The new
version 5.1 introduces a number of new features and upgrades
to the state-of-the-art software system. Upon importing records
into the database, Shark Bait instantly determines the approximate
market value of each property, then tallies the amount of the
known debts and calculates a probable debt-to-value (DTV) ratio.
This DTV ratio is the key to finding real equity in any foreclosure
opportunity. Shark Bait then even calculates the probable current
balance of all loans, using researched average loan interest
rate tables for every calendar year that can be modified, or
updated by you. The system will import, post and evaluate up
to six loans on each property as well as IRS liens, property
taxes and other liens of record. Shark Bait evaluates and re-evaluates
the DTV ratio with each new piece of imported data, or entered
information.
An important
new feature of Shark Bait 5.1 is valuation by zip code. Some
foreclosure lists do not include assessor's parcel numbers or
Thomas Brothers map coordinates, so it is now possible to determine
value by way of neighboring properties located in the same zip
code as the subject.
Shark Bait
can sort through hundreds of foreclosure records, based on any
combination of complex variables, and quickly find just those
deals that meet your investment parameters. With its property
valuation, loan ranking, balance and calculation features, Shark
Bait will save countless hours of time and legwork in tracking
down and analyzing prospective foreclosure properties. Flag
any record in Shark Bait by either Yes or Bid tags, as you qualify
and upgrade your level of interest on each. Track, sift, group,
organize, manage, build, evaluate, manipulate, analyze, merge
and archive the ocean of data and all of your foreclosure records.
Shark Bait
works with data in either a dBase (.dbf) or comma delimited
(.csv or .txt) format. Like an engine, it needs gas (foreclosure
records and sales comps records for the local market area).
These comps are readily available from local real estate data
services at a reasonable cost, or downloaded from the MLS through
a broker for free. Once loaded into the system, Shark Bait takes
it from there, providing all of the information and analysis
in logical and straightforward screens of interest.
It even
checks for duplicate, or subsequent foreclosure notices against
every record in the database, providing a pop-up screen during
the import process listing every duplicate record. With a click,
records can be compared as Shark Bait shows you just those fields
of data that have new, or different information, then allowing
you to update the original master, delete or keep both records.
This is a tremendous time saving feature for tracking and updating
postponements, bankruptcies and subsequent notices on the same
property or loan.
With the
built-in Check List Taskmaster, Shark Bait walks you through
the due-diligence process for each property, making sure you
don't miss a critical step. The Mail Manager maintains a mail
queue for form letters in logical groups (NOD, NOS, Trustee,
Trustor, Beneficiary) that you can customize with a delayed
sequencing for export and mailing. Once a property has been
checked into any of the queues, you can forget about it, as
Shark Bait automatically exports the records on the appropriate
day for mailing, and even logs a record of the letter type and
date sent.
A comprehensive
Contact Management system ties trustees, trustors, beneficiaries,
title companies, government, contractors, supplier contacts
together, fully integrating each contact with one, or many properties
that they may be involved in. With a few clicks, contacts can
even be exported to Microsoft Outlook. Reminders, trustee sales,
reinstatement and critical date deadlines can all be posted
into Outlook, complete with automatic population of the form
(APN, address, purpose of deadline or event).
Up to 6
photos per record can be stored, along with comments on each,
with the featured photo instantly appearing on every screen
of the Control Room for a handy reminder of which property was
which. With just a click, Shark Bait automatically maps any
property location, with Microsoft Streets and Trips, pasting
the local area into each record for quick reference and inclusion
in various reports.
The Repair
Schedule incorporates hundreds of commonly repaired items, in
clearly organized groups, that you can establish with your typical
preferences of material grades and labor costs. In minutes,
you can click on those items intended for repair, or refurbishment,
and Shark Bait will incorporate them into concise reports.
A Bid Analysis
incorporates the repair costs, predicted resale price, sales
costs and your anticipated bid, or purchase price together for
an at-a-glance bottom-line profit analysis.
Every detail
on every record can be pulled together in eight comprehensive
reports, pre-designed for virtually every purpose of the foreclosure
process. A clearly formatted Property Profile report organizes
every detail, while the Planned Bids report summarizes your
intended bids, or any group or records, based on any criteria.
Maps, repairs, insurance binder requests, even reports to your
real estate broker and title company are all generated in seconds.
