October 22nd, 2010
Hello and Welcome to Xima’s Webinar Training Archive for October 22nd, 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: If some one has MLS access , what is the benefit for them to join XIMA
- Q: what is the best feature of the X Ray report
- Q: You say that the comps are within 1/2 mil. On your search before it looks like compas are a greater distance. Is it possible that they are shown greater than 1/2 mi.
- Q: On the advance results is it possible for you to put the city and the zip with the address data?. Is there a reason that page is made to scroll now?
- Q: do you list city leans as well?
- Q: In the old version the market sales statistics for the county where displayed on the opening screen. Where is that information on the new system?
- Q: where can i find out who holds the mortgage
- Q: Please explain Market Value vs Active Value. Thx
- Q: Good Morning Ramon. Please show us again how to email a completed home report. Thx
- Q: Can you go over how to identify Over financed properties in certain subdivisions?
| Q: How can i find the mailing or contact information for the property owner |
| Filed Under: ReiFax Trainings Archive Tagged with Address Data, Benefit, Comps, Google, Hello, Mortgage, October 22nd, Old Version, Property Owner, Sales Statistics, Subscribers, Webinar, X Ray |
Sep
10The Low Down on Distressed Properties for Sale
Posted By: Ramon Rivas on September 10, 2010 at 11:27 amThe Low Down on Distressed Properties for Sale
By: Joseph B. Smith
Distressed properties for sale can be purchased for up to fifty percent of their market price, and therefore could be monetarily beneficial to real estate investors who buy, modernize and then lease out or resell. These properties can be especially attractive to home buyers with background in building or construction or even those who have ties to the construction industry.
What to Consider
Distressed properties for sale are occasionally known as fixer upper homes, and usually demand purchasers to make comparatively cheap repairs. Consequently, the houses can be bought at significantly reduced rates. One major consideration when it comes to distressed properties are their locations. If the master plan is to purchase these cheap houses and resell them to turn a profit then you have to play on the other strengths the property may have. Location is definitely a big come on for buyers so before committing to buy a distressed property, make sure you have scouted the neighborhood and the general area of the property. Make sure that there are business and employment opportunities as well as schools, hospitals and other social services. The level of livability is a way to strengthen the value of your distressed property and increases its chances to attract buyers.
Distressed properties for sale can either be an apartment complex, a family house or a condo. A buyer needs to be clear on what type of property they wish to purchase and renovate for resale. One can gain a lot of insights on distressed properties from an online foreclosure listings service. This service will have a comprehensive and up to date list of distressed properties across the country. If you subscribe to this service, you can design your search according to what is important to you. These sites will also compute your mortgage and provide the main contact persons you can get in touch with for your purchase. These sites will also provide education on the requirements for purchasing distressed properties for sale.
About the Author
Joseph B. Smith has been educating buyers on the finer points of distressed properties for sale at ForeclosureDeals.com for over ten years. Contact Joseph B. Smith through ForeclosureDeals.com if you need help finding information about distressed properties for sale.
(ArticlesBase SC #3236556)
Article Source: http://www.articlesbase.com/ – The Low Down on Distressed Properties for Sale
Sep
01Don’t Let Emotions Ruin Your Purchase or Sale of A Home
Posted By: Ramon Rivas on September 1, 2010 at 7:14 amDon’t Let Emotions Ruin Your Purchase or Sale of A Home
One of the biggest stumbling blocks in the sale of a home is the emotional reactions of the parties. It doesn’t matter if you are buying, selling, using a real estate agent or handling it on your own. If either party lets emotions rule the day, things will fall apart. If both parties let it happen, the transaction will get very ugly.
For sellers, emotions arise from the fact that they typically have lived in the home for some time. Major life events may have occurred in the property including raising a family, weddings and so on. In simple terms, sellers don’t view the home as a property to be sold. They view it as a part of themselves, which they are letting go like a child going off to college. This personal attachment leads to ruffled feelings when a buyer offers practically any criticism of the property.
For buyers, emotions arise from the conscious or subconscious nervousness about taking on such a big debt. Whether you like to admit it, committing to a ton of debt is a scary experience. Inevitably, this emotion is expressed as suspicion that the seller is trying to pull a fast one or there is something wrong with the property. Regardless of the manifestation, such emotions are the stuff of failed, nightmarish real estate transactions that often end up in court.
