IDX, Inc. adds Georgia MLS to its Network of Multiple Listing Service Data Feeds
JUNE 29, 2007
EUGENE, ORE. - IDX, Inc., a leading provider of web based real estate listing search applications, announced today the incorporation of the Georgia Multiple Listing Service (GAMLS) to its growing network of Multiple Listing Service (MLS) data feeds. Members of the GAMLS now have the opportunity to use IDX, Inc’s primary search application, IDX Broker, to display information from the GAMLS on their business web sites. This new addition to the IDX network gives members and their clients access to more than 90,000 listings in Georgia and the Southeast.
IDX, or Internet Data Exchange, is the means by which data is extracted from a listing service, and made available elsewhere. IDX Broker services real estate professionals by providing their websites with the tools needed to browse information from this data. IDX Broker also offers automatic email announcements, custom client home views, and advanced administrative and customization tools. By providing these utilities to one’s clients, real estate professionals nationally are advancing the competition in their respective markets.
Additional benefits of using IDX Broker include:
-Custom Integration with Existing Website
-Ability to Generate New Buyer Leads
-Automatic Email Updates 24/7
-Custom branding for Search and Login Pages
-Advanced MLS Search Tools
-Automatic Listing Updates
-Ability to Create Featured Listing Pages
-Ability to Check the Status of New MLS Listings
-Detailed Traffic Reporting
-Advanced Lead Generation Tools
-Interactive Customer Login Area
The Georgia MLS is the largest multiple listing service in the Southeast, with over 2,600 member offices, and a user base of 39,000 real estate professionals, and is the latest of over 200 Multiple Listing Services IDX, Inc. currently covers. To browse a complete list of all Multiple Listing Services in IDX, Inc.’s growing system of data feeds, visit www.idxbroker.com.
About IDX, Inc.
Headquartered in Eugene, Oregon, IDX, Inc. is a leading provider of web-based applications for real estate professionals throughout the U.S. IDX, Inc. offers two primary applications: IDX Broker and SLM Pro. IDX Broker allows individual real estate agents and brokers to integrate listings from their Multiple Listing Service (MLS) seamlessly into their own real estate website. This integrated IDX data feed allows agents and brokers to generate and manage leads online from all listings in their respective area of specialty. SLM Pro is a Sponsored Listings Management marketing program that assists businesses with the complex task of creating and managing a dynamic online marketing plan. SLM Pro uses a unique approach to online ad placement that maximizes the overall reach of a user’s website, while delivering relevant and targeted traffic efficiently. For more information about IDX, Inc. services and products, please visit http://www.idxbroker.com or call (800)421-9668.
Improving the Short Sale Strategy By Purchasing Properties Out of Bankruptcy
Because of the current downturn in the housing and mortgage market, one of the better real estate investment strategies is the short sale strategy. Quite simply, a short sale is where the bank holding a mortgage allows a real estate sale to proceed even though not enough money is generated to pay off the bank loan. In other words, the lender is taking less than what is owed in order to avoid having to foreclose on the property. With the new electronic filing system in bankruptcy, finding these opportunities is easier and more profitable.
Understanding the psychology of banks is essential. In today?s market, banks cannot afford to have a large portfolio of properties with bad loans. Banks with large loan portfolios in default risk having their credit rating damaged. Then, the interest rate at which they borrow money is increased, or they may be limited in how much they can lend out. Thus, now more than ever, banks are in a position of having to get these non-performing mortgages off of their books.
Prior to the real estate bubble being deflated, many homeowners overpaid for properties. In a large percentage of these situations, homeowners received 100% financing or put next to no money down by way of deposit. Furthermore, people obtained two and three mortgages in order to fund the purchase of the property. This convergence of factors has led to many properties having mortgages higher in amount against them than they are worth.
This situation is referred to as the property being underwater, i.e., the liens exceed the market value of the property. To give a brief example, assume the property is worth $100,000 and the bank is owed $110,000. The homeowner could never sell this house without having to bring money out of pocket to closing in order to make up the difference to cover the mortgage. Further assume, however, that you convince the bank to discount its mortgage to $60,000 and you convince the homeowner to sell the house for $65,000 since it clears out the debt and covers closing costs.
