August 5th, 2011

Hello and Welcome to the ReiFax.com Webinar Training Archive for August 5th, 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 we upload a contract which already has the signature & initials in it?
• Q: how can we find out how many mortgages are on the property? some times it only shows one and when you speak with owner they have two
• Q: Good ramon:what”s the easiest way upload initials and signatures for the template?
• Q: How can you find if a property has a LIEN but is not in Foreclosure! Does your system show any Liens on such properties?
• Q: Could you go through a sample X-Ray Report line by line, please? I may not understand it but when I review the numbers/math on the left hand column, they do not “add up”.
• Q: I am told that I could use the “BPO” feature of ReiFax to dispute the bank’s findings. How is that possible and how does one do that with ReiFax?
• Q: The listings in ReiFax no longer show A/DOM. Is that because the guidlines with the FBOR changed?
• Q: what are the tools available if I want to analyze and/or compare a property? Particularly a multifamily property – Thank you
• Q: Can we have more than 1 saved buyer template?
• Q: when i search for properties with more than 30% equity in pre-foreclosure, the results have been showing A LOT of properties showing 100% equity.  Why is that?
• Q: is there a way to search a property using an MLS number?
• Q: idx and realtor.com ..what happened to regular listing info. these seem to have the same inforormation . one better then other?

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Filed Under: ReiFax Trainings Archive Tagged with Amp, Foreclosure, Google, Hello, Initials, Left Hand Column, Math, Mls Number, Mortgages, Multifamily Property, Realtor, Signature, Signatures, Subscribers, Webinar, X Ray

April 8th, 2011

Hello and Welcome to the ReiFax.com Webinar Training Archive for April 8th, 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: Hi Ramon, how can I run a search for free and clear properties? (no mortgages)
• Q: How to identify the lenders in specific condo also lenders sorted by lender for rectangle shape neighborhood
• Q: When owner phone # is listed what is the source of this info
• Q: what is REIFAX source for By Owner information
• Q: After doing a search, and 20-30 properties are now being shown, can you pick and choose the ones you are interested in only and put them on an excel spreadsheet along with the information regarding the listing agent?
• Q: What is the difference between Entry Date and List Date when looking at a property?
• Q: When researching a property, and you hit the Comp Tab – what does “N” stand for in the column marked Foreclosed?
• Q: what is the difference between active value and market value
• Q: WHERE CAN I WATCH THIS VIDEO AND OTHER VIDEO’S THAT I AM NOT ABLE TO WATCH RIGHT NOW  ?
• Q: In search I fill the max price to look for but the result are prices higher than i input. Does this feature work ?
• Q: Can you do a Probate search for me. thanks

Filed Under: ReiFax Trainings Archive Tagged with Adsense, April, Excel Spreadsheet, Feature Work, Google, Hello, Lenders, Max Price, Mortgages, Neighborhood, Owner Information, Probate Search, Property Owner, Rectangle Shape, Subscribers

November 19th, 2010

Hello and Welcome to Xima’s Webinar Training Archive for November 19th, 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 we run this example 3657 Dunes Rd PALM BEACH.  When the property start showing  it shows a 69 K on the picture ,but the Listing price it is tttally diferent, Where that 69K coming from ?
• Q: Can we run this example 3657 Dunes Rd PALM BEACH
• Q: How often does the Xima information get updated: for example “preforeclosures” – new lis pendis filings, properties that are no longer in preforeclosure — that were either worked out in a loan mod, sold, or were actually foreclosed on, etc. ?
• Q: In this market is it more advantageous for a real estate investor to work the short sales with owners in pre-foreclosure OR work with owners directly in preforeclosure that have a good margin of equity?
• Q: How is the Xima Value calculated?  It seems to be very close to the Zillow Values.  Do you guys both have the same value calculation methods?
• Q: What is the general range of accurate mortgage information and loan amounts on the Xima searches – primarily preforeclosure equity searches?
• Q: How often does Xima information get updated regarding all types of comps?  Whether they be comps from active listings, recent solds, or the distressed surrounding properties in pre-foreclosure, that have been foreclosed on?, etc.
• Q: how do we put our listing selected from xima to our website that is not working properly
• Q: when you are looking at mortgages can you identify non institutional lender, ie. private lenders who hold the note ?

Filed Under: ReiFax Trainings Archive Tagged with Comps, Diferent, Foreclosure, Google, Hello, Institutional Lender, Lis, Loan Amounts, Mortgage, Mortgages, Palm Beach, Preforeclosure, Private Lenders, Property Owner, Real Estate Investor, Solds, Subscribers, Webinar, Xima

All those folks who can’t buy a home are producing smiles on the faces of landlords. For many months vacancy rates were forcing sobs from rental property owners. The pool of potential tenants had been greatly reduced, because everyone was buying a home. Home prices were still relatively affordable and there were big buckets full of mortgage money available at historically low rates. People didn’t need to rent when they could buy.

The high Foreclosure rates changed all that. Now more people are seeking good homes to rent, so the supply of available rentals becomes slim. Demand for rental homes has also been stimulated by a reduction in the number of available apartments.

But it’s not all good news for landlords.

Some eager investors bought investment homes near the top of the real estate price cycle. They paid high prices for the homes they are now offering for rent. Many are learning that the cost of mortgage payments, taxes, insurance and other normal costs are leaving them with negative cash flow. That means it is costing them more each month to own the property than they can collect in rent.

The investor’s negative cash flow can amount to as much as $500 or more. Each month the owner must take those hundreds of dollars out of his/her pocket to make up the short fall between rents collected and money paid out in loan payments and so forth. That’s called an alligator property, because it can eat you alive.

Negative cash flow can be avoided by making a larger down payment on the property. You then have a smaller mortgage loan with smaller monthly payments. If you have planned correctly your rental income should then cover all your costs and expenses of owning. The down side is that you have a large amount of cash locked into one property.

The wise investor always buys at a price that will allow him to prosper no matter what happens to real estate values.

Filed Under: Articles Tagged with Adsense, Alligator, Apartments For Rent, Available Apartments, Buckets, Buying A Home, Cash Flow, Condos, Eager Investors, Foreclosure Rates, Google, Google Adsense, Home Values, Investing, Investment Property, Landlords, Loan Payments, Low Interest Rates, Mortgage Loan, Mortgage Money, Mortgage Payments, Mortgages, Negative Cash Flow, Real Estate, real estate values, Rental Property Owners, Rents, Smiles, Sobs, Vacancy Rates, Wise Investor

Investing In Foreclosure And Reo Properties

By: Brian S. Icenhower

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

Filed Under: Articles , Foreclosures Tagged with Bargain Hunters, City Blocks, Court House Steps, Deed Of Trust, Default Notices, Delinquent Payments, Distressed Properties, Economics, Foreclosure, Google, housing, Investment, Investment Opportunity, Mortgage, Mortgages, National Investors, Opportunists, Preferred Method, Properties, Prospective Buyers, Quandary, Real Estate, Real Estate Investors, Reo, Reo Properties, Social Functions, Timely Fashion, Unpaid Debt, Water Coolers