Dec
02
ReiFax Webinar Training – December 2nd, 2011
Posted By: Ramon Rivas on December 2, 2011 at 3:10 pmDecember 2nd, 2011
Hello and Welcome to the ReiFax.com Webinar Training Archive for December 2nd, 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: When looking at a list of properties I noticed a green check mark on the upper left corner of the property, what did it mean?
- Q: Ramon, what if the listing says 0bedrooms and 0 baths?
- Q: where did you go to get the idx and realtor.com buttons
- Q: After I generated the contract, I tried to change the offer but when I generated the contract again the offer did not change to the new offer.
- Q: In the remarks box for a property it said – Contingent shor sale – what does that mean?
- Q: Could you please quickly show a search that would give a result of properties for sale that are not REO? And what type of filters would you use in that search to find potentially motivated sellers?
- Q: Hi Ramon, I know ReiFax is limited on REO and short sale information they are allowed to publish but is there a way to search and get a result of NO short sales? Thanks.
- Q: any way to search for people who own property in an estate (not probate but estate) can we search the deed name for contains etc?
| Filed Under: ReiFax Trainings Archive Tagged with Adsense, Baths, Broward County, Condos, E Mail, Excel Spreadsheet, Foreclosure, Fort Lauderdale, Google, Hello, Judgement, Limited, Neighborhood, Probate, Realtor, Rivas, Sfr, Shape, Short Sale, Subscribers, Upper Left Corner, Zip Code |
September 24th, 2010
Hello and Welcome to Xima’s Webinar Training Archive for September 24th, 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: How 2 find Pre-Foreclosure lead on XIMA USA?
- Q: When I search 33068 for Discoiunt report I get Map shape/ polygon is required… What is that?
- Q: 54 Short Sale in how long? 6 Ms or 12 mos
- Q: Can you please tell me if I can find a property that would have a Deeded Boat Dock? Or a Boat Dock?
- Q: Is there a Basic Xima Class? When is it offered?
- Q: What is the Realtors Website?
- Q: Does Xima work on Commercial properties as well?
- Q: question:is there any way to exclude multiple banks from the mortgage search at the same time? I know we can excluded them individual, how about more than 2 at a time? Thanks
- Q: Are all the videos on the www.map2equity.com or are any on the XIMA site?
- Q: How does the system determine Market Value?
| Q: How can i find the mailing or contact information for the property owner |
| Filed Under: ReiFax Trainings Archive Tagged with Banks, Foreclosure, Google, Hello, Map, Mortgage Search, Polygon, Property Owner, Realtors, Shape, Short Sale, Subscribers, Time Thanks, Webinar, Xima |
We are real estate investors and work extensively in the pre-foreclosure market. Many times sellers are financed 100% or close to it and there is no deal to be had so we try to negotiate with their lender to do a short sale or short payoff. As part of the process the lender needs a BPO to determine fair market value.
What is a BPO? A Broker’s Price Opinion is a market value assessment usually performed by a licensed real estate agent or broker. These are most often done on properties that are in foreclosure. A lot of times when the property is not sold before or at auction, the BPO that did the opinion will get to list the property. Sometimes it can be a full time appraiser looking for extra work that may do the BPO. Because of the fact the agent may eventually get a listing they tend to sometimes give a high appraisal.
Now realize that market value generally assumes a home in great shape needing no repairs. 90% of retail buyers will not buy a home that needs any repairs. Many lenders will not finance a home that needs wood replaced or roofing done.
What is a Drive By? A drive by consists of a BPO going to the house and stopping in front, taking a picture of the outside and driving off. They never get out of the vehicle, never to see the inside or any damage or repairs needed on the property. Comparable sales, past appraisals and tax records will be used to determine the value of the home without taking needed repairs into account. A lot of houses have good curb appeal, once you step thru the front door it’s a different story. We have had the BPO agent miss the fact that a tarp was on the roof to stop the rain from coming in the house because the holes in the roof were on the back of the house and the agent never stepped out of their vehicle.
How can I get an accurate BPO Appraisal? Be there early. Bring pictures and the list of repairs from your first visit. Develop rapport and become best friends with the appraiser. Do your homework on the neighborhood. Look for true comps. Example: If you are looking at a stucco home and the rest of the neighborhood is brick. You can’t find true comps. For future reference if you are in a mid to high humidity area, get a moisture test on the stucco and bring the results with you.
