short sales are an ideal way for mortgage lenders and mortgage borrowers to avoid foreclosure. Not only that, you get an amazing deal on a property. Not just one person benefits from foreclosure short sales. Instead, everyone involved does.

If you watch television or use the internet to catch up on the news, you should already know it is a buyers market. Many experts say the real estate market is in a poor state. Yes, this is true. That is unless you are a buyer with solid financial resources. If you are, you should examine short sale properties. They present a number of moneysaving and moneymaking opportunities.

What are short sale properties? They are properties that will soon be in foreclosure. The mortgage borrower cannot make their payments. foreclosure is right around the corner. Homeowners want to avoid foreclosure at all costs. You may be surprised to hear that lenders feel the same. foreclosure proceedings are stressful, lengthy, and costly. In some instances, a short sale is opted for. The home is sold before foreclosure. It is sold for less than the outstanding mortgage amount due. Typically, this means a good deal for the buyer.

Whether you want to use short sales to make money or save money, preparation is vial to your success. So, what do you need to be prepared for as a first-time short sale buyer?

To get the run around from mortgage lenders. A previously stated, lenders consider short sales a foreclosure alternative. It is their last attempt to avoid it. Unfortunately, short sales aren’t much better. Lenders can require delinquent borrower to pay the difference through unsecured, standalone loans, but many simply take the loss. No one wants to lose money, so you may have to wait and wait. During this time, the lender is hoping they receive more short sale acquire offers or that the delinquent borrowers come into money.

The possibility of losing money. As previously stated, short sales present good moneysaving and moneymaking possibilities for buyers. Typically. Unfortunately, many properties are financed with two or even three mortgages. There are also underwater homes, where the borrower owes more than the home is worth. Short sales mean a loss for lenders, but in these situations the loss is greater. Always have a property professionally inspected and appraised before the final closing. To make or save money, only pay less than fair market value.

Constant contact with the mortgage lender or selling real estate agent. As mentioned above, many lenders give short sale buyers the run around. In the event that happens, don’t sit back and wait. Instead, make contact with the representing real estate agent, lender, or both. If you find yourself waiting after two months, be firm in your stance. Demand an answer to your buy offer in two weeks or state you will withdraw your offer.

More waiting. If your buy offer is accepted, you may have to wait a few days or even a month to gain access to the property. One of the reasons why homeowners prefer short sales is because they stay in the property. As previously stated, short sales can take time. Some mortgage lenders give a response and start the sale process within a few days, but others wait months on end. Since there are no guarantees, current home occupants rarely know ahead of time when they need to be out. The mortgage lender processing the sale may give them a week or more.

Right about now, you may think that short sales are more trouble than they are worth. They are not, especially when compared to foreclosures. You deal directly with a professional real estate agent or lender, as opposed to bidding in a fast-paced auction. You get a property where the current occupants are prepared to leave; they don’t have to be forced from the home. Yes, buying short sales may be a long and bumpy road, but it is worth the ride for most.

The poor economy has left the real estate market in poor condition. Many homeowners are unable to pay their mortgages. And, those who try to sell for a profit are seeing their houses sit on the real estate market for months on end. You might assume this isn’t the best time to buy, but that couldn’t be farther from the truth. If you are in good financial standing, you can use foreclosures to your advantage. You can use them to make a profit. How?

The first step in profiting with foreclosures is to buy foreclosed properties. Whether you want to buy one property or one hundred, you have a number of options. What are they?

Foreclosure auctions. Foreclosure auctions come in a number of different formats. In most cases, it depends on the state. For example, some foreclosure property auctions are held on the steps of local government office buildings. In these instances, only a few properties are auctioned. On the other hand, they can take place in large convention centers or meeting rooms. In these instances, there are usually hundreds of properties auctioned.

If you wish to acquire foreclosed properties at a foreclosure auction, you need to secure financing ahead of time. Many times, you are required to make a down payment or submit full payment in less than 24 hours. It is rare to find a lender for these situations, unless you have a spotless credit history. Lenders don’t like to hand out money just with the possibility.

Mortgage Lenders. Although not always classified as foreclosed properties, real estate Own (REO) properties are just like foreclosures. The financial lender has repossessed the home due to non-payment. Small lenders are likely to turn to a real estate agent. Large lenders will handle the sale themselves. They will post fliers in their offices, Advertise in local newspapers, and post the listing on their website. When listed directly through the mortgage lender, you can get a good deal. You also have bargaining power. The longer a REO home sits unoccupied and paid for, the more money the lender loses.

Short sale foreclosures. Short sale foreclosure properties are soon-to-be foreclosed on. In fact, it isn’t a matter of if, but when. With these types of properties, the homeowner and lender decide that payment is impossible. Instead of taking a loss and entering into lengthy and costly foreclosure proceedings, they decide to list the home for sale. The selling price is typically less than the outstanding mortgage due. This is your best chance to profit. If the homeowners have occupied the home and made payment for a number of years, little may be left on their mortgage.

As you can see, there are a number of ways that you can buy foreclosures or soon-to-be foreclosed properties. If your intent is to make a profit, the next step will be important. Look at the properties acquired or the properties you intend to buy.

Single-family homes can be resold for a profit. By opting for a REO sale, foreclosure short sale, or a foreclosure auction, you should automatically make a profit. This is because you paid less than the home’s value. However, you can also make improvements to the home, increasing its value, and its selling price.

Multi-family homes can also be resold for a profit, but a unique approach is to become a landlord yourself. Make needed improvements to the home to prevent complications or complaints for tenants down the road. Charge a rate that is in line with other rentals in your area. If the multi-family home is occupied with tenants, keep them. You will get paid right away! Since you paid a reduced rate, it will not take long for you to profit with paying tenants.

In short, you can profit many ways from the poor real estate market. In fact, poor isn’t the best word to describe its current state. Yes, homeowners and real estate agents are finding it difficult to sell homes, but you can still turn a profit. You just need to know how and now you do!