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Here are all of the answers!
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Can
I use Shark Bait in any area of the world?
Yes, you may use Shark Bait anywhere.
If you can obtain sales records for the local area
on diskette or downloaded; and if you
can get foreclosure data from a local publishing service for
current foreclosure records, you can use Shark Bait! |
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Is
Shark Bait just a database program?
No! Unlike many of the simple programs
provided by the foreclosure data services themselves, Shark
Bait is a comprehensive, analytical foreclosure buying system.
The typical programs from the data services, are typically
just electronic storage files, that allow you to import their
data, sort or filter the records, and perform mailings.
They offer none of the analytical powers that Shark Bait possesses!
Shark Bait is designed specifically for buying foreclosures,
with custom financial analysis functions, queries, sorting,
sub-databases, screens, forms, reports, mailing management,
contact management, calendar, mapping functions, and a check
list task master which will help you analyze every foreclosure
property, step-by-step...without forgetting anything! |
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Is
Shark Bait just for buying properties at the Trustee's Sale
or Sheriff's auction?
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 Shark
Bait 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 Shark Bait to evaluate listings on the
MLS, so you can find the real MLS deals! |
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Is
it difficult to learn how to use Shark Bait and the tricks
of buying foreclosure properties?
Shark Bait is easy to use and
master. Shark Bait comes with a very comprehensive Tutorial
Training program built-in and an extensive 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 Shark Bait functions are point and click, and designed
for the amateur investor. However, a basic understanding
of the Windows operating system and familiarity with computers
is required. |
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Where
can I learn more about buying foreclosure properties?
There are many books at the
library, 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. Shark Bait 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. |
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Where
do I get foreclosure data or records?
You may obtain foreclosure
data from any local foreclosure data service. We've
listed most of the one's we know of throughout the nation
on our foreclosure data services page at: data.php
(Click on the link to go directly there.) Typically,
these services track every "Notice of Default",
or "Notice of Trustee's Sale" 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 may E-mail
us for a referral to a service in your area. We have the names
of services in many areas. You can even enter data into Shark
Bait by hand from any printed list, newspaper, or your own
research and data gathering at the County Recorders Office. |
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Is
foreclosure data information available for free?
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 the information to you on diskette for free if
they believe you are going to be a good customer and use their
services for title policies on the properties you buy.
Remember, this is a business. Like any other business,
it requires making an investment. The investment in
software and ongoing data is very small, in respect of the
huge returns that are typically realized with just one foreclosure
purchase. You need to pay, to play this game! |
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How
do I import the foreclosure data into Shark Bait?
Request that the foreclosure
data service provides the foreclosure information in either
the dBase4 format, or Comma Delimited Text (.csv or .txt)
formats. Shark Bait will automatically convert all of their
field names, to match the target field names which Shark Bait
uses. The import process takes about a minute,
and then you're on your way. We have even created a
number of "Preset Import Specifications" that automatically
set up Shark Bait to receive data from many of the major foreclosure
data services. To see if your data service has a Preset
Spec, please go to: specs.php |
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Where
do I get sales comps for my area? (Actual
historic sales records of previously sold properties.)
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). It only takes a few minutes to save the data.
Most Realtors are happy to do it for you, in exchange to get
your foreclosure listings when you decide to sell your investment
properties. 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. |
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How
does Shark Bait determine the value of the property?
After you enter sales comps
SharkBait 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 then uses these databases to compute the approximate value
of any new foreclosure records (when you import them into
Shark Bait) based on an average values per square foot for
previous sales in the same geographic area. Shark Bait
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. Shark Bait is usually within a few percentage
points of the actual current market value. |
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How
do I find the best deals out of hundreds of new foreclosure
records?
You simply set the ratio of
"Debt to Value" that you want as a maximum amount.
. . and Shark Bait 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,
and sort out just those properties that have significant equity
in them . . . saving hours of leg work, research and
effort! Those are the ones you want to spend your time on,
and go to the next step of an actual physical inspection. |
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Can
I customize Shark Bait's built-in reports with my name, address,
etc?
Yes. Shark Bait 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. They will be impressed that
you have all of the information in such a professional format,
and you will be happy that you are so organized, having just
the right information you need at a glance. You
can even export sorted records out of Shark Bait and into
either Microsoft Word and Excel, where you can create virtually
any custom report to suit your personal needs. |
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Should
I have a real estate license first before starting?
No. You're better off without
a license, so you are not 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 the boat 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%. |
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How
can a real estate broker, lender or attorney use Shark Bait?
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. |
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Can
I do mailings with Shark Bait?
Yes. Shark Bait performs
the most difficult task of managing which records, need to
get mailed which letters, at the appropriate time. Shark
Bait 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.
Shark Bait even keeps a quick reference log of each mailing,
so you can see who got what letter, when. |
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Tips
Foreclosure
Tips For Your Success!
Click on any
of the following "Real Estate Foreclosure Tips" for
a specific expert tip on how to buy real estate foreclosures.
Bookmark this page, for your future reference about investments.
We add new tips frequently to help you better succeed in buying
foreclosure investment.
Tip
#101 DON'T BE STUCK WITH A "TAJ MAHAL"!
Tip #102 DEBT-TO-VALUE RATIO IS THE NAME
OF THE GAME!
Tip #103 DON'T COUNT ON THE COUNTY ASSESSORS
VALUE!
Tip #104 CHECK, CHECK, CHECK AND CHECK AGAIN!
Tip #105 LET THE IRS MAKE A BETTER DEAL FOR
YOU!
Tip #106 WHAT YOU SEE IS WHAT YOU GET!
Tip #107 EASY COME, EASY GO!
Tip #108 FREE DATA SOURCES?
Tip #109 COME ALL YE REALTORS.
Tip #110. . . Coming Soon!
E-mail
us with your questions if they are not answered here: support@digitaldeal.com
Shark
Bait
THE
Real Estate Investment Software!
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