For example, a couple I am friends with recently sold a very pricey home they had lived in for over 14 years. Simply put, there were a lot of memories from that time period. On the other side, the buyers were making a major step up in price from their previous home. In fact, they were committing to well over seven figures of debt with their mortgage loan. Put in simple terms, both parties were keyed up and sparks eventually flew.
I will not get into the details in respect for their privacy, but the deal almost fell through over an argument about who got to keep three bar stools. Three…bar…stools. This was a million dollar home! In the end, the seller kept them and then realized they didn’t go with their new home. In retrospect, they now realize that the conflict with idiotic and really had nothing to do with the stools. Instead, it was emotions that almost ruined the day.
If you are going to buy or sell a home, make sure to control your emotions. The transaction is a business transaction, not a personal insult to your pride.
| Filed Under: Articles Tagged with Adsense, buyer, buying, Contracts, Emotion, Emotional Element, Emotional Reactions, Emotions, Family Weddings, Feelings, Good Chance, Google, homes, Houses, loan, Manifestation, Memories, Mortgage, Mortgage Loan, Nervousness, Personal Attachment, Real Estate, Real Estate Agent, Real Estate Transactions, Scary Experience, seller, selling, Selling Real Estate, Suspicion, Time Period |
Aug
23Investing In Foreclosure And Reo Properties
Posted By: Ramon Rivas on August 23, 2010 at 1:56 pmInvesting In Foreclosure And Reo Properties
The investment quandary as to the best method for acquiring foreclosed property at heavily discounted prices inevitably surfaces at the same stage in the real estate cycle every ten to twenty years. After housing booms and home prices correct back to affordable levels, real estate investors are suddenly inundated with an almost overwhelming supply of potential homes to choose from. These prospective buyers peruse city blocks searching for evidence of distressed properties that might lead to investment opportunity by taking dead lawns, unpaid utility notices, and default notices all into account. They investigate “For Sale” signs with “Bank Owned” or “Foreclosure” riders attached. Technologically savvy bargain hunters browse websites online to identify properties in default. These opportunists also compare notes with one another at various social functions, water coolers, chat rooms, and anywhere else real estate is spoken. Here they may learn that in order to obtain the most lucrative price, investors are best served to purchase property directly at a foreclosure sale on the court house steps. Regardless of the preferred method for locating distressed properties, it is imperative to thoroughly comprehend the different foreclosure processes in order to develop and implement a successful investment strategy.
If a homeowner fails to make prescribed loan payments to the bank, the borrower is deemed to have defaulted on the loan. If the delinquent payments are not cured in a timely fashion, the lender is permitted to foreclose on the property to acquire title to the home as security for the unpaid debt. For national investors it is important to understand that lending practices and foreclosure procedures vary from state to state. For example, some states are considered “mortgage” states while other states prefer the “deed of trust” method of lending and holding title as security for the loan.
MORTGAGES
Mortgage states utilize a two party security system where a mortgagor (or borrower) provides a promissory note to a mortgagee (or lender), along with a voluntary lien called a mortgage that serves as security for the borrower’s promise to make the loan payments described in the promissory note. Since title to the property resides with the borrower when the mortgage is created, foreclosures in mortgage states can be relatively lengthy and costly for banks to pursue. Further, mortgages also provide borrowers redemption rights that allow borrowers a specified period of time after the foreclosure and ultimate sale to a third party to pay off the original loan amount and regain title to the property. As a result, buyers at foreclosure sales in mortgage states must be aware that they will often be unable to obtain clear title to foreclosed homes as the previous owner will likely be afforded the opportunity to pay off the original promissory note and reclaim the property.
DEEDS OF TRUST
A minority of states that include California favor the three party deed of trust system due to the relative cost efficiency and expediency provided to lenders in the foreclosure process. Additionally, lenders are often able to provide buyers of foreclosed property clear title as no right of redemption exists for borrowers. The Deed of Trust process involves a trustor (or borrower) that gives a promissory note to the beneficiary (or lender), and the trustor also gives title through a trust deed to a trustee (neutral third party) as security for the note. The important difference here is that title to the property is held by the trustee rather than the borrower. The trustee is typically a neutral third party designated by the lender to hold the deed of trust during the loan period with the power to more easily administer a foreclosure sale in case of default by the borrower.
