Frequently Asked Questions
Answers to common questions...
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No! Unlike many of the simple programs provided by the foreclosure data services themselves, EquityMarker is a comprehensive, analytical foreclosure buying system. The typical programs from the data services offer none of the analytical powers that EquityMarker possesses! EquityMarker is designed specifically for buying foreclosures step-by-step ...without forgetting anything!
No. It works for buying property in any stage of foreclosure (NOD, NOS, REO or Tax Sales) while it is still under the Notice of Default stage from the current owner in default; or back from the bank after the auction if the bank gets the property back. You can work with EquityMarker anyway you wish. The data is still the same. You decide what is best for your investment means and game plan. You can even trick EquityMarker to evaluate listings on the MLS, so you can find the real MLS deals!
EquityMarker is easy to use and master. EquityMarker comes with a very comprehensive Live Training program built-in and an extensive online Help system. Most of your questions will be answered with our instructions, as well as many hot tips on how to buy foreclosure properties. Most of EquityMarker functions are point and click, and designed for the amateur investor. If you can use a computer, you can use the EquityMarker software.
There are many books at the library, many different resources can be found online, but the best course is to dive into the data, go see the properties, go to the auctions and watch what the professionals are doing. EquityMarker will teach you a tremendous amount, and help you find the deals worth looking at. Don't buy the first property you find. Work with the program, study the deals and try a few examples out before you actually buy. Within a few weeks you'll be ready to buy your first foreclosure property.
Foreclosure data may be purchased from any local foreclosure data service. We've listed most of the one's we know of throughout the nation data services: Data Services. Typically, these services track every "NoD", or "NoS" on a daily basis from your local County Recorders office. Ask your local County Recorders Office, local real estate agents, or bank REO departments for names of these type of data services, or check your yellow pages directory under "Foreclosure Assistance or Services" for the names of services in your area. You can even enter data into EquityMarker by hand from any printed list, newspaper, or your own research too.
No, you usually need to subscribe to the service for a nominal fee every month. Keep the service until you purchase your first foreclosure, or if you're going to be a professional foreclosure buyer, keep it for the long term. They usually charge by the month. Some title companies will provide their information to you on disk for free or for a small fee.
Request that the foreclosure data service provides the foreclosure information in either the dBase4 format, or Comma Delimited Text (.csv or .txt) formats. EquityMarker will automatically convert all of their field names, to match the target field names which EquityMarker uses. The import process takes about a minute, and then you're on your way.
Any Realtor can give you this information by downloading the sales data from the MLS system and saving the data to file. You tell them which information you want downloaded, (Assessor's Parcel Number, square footage of property, bedrooms, bathrooms, sales price, zip code and map code if available in your area, for the past 12 month period). You can also purchase the data from local area real estate data services that capture the data from the County Assessor's Office and resell it.
After you enter sales comps EquityMarker creates a database of all previous sales comps in your area, sorting them by their geographic area, e.g. the subdivision, adjacent subdivision, and zip code or a map code. It uses these databases to compute the approximate value of any new foreclosure records (when you import them into EquityMarker) based on an average values per square foot for previous sales in the same geographic area. EquityMarker first looks to the actual subdivision the subject property is located in. If it can't find any comps, it radiates outward and looks to the adjacent subdivisions. If it still can't find any comps, it looks to either a map code (typically 1/4 mile square area), or the zip code the subject foreclosure property is located in. This is basically how appraisers do it. EquityMarker is usually within a few percentage points of the actual current market value.
You simply set the ratio of "Debt to Value" that you want as a maximum amount. . . and EquityMarker does the rest, (e.g. you may only want to look at properties with at least 30% equity in them, thereby less than a 70% Debt to Value ratio). You can usually evaluate several hundred properties in about 15 minutes, sort out just those properties that have significant equity in them . . . saving hours of research!
Yes. EquityMarker creates custom reports using your company, name and personal contact information. The reports have been custom designed for the most typical and useful purposes. They will provide all of the information you need to give to your banker, realtor, title company or insurance agent. You can even export sorted records out of EquityMarker and into either Microsoft Word and Excel, where you can create virtually any custom report to suit your personal needs.
No. You're better off without a license, you won’t be bound to the disclosure standards of a broker. If you want to be a buyer or seller, you don't need a license. If you want to represent buyers or sellers then go get your license, but then you will be working for wages and missing out on making significantly more money as a principal buying and selling foreclosure homes on your own. Get a realtor to represent you when you are ready to sell your homes. You'll make 20 to 50% on a transaction, he'll make 3%.
They can use it to farm for leads of homeowners in default, that have real equity still in their home. No one can help the homeowner out of his jam, if there is no equity in the home. These professionals need to quickly find the foreclosures that may have real equity in them, so they can offer their services and a solution out of ultimate foreclosure.
Yes. EquityMarker performs the most difficult task of managing which records, need to get mailed which letters, at the appropriate time. EquityMarker acts like the "Postman", with a series of mailing queues that sort the records you want to mail to, and date stamps them, so each letter is exported for mailing on the appropriate day. You then create a series of form letters with Word (or any word processing program) and merge the export record file with your letter. You can create letters, envelopes, post cards, and even reports. With a few clicks, you'll be sending your custom letters to the right people, at the right time. No worries, or managing needed. EquityMarker even keeps a quick reference log of each mailing, so you can see who got what letter, when.