How can I keep from being a victim? Arrive 45-60 minutes before appt. Do not allow the home owner to greet the BPO instead of you. Stay where you can see the road. If you see a vehicle pull up and stop, jump out and holler politely,” Would you like to see the inside of the home”? To make the experience better for yourself and the BPO offer help. Tell them what you have found. Don’t take it personally if they don’t want help from you. Do your homework. Don’t let the homeowner show them around as they will try to point out nice things. Your job is to point out the flaws of the house and drive the appraisal down. Make sure the lender knows you are the point of contact for the BPO agent and to contact you to set up the appointment for the BPO. The pictures that you took on the first visit need to be printed out; if digital take them to a kiosk that makes prints. Have 3 copies made. Put two to a piece of paper, go with colorful construction paper, yellow is a happy color, go to your local office supply store and get printable file folder labels. In detail tell what’s wrong in the picture. Give the BPO agent 1 copy. Let them know what you have found wrong with the house or yard. Give them a repair list. Any true comparable sales you have found within a 5 mile radius will also help. Always pick the lowest comps. You will document a lot more problem area’s with the house than the BPO will see. This will be the difference of making 30k or 5k on a house.
People don’t walk into your house, and say, “Wow, they have all new electric. Let’s buy.” That’s just a core expectation. The trick to selling houses fast is to seduce your customers to fall in love when they walk through. It has to feel like a home to them.
The two most inexpensive yet surefire ways we have found to create this atmosphere is through color and through decorating.
A tastefully decorated house really stands out from the others. New house builders learned this a long time ago. Why do you suppose they hire interior decorators? But they have the advantage of creating one masterpiece to sell many. Rehabbers don’t have that luxury. But we discovered that a house can be “staged” to feel like a lived in home. Staging is the art of artistically placing décor items around the house. Perhaps a colorful place setting on the kitchen counter along with open coffee beans for aroma, and an open recipe book turned to a colorful picture. Bathrooms dressed up with beautiful towels, sweet smelling soaps, and window treatments as shower curtains. Finally, fireplace mantels decorated as if the family was already living there.
But even staging doesn’t create the ambiance you need. It is the warmth that comes from color. You may have heard to use a white-on-white color scheme to remain neutral and not turn anyone off. The truth is – no one is turned ON either. Buyers aren’t attracted to all white houses. At best, there’s no emotion. With the use of contemporary designer colors, however, these same people fall in love with the home. That’s the emotion that sells. When they love, they buy. And they fall in love with houses that are brought to life with full color.
Unquestionably, almost all people want to earn more than enough money. So they find ways to earn extra income.
Indeed, real estate is a prevalent investment. The millionaires out there gain their fortune through real estate investing. Even famous people are entering the real estate world to capture bigger earnings. They realized that investments in real estate are a good way of generating revenue. But do all the deals that you close guarantee big money? Well, the answer actually depends on a lot of factors.
Bigger Money On The Best Deals
So what is the millionaires’ secret in real estate investing that you do not know about? Here is the way to obtaining fortunes in real estate. Actually, the means of getting the real estate investing riches is not through recent techniques, methods or systems. Instead, it is through patience and research, and simply keeping an eye on the marketplace for a big break.
Something big in the marketplace generates express growth in the real estate investing industry. Such big indicators could include fresh major employment progressing into the area, new factories, centers that offer sales and entertainment investments. If you ever smell and spot one, take hold of it because you’re near to grasping a fortune.
The issue is not on the number of deals that you make. What makes real estate investing a prosperous business is actually about the kind of deal that you make. If for example there are hundreds of business opportunities around and you invest to about 90% of them it wouldn’t guarantee you riches. But for instance, if an investor closes a deal which has a good price, it will guarantee him a huge amount of money. Even if that is only a single deal, what matters is the amount that you receive minus the expenses. If that still totals to a huge amount, then you’ve probably hit the jackpot.
Tips And Tricks To Make You Rich
There are some points to consider before becoming rich in the real estate business. The first thing to mull over before real estate investing is to decide whether or not you have the money for it. If you choose to borrow your capital in the business, then try to consider the necessary repayments and interest rates on your loan. If you also plan to do outright purchases in real estate investing, be confident enough that your savings is enough. Never make a mistake because it will lead you to spending too much and earning too little.
Once the budgetary chapter of your investment turns out okay, the next step is to choose competent people to work with. It is always better to choose good people inside the realm of your money making. Remember that you are in need of reliable people, from agents to banks and even customers. With everything on hand you’ll end up getting the better side of the bargain.
Another important thing to contemplate before real estate investing is the reason for your venture. Choose deals that will make you good money, but also remember that not all big investments have good payoffs. Know first how everything will run and clearly apply the legalities so that the business can be all set and clear. One wrong move can make you lose a large amount of cash, so take things slowly but remember to do them correctly.
In real estate investing, not all deals give you great payoffs. It also doesn’t imply that you’ll get rich if you invest on three or more deals. It is really about the investment that you choose to enter, your capabilities as a negotiator, and at one way or another, your luck.
