September 9th, 2011

Hello and Welcome to the ReiFax.com Webinar Training Archive for September 9th, 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: How do I sell any of MY properties as a FSBO through ReiFax, then? Is that possible?
• Q: Where does Reifax pull the information from to suport Comparables and what is the timeline for tne information to appear in the database from the date of closing?
• Q: I can’t find FSBOs using the software. Please explain how to do that  in case I am missing something
• Q: How do you search for properties between 80% – 120% LTV (loan to value)?
• Q: when doing a comp there may be, for example, two properties out of ten that are in extremely bad condition, how would you do an accurate comparable?
• Q: known debt is the original mortgage?
• Q: please go over market value. when i do the computations i always get a different ans
• Q: Can the search be done by community name like Brickell
• Q: Show us how to do a probate search
• Q: Can you run through a search with the following criteria: Certain area, Forclosed and still for sale (REO’s), under a certain amount

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If you have chosen to renovate your home then you know the price can easily exceed your predictions. Home renos tend to have what is known as “scope creep.” This is when the renovations start and as they progress new things or problems cause there to be more work than originally predicted. This can be difficult to deal with is funding is limited so its a good idea to build contingencies into your financing plans right at the start. That way when the surprises pop up, you will be ready for them.

When thinking about renovation financing there are two likely candidates for you to consider. The home equity loan and the home owner’s line of credit. The amount available for a home equity loan is based on the amount of equity that you have built up in your home. This loan is sometimes referred to as a second mortgage. It is calculated by taking the value of your home and subtracting the amount left outstanding on the original mortgage. If you own your home outright, then the amount would be the home’s value. As an example, if you have a home that is worth $250,000 and you have already paid off $110,000 then your accumulated equity would be $140,000. The value of the property is what guarantees the loan so the interest rate is low as well as they payments. It is also normal to be able to secure fixed interest rates for such loans.

The other popular financing option is the home owner’s line of credit. This loan does not have a finite amount save for the limit which is once again decided by your equity. This is a popular option as it allows for a lot of room when considering costs. The loan operates much like a credit card, with a variable interest rate. This is certainly the most flexible of the options and does not have a definite end date. The line of credit remains open for as long as you need it and do not close it out.

The best way to discern which type of loan is proper for your needs is to confer with a financial expert or banker. Prioritize your needs and try to find a loan that is tailor made for you. Remember that your home is going to be on the line as collateral so be sure to plan your payment schedule carefully and within what you can afford to pay. Make sure that you research all your options here and find what work s for you and for your budget.