23 Dec How Does Forbearance and Covid-19 Affect Both Buyers and Sellers?, with Nick Prefontaine and Zachary Beach
Nick Prefontaine and Zachary Beach explain what happens when the end of a rent-to-own lease period comes up and the buyer still doesn’t qualify for a mortgage loan. If you’re a potential homebuyer who can’t get a bank to approve you today, or a seller who wants the chance to sell to the 80% of otherwise great buyers who don’t qualify for a traditional mortgage, Nick and Zachary address some of the common concerns and fears that might be holding you back.
Glossary of Special Terms Used in this Episode:
- Forbearance – Temporary financial relief from the obligation of making a payment on a debt. Forbearance is an option for a lender or creditor who wants to extend the opportunity to postpone repayment to a borrower who is experiencing financial difficulties or personal hardship.
What you’ll learn about in this episode:
- How the outbreak of the global pandemic has created widespread hardship, and how more than 6 million potential sellers are currently in forbearance on their mortgages
- How 60% of businesses that have closed due to the outbreak of the Covid-19 pandemic will not be able to reopen
- Why not getting caught up from home mortgage delinquency puts all of the equity the homeowner has in their property at risk
- How Pre Property Solutions and their flexible solutions can help homeowners get themselves out of delinquency and other financial challenges
- How the pandemic has affected buyers, and how the extensive prequalification process can help buyers too
- Nick shares an example of recent buyer success stories where Pre Property Solutions has helped them get to the finish line
- Why the broad range of flexible options Pre Property Solutions offers are helping buyers and sellers thrive even during the chaos of the pandemic and troubled economy
- What qualities are trending in successful buyers who are finding success through Pre Property Solutions during the pandemic
- Pre Property Solutions website: https://www.prepropertysolutions.com/
- Contact Us: https://www.prepropertysolutions.com/contact/
In 2003, Nick Prefontaine was in a snowboarding accident that left him in a coma for over 3 weeks. The doctors told his parents that he probably wouldn’t walk, talk, or eat on his own again. Less than 3 months later, he was running out of Franciscan Children’s hospital. Now Nick speaks to groups that benefit from his message of overcoming adversity.
Nick grew up in the real estate industry and got started at an early age. Most notably, he was knocking on Pre-Foreclosure doors at 16, doing up to 50 doors a day. This experience helped shape Nick’s real estate career. When someone opens the door you better have something compelling to say.
Now, Nick specializes in working with lease purchase buyers to get them into a home and on the path to home ownership. That includes working with them throughout the entire deal which ends in them being able to get their own loan. Getting buyers to the finish line is something Nick and the entire Pre Property Solutions team take pride in. That is something that separates them from their competition. Regardless of a buyer’s credit situation, he looks at their complete financial picture and comes up with a plan to get them into a home.
Zachary is an Amazon Best-Selling Author of The New Rules of Real Estate Investing and revised edition of Real Estate On Your Terms. He has been an authority in real estate for 7 years now and has personally completed hundreds of real estate transactions and has mentored investors to complete thousands of transactions.
At the age of 25, Zachary decided to leave the world of bartending and personally training and jump into the family business. Now he is an equal partner and runs the acquisitions department, focusing on helping sellers accomplish their goal of selling their property.
If Zachary is not working, you will find enjoying the outdoors or spending time with his wife Kayla and two kids Remi and Bellamy. His passion for family and business is what keeps him motivated and excited to take on each day.