Zack childress real estate apart from borrowers failing to pay their monthly mortgage, there are several other circumstances which may lead to foreclosure. Zack Childress real estate reviews the reasons that prevent the investor’s properties from getting distressed.
When the borrowers fail to pay the premium for the insurance. (Insurance taken out of compulsion by mortgage lenders and not for particular purpose)
- When property taxes are unpaid
- When the townhome/condo owners fail to pay their association fee to HOA
- When a house is subjected to bad condition (major repairs) or when no safety concerns are ensured and leads to life threats of the residents
- Selling the property for financial or personal reasons
- Bank gets the possession (REO)
Often commercial real estate deals falls into distressed property category as they fall out on mortgage dues owing to financial loss occurred. The mortgage rules and regulations differ from residential home purchase. At the same time, the mortgage technique only helps out the commercial real estate entrepreneurs to start their business and it opened the doors for many new investors.
You can find the distressed properties for sale through credit union, tax lien auction, direct mail, cold calling, and distressed property experts and you can get the information by contacting the concerned bank‘s toll- free number, the bank website.
Sometimes bank doesn’t involve in selling REO properties owing to 4 reasons namely accounting regulations, lack of experience in selling non-performing assets, title complications, the offers and borrowers who seek them aren’t satisfactory. Closing cost includes inspections, loan origination fee, title and property insurance, escrow, appraisal, etc.
How does the bank choose the right buyer?
There could be many buyers who would have showed their interest on the REO property which is listed for the sale. The bank considers the following criteria’s says Zack Childress.
- A presentation about you listing all the attributes you possess and financial overview like your credit score will matter a lot.
- Member in any club or association pertaining to real estate
- How far the needs and priorities matches with the deal
- Selling skills can be checked
The housing loan schemes, crowd funding and various other methods are the financing strategies. To know more about it, check out the articles on Zack Childress REI quick cash system. Apart from that, you can avail different types of mortgages like HELOC, fixed rate, interest only, equity based.
Zack educates the investors on how to do successful investment through his webinars, seminars, podcasts and training programs are conducted in regular basis to preach real estate marketing.
There are several types of scam involved in a foreclosure. The first-time homebuyers should not basically try their hands-on these properties as it is complicated. Otherwise, take the help of various professionals to guide you throughout the process.
New investors can try co-wholesaling for free in Zack Childress automated wholesaling system. When you and your partner are interested in real estate, you can become partners and try this method.