April 15th, 2011

Hello and Welcome to the ReiFax.com Webinar Training Archive for April 15th, 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: Whenever i search foreclosures and called the listing agents. They tell me that the property is actual a short sale, not a foreclosure. How do i search strictly foreclosure without those listed as short sales..thks kerwyn
• Q: how do i save parameters so that i do not have to fill the boxes every time i perform a search
• Q: how do i generate out of state owners who have properties with equity and then  use the mailing feature with labels to export to excel spreadsheet to mail out
• Q: could you explain debt equity once again please. the higher the percentage, the more debt the property have. Is that correct?..tks kerwyn
• Q: Tom in lee county – Search for Unlisted Short Sale – $300,000+ – Wachovia Bank
• Q: How can I see the outstanding mortgage obligations on the properties.  I need to know if there are one or more outstanding loans.  Thank you
• Q: At the end of one of your examples can you run thru making an offer using the Premium contract generator
• Q: Can you go over how to located based on a map search candidates for short sale that are not listed and not being foreclosed nor served yet?

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February 4th, 2011

Hello and Welcome to the ReiFax.com Webinar Training Archive for February 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: hello Ramon, how do we make a list of sellers that are in foreclosure, but don’t have a realtor
• Q: how can i use the system for marketing. Can you please provide some pointers.
• Q: Can you do a search for houses that were built between 05 and 07 between a certain price range values?
• Q: how do we add columns to the Excel sheet that you make available?
• Q: on the pre foreclosure search, what would be the difference if you searched in foreclosures rather than in public records?
• Q: Can a property that is listed on the MLS be saved and emailed to someone?
• Q: Good Morning Ramon I have questions—when you save something in my documents how do you delete it?
• Q: What does Debt To Equity of 50% mean?
• Q: How do I search for properties that have 50% or more Equity?
• Q: Can we do a Probate search?
• Q: How do I search for properties that have been served lis pendens recently….last 6 months??
• Q: On the market value subject  –  do you calculate this or do you use tax assessed value?
• Q: The dollar number printed next to the “REIFAX.com is that the estimated market value

January 28th, 2011

Hello and Welcome to Xima’s Webinar Training Archive for January 28th, 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: If a property is in probate how can we find the owners? If we find an abandoned property how do we find the owner?
• Q: when trying to find the owners of abandoned properties or those known to be in probate, it our only source through the clerk of courts, or is there a search we can use on xima?
• Q: Advanced search please explain the D Equity calculation example if I want greater than 70 % ltv do I ask for <70%?
• Q: How to search for reverse mortgage prospects ie target zip codes and or long time on deed and  high % equity
• Q: How to search for jumbo mortgage refi prospects where date of prior mortgage is older than 2 years and has high % of equity?
• Q: Can we search for % debt to equity when searching probate?
• Q: can i search for county tax liens and county tax liens that result in a foreclosure if so those with say no more than 60% debt to equity
• Q: Is there a way to search for properties in Pre-foreclosure that have a specific lender (ex. pre-foreclosure properties with bank of america loans)
• Q: does Xima have access to seller’s phone numbers
• Q: How do I get full access again to all the tabs (ex. listing, pictures, comparables) after I saved a property.  Now, when I save a property, I click on the property and it only shows “Overview – Listing” and it does not allow me to see again the other tabs (ex. comparables, listing, pictures, etc.)
• Q: For a property that is of interest to you. What is the best way to get information on the property and/or the owner that has a lien against the property?
• Q: if I’m doing a free and clear search, what do you suggest we enter in the know debt, i was told greater or equal to 10k is that correct?
• Q: Hi Ramon; can you go over how to pull a list of NOD for certain dates, for example between Oct to Nov 2010?
• Q: could you explain the “foreclosed-SOLD” text that appears next to listings?
• Q: Best REO search technique example in your opinion?
• 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?

When a person buys a home, he/she usually has to take a loan. The lenders, generally banks, keep the title to home collateral in this case. The ownership of the home is transferred to the lender when the person is unable to pay the dues and installments in time. This transfer of ownership to lender is called Foreclosure. Buying foreclosure has been compared to playing poker. As an investment, it has its own risks.

