Property Software Training

Property software training has become very important in the current scenario when the need of Property software has become a necessity for a company to carefully manage its real estate assets, and also take care of the working of the company and its labour costs.

This state-of-the-art software helps the companies in managing their properties in an efficient way and hence they can calculate whether their investment in the property is not going to waste.

It can help a company to assess its utilisation of resources like energy,

time and manpower and keep an estimate of the money spent so far on the property.
With the help of effective property software, a company can develop proper targets for its property in terms of the completion time and the total project cost. Property software is very essential for a company to be able to meet its projects on time and with the best possible utilisation of resources. Property software aims to optimise the utilisation of a company’s resources: be it technology, manpower or money.

It helps a company in keeping a proper track of the investment made in its properties so far. It scrutinises the properties of a company to make a careful evaluation of the money spent till date.
Property software training helps a company to rationalise its work related to properties with regard to the cost and the management in a very effortless and errorless way.

This kind of sophisticated software is a very important accounting tool with a company to keep a record of all the rent transactions of a property, account of the tenants and also a track of the suppliers and other input costs. Property software can help a company in important documentation of a property’s files and tenant related documents like the rent contract and the lease documents.
Property software training helps a company in making the best use of the property management and completing the project within the desired time span yielding the highest amount of returns on its major investments.

In a nutshell, the aim of the property software training is to yield the highest amount of ROI for a company based on the most efficacious use of the property software by the company’s project managers which is made possible due to the training imparted to them.

This kind of training becomes essential for the proper implementation of the property software by the company’s employees which has been customised and developed on the basis of the company’s needs by the software developer.

A Good Time to Buy Real Estate in Charleston SC!

Around the summer of last year, the Charleston real estate market (like many others around the country) experienced a drop in home prices.

Fluctuations are natural in real estate markets and anything else that is economically based. Most of us are familiar with the charts that have a wavy line that steadily rises with a pattern of high points (called crests) followed by low points (called troughs). The Charleston real estate market had experienced such a rapid increase of home prices in the eight years before that a drop in the market was predicted months before it started to happen.
Most real estate experts agree that this is the lowest point – the trough – of real estate prices. Some experts even believe that prices are starting to go up again in some areas.

The good news for home buyers, though, is that real estate prices now are some of the lowest we’ve seen in years. And, they probably won’t get much lower in the coming months.
Many of our clients ask us about the effect the real estate market will have on them selling their homes and buying up (buying a larger or more expensive house).

Although it will be harder to sell their homes with the current market, it’s an ideal time to move up. Since prices are so low right now, sellers won’t get as much money as they would have gotten a year ago for their current homes.

But, when these sellers go to buy another home, they will pay the lowest amount possible for it. This is especially beneficial for people moving up where that percentage of price reduction means saving more money on the more expensive house.
There are still a lot of homes on the market to sell.

The Charleston areas have months’ worth of inventory in a market that is slowly becoming less flooded. In the past 3 months, the MLS has shed almost 2,000 listings! So, Charleston’s real estate market is certainly headed in the right direction.
Between having a lot of homes to choose from and taking advantage of the low prices, the next few months are going to be a good time to buy real estate in Charleston. As real estate agents, we’re expecting a milder fall and winter than usual, as buyers are wanting to take advantage of current market trends.

Location and Affordability in Charleston SC Real Estate

Many of the Charleston areas (like James Island) have a much larger selection of condos on the market compared to townhouses right now.

However, there is quite a demand for townhouses in this area since so many buyers want a close proximity to downtown Charleston and to the beach without the high cost. Condos and townhouses are a great way for buyers to have the best of both worlds – yes, location and affordability! However, given the choice between condos and townhouses, many buyers opt for townhouses so that they can share fewer walls with neighbors and sometimes have a private backyard.
Condos fall under a different type of property ownership than townhouses – with condos, you legally own the space of the condo and share ownership of common areas (such as parking lots, green spaces, etc.) with the other condo owners.

On the other hand, when you own a townhouse, you typically own a small piece of land in addition to the home.

Townhouses often have a small, fenced backyard that is private. For this reason, many home buyers choose townhouses over condos.
Townhouses are still relatively low maintenance.

