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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 Foreclosures.com for current foreclosure records, you can use Shark Bait!
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Is Shark Bait just a database program?
No! Unlike many simple database programs, Shark Bait is a comprehensive, analytical foreclosure buying system. Typical programs are just electronic storage files that allow you to import data; sort or filter records, and perform simply 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 source is still the same. You decide what is best for your investment means and game plan.
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Is it difficult to learn how to use Shark Bait?
Shark Bait is extremely 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. 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 do I get foreclosure data or records?
You may obtain foreclosure data from Foreclosures.com. If data is not available in your area, you may try asking your local County Recorders Office to find a local data provider. 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 need to subscribe to the service for a nominal fee. Read more about that here. 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?
Foreclosures.com provides their data in ready to import “Shark Bait Format”. 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 sets up Shark Bait to receive your data.
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How does Shark Bait determine the value of the property?
Using your Data Comparables Service, Shark Bait 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 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. (Example: I look for properties that have a 70% debt to value ratio. Read more about this here.) 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 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 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. If you want to be a buyer or seller, you don't need a license. If you want to represent buyers or sellers then you must get your license, but then you will be working for 6% rather than 15-20% profit. You can pay a Realtor when they bring you a buyer, and he’ll make 3%. Great for him, not you!
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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. These professionals need to quickly find the foreclosures that may have real equity in them, so they can offer their services and offer 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 Microsoft 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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E-mail CRS with your questions if they are not answered here: support@digitaldeal.com
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