In this example, you can obtain a $100,000 property for $65,000. Even better, there are strategies for you to just assign the contract once you obtain an agreement with the homeowner and the lender. So here, you assign the contract to someone else for $90,000, still under market value, and profit on the difference, namely $25,000. This way you never take title or have money out of pocket, and you just receive a check for the $25,000 once the transaction closes.
The short sale strategy benefits the homeowner in that you are helping the homeowner out of debt. Equally important, you benefit as the purchaser of the property in that you can obtain the property at a significant discount and profit immensely.
Many real estate gurus teach the short sale strategy and it is a strategy that works. What is not taught is how to use the electronic bankruptcy filing system to increase the potential of this strategy.
In the old real estate world, the only way you could determine if the liens exceeded the value of the house was to search the county records for any mortgage filings and other liens. Now with the bankruptcy court?s electronic bankruptcy filing system, you can tap into the information on PACER (Public Access to Court Electronic Records) at minimum cost. This information is powerful and leads to many investment opportunities using the short sale strategy not previously available.
With PACER, you can go on the claims register of a particular case and review the lien information. The banks have to file claims with the present balances due with a detailed breakdown of all their calculations. Thus, up to date information is easily reviewed on the payoffs on a mortgage, and all this is done from your home computer in minutes. To perform this task previously would have taken hours of search time, drive time and physical effort in searching manually through the county records.
The R.A.D.A.R. (Rapid Access to Data for Accelerated Returns) teaches how to tap into this strategy for buying properties. For information on this strategy and other profitable strategies for purchasing properties out of bankruptcy, please visit www.buyingbankruptproperty.com.
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John J. Scura III is an avid Real Estate Investor and also an Attorney practicing heavily in the legal area of Bankruptcy. John has developed the R.A.D.A.R. (Rapid Access to Data for Accelerated Returns) system. A more detailed explanation of the system can be found at www.buyingbankruptproperty.com. John helps you clearly understand all aspects of bankruptcy proceedings and shows you how to profit from real estate deals at every angle.
John's a trusted lecturer that's called upon to share his systems with the Institute for Continuing Legal Education, lecturing to realtors, mortgage brokers, real estate investors and first time home buyers and sellers.
While an expert real estate investor in Bankruptcy cases, John is also a proud member of the Passaic County Bar Association (and former Trustee), the New Jersey State Bar Association, the American Trial Lawyers of America and has sat as a Director on the Board of Directors of Big Brothers/Big Sisters, receiving Big Brother of the Year award for two years.
Knowing Your Market
Home purchase and sales can be a tricky game. In fact the real estate market is one that is open to more fluctuation than many others. That being said, the real estate market is also one that has shown remarkable tenacity and the ability to appreciate even in the toughest of times. Many investors have made their fortune prospecting on the real estate market and as this fact becomes more publicly known the country has developed a love affair with the concept of investing in real estate as opposed to other realms of investment like the stock market or mutual funds. This is not to say that there isn't a tidy profit to be seen from those other markets, simply that real estate has continually proven to be one of the most prolific and rewarding investment options.
Proper real estate investing hinges on several factors and the most important of these is to really have a good handle on what the current trends are in your local market or whichever area it is that you have chosen to invest in. I cannot speak highly enough of spending some time with your realtor or agent discussing the reality of the chosen market. Find out what is selling quickly. Perhaps condos are the hot seller at the moment, or level entry single family homes. Either way a smart investor will research what is currently happening in their market and see if any trends emerge that they can capitalize on. Make sure that you weigh all your options carefully and decide based on the reality of the market, where your money would be best spent.
Location will play a huge part in your investing decisions. Each area will have it's own distinct trends and concerns. If you plan to be successful in a given area you will have to learn to market to that area's needs. find out what renters are looking for in your area if that is the route that you have chosen to take with your investment. Either that or find out what home buyers have been asking about in that area and tailor your property to satisfy those needs. A smart investor covers all of their bases and keeps their options open in case the situation changes, and it can change. So be prepared for any eventuality and be flexible on your investments, that flexibility will ensure that your investment earns money, whatever the case may be.
Lee Keadle is a professional Realtor® serving the Charleston real estate market. For more information on Charleston homes & properties, contact Lee today or visit www.searchforcharlestonrealestate.com.