The lenders first determine if there are any junior liens as well. When they find any pending loans etc, they pay everything off so that they themselves have clear title to the property. Once this is done, the lender adds up all costs to the loan amount to be recovered, and then again resells the property so that they can recover the expenses and loan amount. This is an ideal time for investors to buy such property. Buying a property that has been foreclosed has many gains.

Benefits of acquiring foreclosed property from lenders:

The first and most prominent benefit is the fact that all properties bought from lenders will have clear titles and ownership rights, thereby saving you the trouble of doing any research.

Next is the fact that foreclosure is not for profit booking. When the lenders sell foreclosed property they want their money back, so they are ready to sell the property cheaper than what it could have fetched in open market under normal conditions.

How to buy foreclosed property:

The first step is to collect information. The best idea is to make a database specifically so that you will have separate data on all the properties and markets in clear sets. In addition, that way you will be aware of any specific laws that you may need to abide by while making an investment. The next step is to directly contact the foreclosure owners and start negotiating with them. If you have the address of property but not the name, online directories may help you find the relevant names.

As a beginner, buying foreclosure property on your own can be risky. Try to get help from an agent if you are trying to buy such property. They have all the required knowledge.

Risks involved:

One risk is when buying foreclosed property at auction, sometimes they give just a week to deposit all the cash, and if you fail to do so, you may lose all your deposit. As you keep on investing and making money, you will gain experience about bad construction, poor soils, problems with septic systems etc. Background reading and relevant information is extremely important before you get into foreclosure investing. Foreclosure laws in your state, priority of liens, bidding at auctions, title insurance, and bankruptcy are some key areas where you should gain full knowledge. That way you will be able to make better and safer investments.

Property investment is not an easy game, and must be played only with caution and care. Some compassion for the person whose property is up for foreclosure is also essential.

When a person buys a home, he has to take a loan regularly. The lenders, generally banks, keep the title to home collateral in this case. When the person is unable to pay the dues and payments in time, the ownership of the home is moved to the lender. Transferring of ownership to lender is called Foreclosure. Buying foreclosure has been compared to playing poker. Considering as an investment, it has its own risks. First the lenders will check out if there are any junior liens. When they find any pending loans, they pay off everything so that they themselves have clear title to the property. Once this is done, the lender adds up all costs to the loan amount to be recovered, and again resells the property so that they can convalesce the expenses together with the loan amount. This is an ideal time for investors to buy such property. Buying a property that has been foreclosed already has many gains.

The foremost and well-known benefit is the fact that all properties bought from lenders will have clear titles and ownership rights, thereby saving you the difficulty of doing any research. Next fact is that the foreclosure is not for profit booking. When the lenders sell foreclosed property they need their money back, so they are ready to sell the property cheaper than what it could have obtained in open market under normal conditions. The first step of buying foreclosure is to gather information. The best idea is to make a database in a specific manner so that you will have separate data on all the properties and markets in clear sets. The next step is to directly get in touch with the foreclosure owners and start negotiating with them. If you have the address of property but not the name, online directories may help you to find the pertinent names. Buying foreclosure property as a beginner on your own can be risky and if you are trying to buy such properties get help from agents.

One of the risks occurring is that when buying foreclosed property at auction, give just a week to deposit all the cash, and if you fail to do so, you may lose all your deposit at certain times. But as you keep on investing and making money, you can gain experience about bad construction, poor soils, problems with septic systems etc. Background reading and relevant information is extremely important before you get into foreclosure investing. Foreclosure laws in your state, priority of liens, bidding at auctions, title insurance, and bankruptcy are some key areas where you should obtain complete knowledge. You will be able to make better and safer investments in this way particularly. Property investment is not an easy game, and must be played only with caution and care. Little concerns for the person whose property is up for foreclosure are necessary for this process. But you can easily cut down the process of foreclosures into three primary stages. The first stage is pre-foreclosure, second stage is foreclosure auction and the third and final stage is bank owned foreclosures.

In general as you move along the timeline of the foreclosure process your potential for profit will diminish the latter you get to the foreclosure a property. If you’re planning on making a full-time living eventually from real estate investment then you’ll want to learn in baby steps how to get the most out of your time and efforts without any doubt. With that saying for those who are ambitious enough to do this full time work you have to learn how to find pre-foreclosures because they normally offer you the utmost leverage and profitability relevant to the most deep discounted properties available via bank owned properties.