Common mistakes that new real estate investor should avoid -Zack Childress Tips
Common Mistakes You Should Be Avoiding • Common mistakes you should avoid • Tips before sign a contract • Buyers and sellers avoid real estate mistakes • Overview about the common real estate mistakes • key terms you should be having • Important to maintain high ethical standards • Real estate marketing tips • Important reason why certain housing deals fails • Tips to avoid foreclosure • Process of foreclosure
common mistakes you should avoid • Highly important when you are purchasing a home, because sometimes you will end up paying more if you skip or don’t perform some research about the market. • You purchase is indeed worth the money and this is possible only through research and homework • Always good to take up the help the professionals who will help you come to a conclusion with their proposals • A sufficient cash flow is necessary if you wanted to buy, hold and rent out properties, this will help to cover maintenance. • Proper planning before the real estate contract is signed.
Tips Before Sign a Contract • Make your real estate investing more rational with Zack Childress real estate programs • persuasive and widely inclusive program is the result of the individual encounters of a large number of land financial specialists • Zack Childress projects are a gift to individuals who needed to construct riches, easy revenue, and budgetary opportunity in the field of land, helping you overcome from things
Buyers and Sellers Avoid Real Estate Mistakes • Real estate buyers and sellers make some sure shot real estate mistakes • These are to be solved by using the guidance of an expert real estate agent. • Zack Childress, the owner of REI success academy which promotes automated wholesaling systems gives us a general overview about the common real estate mistakes that are made in this article. So let’s read this to learn about it.
Overview About the Common Real Estate Mistakes • Buying a house for its decoration • Don't blindly believe what is seen on the internet • Give easy access to the home • Avoid selling mistakes • An owner's title insurances should be brought • Doing everything on our own
1)Buying a House for its Decoration • We are not buying the objects inside the home but the home itself. • The decorations should not be considered above the home. • We should give more importance to the square footage and the floor plan.
2)Don't Blindly Believe What is Seen on the Internet • We cannot afford to blindly believe what is there on the internet. • The internet is full of cheats who will fleece us into paying for a property which is not theirs. • Also the property may be different when we see it in person. The pictures that we see on the internet do not reveal everything.
3)Give Easy Access to the Home • We should give easy access to the home. • Our home must have a nice parking facility and it must be easier to get into the home. • If buyers don’t find it comfortable, then it is a put off factor. • They will start looking for alternate properties if this happens.
4)avoid Selling Mistakes • Pricing too high • Poor condition • Poor curb appeal • Dreary dark homes don’t sell • Don’t over improve • Be financeable
5)An Owner's Title Insurances Should Be Brought • When we buy homes, we must buy an owner’s title insurance. • The owner’s title insurance must be brought along with the lender’s title insurance. • Otherwise if something goes wrong, the lender will be made responsible wholly financially. • If we buy with cash, then we must order our own owner’s title insurance.
6)Doing Everything on Our Own • It’s not good to do everything on our own when we sell or buy a home. • We should take the help of a real estate agent. • We should select a good real estate agent who has deep knowledge on the subject. • He will direct us on the market trends and a few other crucial aspects of the sale or the buy.
Key Terms You Should be Having • Always start with a plan • Have short and long-term goals depending on the project. • this is a complicated and demanding task • it is always good to start with a solid plan • The real estate market • it is highly essential to have an in-depth knowledge of your selected market. • the long run will help you know better about any changes including consumer spending habits, mortgage rates and the unemployment rate, current conditions, and plan for the future.
Important to Maintain High Ethical Standards • Develop a niche • develop a focus to expand the insightfulness of knowledge • Taking the time to build up a great level of understanding is fundamental to the long-term success of the investor. • Analyze the market in and out and staying updated • real estate this adds more sense • trends that form the foundation of the real estate investor’s business. • Real estate investors who fail to keep up with their competitors
Real Estate Marketing Tips • Majority of the homebuyers make estimation that they will retain their investments in refurbishing when they dispose the property. But, it necessarily is not the case. • The process of refurbishing the house, look out whether you need any permit, and acquire that, though it is time consuming. • When the permits are not obtained, it may result in fines. • You need to allocate sufficient money for every form of remodeling. • You might have planned a budget, but renovation requires a bit more than the planned amount.
Important Reason Why Certain Housing Deals Fails • Appraisal value • the appraisals fall short of the expected value, chances for the deal to fall through is high • lower-than-expected assessment can definitely be a deal breaker. • Buyer's financial uncertainties • home sale falling through mainly because of buyer financing. • one of the major sale executioners is buyer’s financial uncertainties • Home inspection • Only a qualified home inspector knows what to look out for while inspecting • difficult period for them due to recession, death of a dear one, divorce and health problems
Tips to Avoid Foreclosure • Don’t give up • Negotiate with the lender • Cut down on unwanted expenses and find ways to earn • Get government help • Filling a bankruptcy case • Market your home yourself
Don’t give up • your home is in the danger of going into foreclosure, don’t give up • Negotiate with the lender • Loan modification: The loan will then stretch over a longer period of time. • Forbearance: Then the lender will delay the foreclosure. • Cut down on unwanted expenses and find ways to earn • You can take up an extra job to increase your income.
Get government help many programs to save people’s homes from foreclosures another program called the HARP under you will be able to refinance your loan amount. • Filing a bankruptcy case you prevent the foreclosure since the lender cannot proceed with the same when the case is open. • Market your home yourself your home is nearing foreclosure, then market your home through a good realtor.
Process of Foreclosure • Failure to make the monthly mortgage payment • Notice to default • Extra time • Sale at an auction • After foreclosure
Failure to make the monthly mortgage payments • Sometimes the borrower is in a bad phase. • avoid the foreclosure as far as possible • extremely time consuming and expensive process • Notice of default • borrower has missed payments and home is nearing foreclosure. • Extra time • Grace time is given to the home owner and during this period, he can pay his default payments or arrange for a short sale.
Sale at an auction the auction and a notice is sent to the borrower. the borrower can try to prevent foreclosure don’t have immediate cash in hand to pay the lender. • After foreclosure the home does not sell during foreclosure Bank owned properties generally don’t have good facilities. They are marketed by a local real estate agent
Conclusion These basic tips to prevent foreclosure of homes and learn how to avoid real estate mistakes. There are other ways to prevent foreclosure of homes which are not discussed in this article. Foreclosure creates psychological imbalance and affects your credit rating on top of the depressed feeling that you are going to lose your home. So try your best to prevent it.
The above compilation of some of the real estate mistakes by Zack Childress is most vital for every real estate seller and buyer. We can benefit greatly from this reading. There are plenty of other real estate mistakes too. We must be really careful while making a real estate buy or sell since it is the most coveted purchase or sell of our life. -http://zackchildress.com/