It is clearly important to determine whether one is bidding on a property that was subject to a mortgage or a trust deed at a foreclosure sale. This differentiation can often be confusing as many real estate professionals and experts in deed of trust states will often casually refer to home loans as mortgages. Many lenders in these states will refer to themselves as mortgage brokers or mortgage companies when they actually originate promissory notes secured by deeds of trust. Deed of Trust states also refer to foreclosure sales as trustee’s sales, where the highest bidder purchases the property in an auction setting. However, purchasing a home at a trustee’s sale can be a risky proposition as the buyer has little or no opportunity to inspect the home prior to purchase. Further, the buyer must pay with all cash as financing is typically not permitted at trustee’s sales. There is also no guarantee that the property is not currently occupied by tenants or a previous owner. Finally, purchasers at a trustee’s sale are not protected against clouds on the property’s title like tax liens from a previous owner’s unpaid property taxes, so title insurance is often unattainable for buyers at trustee’s sales.
REAL ESTATE OWNED (REO)
If a home is not sold to a new buyer through the foreclosure process, the lender holding the promissory note will often acquire the property and attempt to sell it on the open market to a new buyer. Once title to the home that once served as security for the unpaid promissory note is transferred to the bank, the property is deemed real estate owned (REO) by the bank. The bank will then typically retain a REALTOR® to market the property for sale at a price below market value, remedy any defects on title, remove any tenants or squatters occupying the property, and often retain contractors to repair any major physical defects in existence on the property. Although the typical price paid for an REO property may in theory be slightly higher than buying at a foreclosure sale, purchasing an REO property is clearly a much less risky proposition. REO sales also provide investors adequate opportunity to inspect homes prior to making offers to purchase, and buyers are permitted to utilize financing when purchasing these bank-owned properties.
Whether purchasing foreclosed or REO properties, the various risks and rewards associated with an investment may not only depend on the characteristics of the home itself, but also the type of security the home provided to the previous owner’s lender. In order to avoid the displeasure of telling foreclosure horror stories in real estate investment circles, an ounce of diligent research into a property’s financial history can prevent a pound of investment headaches.
About the Author
Brian S. Icenhower, Esq., BS, JD, CRB, CRS, ABR, a California Association of Realtors Director, practicing real estate attorney, a real estate expert witness and litigation consultant, a prosecution consultant of Tulare County District Attorney Real Estate Fraud. He may be contacted at bicenhower@icenhowerrealestate.com, or www.icenhowerrealestate.com
(ArticlesBase SC #774513)
Article Source: http://www.articlesbase.com/ – Investing In Foreclosure And Reo Properties
August 20th, 2010
Hello and Welcome to Xima’s Webinar Training Archive for August 20th, 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: I type in address of property & it says property not found. What should I do?
- Q: Good morning Ramon. In the last few months have you seen any trends of the Xima users where they are having success in the real estate investment side of the business?
- Q: In the last six months have you seen more or less foreclosures coming to the market in Broward , Dade, Palm Beach countys? Does Xima provide charts to show trends for this type of information?
- Q: my template looks different, don’t get “Known Debt”
- Q: Can you show us how to do a marketing campaign?
- Q: Can you change the display template on the fly while viewing the results of a search?
- Q: Please explain why the “known debt” caused the last sale search to go from 55000 to 100?
- Q: i am interested in finding the best candidates for owner financing…people with some equity, possibly behind on payments & with a low monthly payment on their mortgage. is there any way for me to locate them according to this criteria?
- Q: does xima’s coverage expand to naples?
- Q: Mailing to Corp/LLC owned properties
- Q: Find REO listings
| Filed Under: ReiFax Trainings Archive Tagged with Countys, Fly, Foreclosures, Goodmorning, Google, Hello, Investment Side, Marketing Campaign, Mortgage, Naples, Owned Properties, Owner Financing, Palm Beach, Real Estate Investment, Six Months, Subscribers, Webinar, Xima, Xima Trainings, Xima USA |