Townhouses, like condos, have a monthly regime fee that usually covers maintenance of the common areas, access to amenities, building maintenance, and sometimes even a termite bond.
If you’re thinking about buying a home in Charleston, SC and you want to have a close proximity to the beaches and downtown Charleston, you may want to consider condos or townhouses – especially townhouses. If your price range is under $225,000, this is the best way for you to buy in a good location and get a nicer home that is affordable.

Jackson Hole Slopeside Properties

Imagine being on your last ski run, and heading down the mountain straight to your slopeside residence. You take off your boots, kick up your feet, and enjoy a cup of hot chocolate while watching the skiers come down the mountain.
There are many places where you can achieve this by owning property slopeside next to the Jackson Hole Mountain Resort in Teton Village.
One of the many ski-in/ski-out options are the Tram Tower residences which include12 units in total. Built in the early 1990’s, the complex is located right off of the Lower Tram Line ski run. There are 2, 3, and 4 bedrooms units in the community that each come with underground parking. The Tram Tower community also has many amenities including a pool, tennis court, gym, hot tub, sauna, and men’s and women’s locker rooms.
The complex has resort zoning, so owners can enter their unit into a short term rental program if they choose. A 2 bedroom townhome in the Tram Tower development lists for $1,745,000 and a 4 bedroom will run up to about $2,950,000.
Crystal Springs, located at the base of the mountain was completed in 2003.
The ski-in/ski-out building is situated in the heart of Teton Village and is steps away from restaurants, shops and bars. The units are finished with granite counters, stainless appliances, hardwood floors, and fireplaces. One underground parking space comes with each condo. A 3 bedroom and 3 and a half bath condo will typically cost you between $2,200,000 and $2,495,000.
Another ski-in/ski-out option is the Teton Mountain Lodge, a condo-hotel project that was completed in 2002. The property functions like a hotel; however, the units are individually owned. Each condo owner has the option of putting their unit in the rental pool, where they can earn rental income.
The hotel has a restaurant, spa, pool, 20-person hot tub, yoga room and fitness facility. With an on-site property management company, owners can truly enjoy worry-free ownership. A one bedroom studio in the Teton Mountain Lodge lists for approximately $565,000 and a 3 bedroom penthouse runs up to $2,895,000.
Owning a condo at the Four Seasons is another great way to be on the ski slopes while living in the lap of luxury. The five-star, five-diamond hotel has world class services and amenities including a full-service spa, 2 restaurants, ski valet, kids club room, pool, fitness facility, ski concierge and much more.
The outdoor fire place allows owners and guests to relax by the fire while watching the skiers and snowboarders make their way down the mountain. The listing price for a condo in the Fours Seasons starts at $2,950,000 and goes up to around $3,800,000.
These are just a few examples of the many ski-in/ski-out real estate options in Teton Village.
It is a great thing to be able to enjoy the beauty of the Jackson Hole area along with your favorite winter sport; however, it is even more magnificent to enjoy these moments with complete convenience and ease

What is 'Keys for Cash' in Foreclosure

The term "keys for cash" in foreclosure is common in two situations. The first place it is often used is when a lender agrees to a short sale and the homeowner needs get-away money to leave the property. Most often the investor buying the property will explain that the lender will not allow any funds to go to the homeowner at the closing of the sale.
He will go on to explain that he, the investor, will help the homeowner by buying his furniture or "antiques" and the lender will never be the wiser.
Unfortunately for the homeowner and the investor and transfer of funds "off" or "outside" the HUD-1 closing statement is actually bank fraud.
I can almost hear real estate gurus screaming and turning in their graves as I write this! However, the reality is that both parties are a part of a banking fraud by exchanging any type of "good and valuable consideration" off of or outside the closing statement (HUD-1). Sometimes attorneys will even allow a small check to go "off the HUD" if it is less that some arbitrary $1,000 or $2,000, however, it is still bank fraud in the eyes of the law.
If a homeowner is cooperating in doing a short sale, he has presented the lender with a "hardship letter" explaining his personal situation and it is the responsibility of the person doing the short sale to ask the lender for a "keys for cash" payment to the homeowner.
This is simply where the lender agrees to a small ($1,000 - $1,500) payment that is listed on the HUD-1 for an agreement that the homeowner will leave the property in "broom swept" condition and leave all the major appliances in the property. The attorney for the closing can hold the funds in escrow until an appointed trustworthy person goes after the closing and checks the property.
The second type of keys for cash program is where a homeowner has refinanced his property within the past three years and goes into foreclosure. However, in this case the homeowner has a forensic mortgage analysis done and it is determined that a Truth-in-Lending Act (T.I.L.A.) violation has occurred.
This is a serious Federal law violation that requires the lender to give back all the payments made by the homeowner to the lender. Yes, it means that the lender will not only be not foreclosing, but he will be paying the homeowner back all his mortgage payments.
TILA is a viable defense to a mortgage foreclosure if the homeowner has refinanced in the past three years and certain disclosures or APR calculations were done incorrectly.
If a homeowner qualified for the TILA defense, he can expect to stop making mortgage payments and not go into foreclosure and eventually get all his mortgage payments refunded. In actuality, most lenders have offered the homeowner a "keys for cash" to buyout the homeowner rather that lose the mortgage note being deemed invalid.
So you have seen two very diverse ways that lenders will pay homeowners to leave their homes to facilitate the lender getting control of the property in better condition or so as not to lose the entire principal amount of the loan in an extended court battle that they can't win.
The root of the TILA problem is first the improper disclosure or material facts to the borrower, and the last minute changes that the closing agent makes without re-calculating the APR using the new HUD-1 closing costs.

Why Don't Lenders Care About Doing Short Sales?

It is an enormous frustration to investors doing short sales that the lenders take months to make a decision and just don't seem to care.

The homeowner stuck in the middle gets frustrated because he doesn't know how soon he will be required to move or worse, be evicted from his former home. In fact, the business of short sales by lenders is a gigantic part of their business and is absolutely necessary to keep their inventory of homes (REO's) as low as possible.
Despite the benefit to the lender and to the investor, the investor-buyer is often treated as a "bottom feeder" and with minimal respect.

Why should the lender treat investors any differently? Common sense, which is not all so common, would say that getting rid of a headache is better than suffering. However, if lenders agreed quickly to short sale offers, they would be putting their portfolio at risk by not doing good and proper due diligence with regard to the real value of the property. In the old days, an investor could walk into a local bank office and ask if they had an REO's.

The clerks or tellers would send them to an officer who would have a few properties that were For Sale by the bank. These days are gone in 99% of the country. To avoid favoritism and possible fraud, these transactions are centralized in loss mitigation facilities throughout the country. All foreclosure cases are handled by these highly trained professionals that are taught how to handle investors.
Handling investors is very simple. The investors who get short sales done quickly and efficiently are offering way too much money, usually 80+% of the mortgage amount due.

Lenders will take this 20% discount all day long. The real short sale specialists are the ones who work diligently and get discounts of 30% to 50% off. To get this amount the lender has to cool his heals and have the property listed on the MLS® to make certain the property can't be sold for a more reasonable price.
Investors target the deficiencies in the property and any weaknesses the lender will have to correct or pay for until the property is sold through a realtor.

If the realtor lists the property too high, there will be no offers. If he lists it too low, he will have offers but the buyer will have the low offering price on the MLS® to contend with when he rehabs and re-sells it to retail buyer, resulting in some buyers not being able to get financing.
The loss mitigation reps have hundreds of cases assigned to them and are paid on performance. Yes, the lender knows how much he is willing to discount each and every mortgage that comes into loss mitigation. So despite the best efforts of the investor to de-value the property, the loss mitigation rep already knows the amount he can allow the mortgage to be discounted.

The "loss mit rep" knows because he has access to real estate agents' price opinions (BPO's), real estate agents' comparative market analysis (CMA's) and appraisals that all indicate the fair market value at a specific time.
The public records are reviewed to see what other issues the lender may face. Finally, a "kick-out" price is determined by a supervisor and the loss mit rep is given a monetary incentive to get anything higher for the mortgage. What happens is the loss mit rep is actually bidding against himself by allowing the investor too low a price.

So the incentive is to control the investor by driving him crazy by not answering calls, and holding off as long as possible. If the short sale isn't completed it is not a demerit against the loss mit rep.
The system of loss mitigation is inherently flawed by the way lenders compensate their employees and the number of cases (250+) each rep is required to handle.

The cases that get the attention are the ones with the highest offers or lowest discounts because the loss mit rep gets a higher compensation. Unfortunately, this means that viable properties are left to sit and decay that could have been sold quickly otherwise and often for more money.

So the lenders may care about getting properties off their books, but their loss mitigation system is flawed in the favor of the people who should be interested in doing the best job for the lender, not the homeowner or the investor.