There are very many resources on how to
succeed in real estate on the internet. There are also many great deals
available online. zack childress scam.However, there are also very many scams that are out to steal from real estate entrepreneurs.
Zack Childress scam warning tips take you through some of the
common ways fraudster try to get your cash and how to avoid them.
1.Title fraud
2.Foreclosure or home-equity fraud
3.Property investment courses and seminars
1.Title Fraud:
This is the rarest type of fraud but the
most devastating of all. The fraudster gains the title documents from
the real owner of the property, forges the documents, and then transfers
the ownership to his own name. Using the forged documents, the
fraudster takes a mortgage or any other line of credit and leaves with
the cash.
Title fraud is prevalent with homes that
are free from mortgage and owned by old people. These people do not
know how to protect themselves from identity theft.
To avoid falling victim, avoid sharing
the critical property documents with the third parties until the final
stages of the transfer of title. You can also take title insurance.
2.Foreclosure or home-equity fraud:
If you are short on funds, you may use
the property to get some cash to cover your expenses. Criminals approach
the funds-stripped house owners and promise to consolidate the loans as
he holds the title for the property. The criminal then fails to make
payments as agreed. He also keeps all the payments that are made by the
client. After sometime, the criminal reportages the property and
disappears with the cash. The house owner is left in debts without the
property. Zack Childress’ Foreclosure and home equity scam tips
Be wary of agents who promise good deals in exchange for the property equity. Leveraging
properties is always very risky. However, if you must do it, consider using a lawyer and your financial advisor.
3.Property Investment courses and seminars:
It is important that you educate
yourself on real estate.However, ensure that you do the research on the
suitability and the accuracy of the courses before enrolling into the
programs.
Zack childress scam-Rental Scam
Many people do not dispose their
property frequently. So one should be conscious of the Craigslist Scam
that has become commonplace. The scammer utilizes marketing pictures and
notifications to lay the bait to the one who is interested in renting
the house.
Don’t let your vacation be Scam Seminars
where the speakers try to sell their properties are scams. Likewise,
avoid workshops, which charge excessively but have no proven success
against their claims. If you got to a seminar where you are forced to
buy a book or a program as a requisite to earn from the information, it
is likely to be fraud. Genuine courses give tons of free valuable
information and only charge for the exclusive information for the
attendees.
Zack Childress co-wholesaling is useful when his tips
are applied at appropriate times. When you do the course on real estate
investment, there has to be a practical application to which cannot be
taught in any of the learning centers. There are lots of ups and downs
in this type of business. However, it is very much rewarding when it
clicks.
Home Improvement Scams
There are times when your house becomes old and you
would want to do co-wholesaling but people would not be interested in
buying the property as it is old and outdated.Home Improvement is an
answer for that. However, when you hire someone to do the work, you need
to be careful whether the contractor is genuine or whether they want to
extract cash from you. The scammers usually target the old and damaged
houses. They use low quality roofing materials and cheap paint.
zack childress scam tips-Some of the Do’s and Don’t are as follows
Before you work with that person, take the company
information from them and tell them you will get back to them if your
services are needed.If the contractor comes without the company vehicle
and the phone number, do not even entertain them.
-
- Research about the company
Before hiring the person to do your work, you need to
check out the rating and complaint history of surfing about the
organization or approaching the Better Business Bureau.
-
- Consult with the people you trust
If the company has newly started, the best thing is
to ask your relatives, friends, neighbors or your legal advisor before
proceeding.
-
- Find out the contractor’s background
Background checking is very critical these days to
protect yourself from the scams, frauds, thefts & damages. Ask for
the proof about company license & bond which provides compensation
to the workers in the form of insurance. Additionally, take the
references from the previous companies they have worked.
-
- Study the contractor’s business card
Make sure that the contractor’s business card has a
complete address & an office telephone number. To be on a safer
side, take his mobile number too. You should not trust P.O Box number
& answering machine.
Insist on a written contract that has a list of tasks
to be performed, like costs, materials that needs to be used, start
date, end date and warranty about products and installation. Read the
contract before signing it.
-
- Be wise about the payment
Pay only 25 to 30% as an advance before they start
with the work. Do not make the final payment unless the work is
satisfactorily completed. Also make sure that you get a lien waiver,
stating that payment is being made to subcontractors & supplies. Use
either check or credit card for making the payment. Avoid paying by
cash.
These are the preventive measures to safeguard
yourself from these scams. However, if you become a victim to this scam.
Try out the following measures to track them.
Try to track them through the mobile number that they
had given you. Also visit their office. If you are not able to find the
fraudster, try to locate his residential address.
If you are unable to locate them, you can go to the
local police station or Attorney General or the Consumer Federation of
America.
Real estate investment is a very good way to make
money. The quickest and easiest way to make money is by Zack
Childress’concept called co-wholesaling real estate investing system.
When you surf for this information, there are many attractive offers but
most of them are just too good to be true.
Zack Childress cautions every real estate
entrepreneurs against the scams. A fraudster has numerous ways to
extract cash. However, there are common ways in which a fraudster tries
to get money from you.
Title fraud
Though this type of fraud is rare, it is the most
scary thing. It has got to do more with your identity than cash. In this
type of fraud, the fraudster acquires the secured loan in your name by
forging with the documents and gets the cash, but it is the real owner
who has to pay these loans.
Title fraud is common with the homes that are not
mortgaged under any individual or party to get a loan. Once they go with
the cash, the fraudsters are likely to target those homes that are
either free from the mortgage or the homeowner has redeemed their house
from the mortgage company paying all the loan installments.
There are many ways to avoid this type of scam but
the two suggested and the recommended ways are to take title insurance
and avoid issuing vital property documents till the last stages of
transferring the ownership to them. Title insurance protects the
homeowner against this fraud. It guards against the new owner from
existing liens such as unpaid debts, from utilities, mortgages and
unpaid property taxes like wealth tax. The other way is to focus on
protecting your personal data. Taking appropriate precautions avoids
identity related theft losses.
Loan Modification
If the homeowner have mortgaged or pledged the house
to the mortgage company & are struggling to repay the loans due to
high interest, there is a tendency to approach the agency to help them
to save their house. This is the weakest moment for them where the
agencies of the situation & exploit them. If the lender is a
fraudster, they will give foreclosure options like reduced mortgage
payments to access your bank account.
You need to watch out certain aspects such as advance
fee, redirect the payments from the mortgage company to their agency,
guarantees to save your house from foreclosure & asks for your bank
account information. To be on a safer side, consulting an advocate or
financial advisor would be even better. If you are buying the house for
the first time, then you are ought to be more careful from the
fraudsters.
There is a proverb saying,
“Prevention is better than cure.”
It is always better to be on your guard rather than
regretting later. If you have become a victim to these scams, contact
Sheriff Station police station or the Attorney’s office and give them a
written explanation about the incident.
During 2008 the housing market was crashed and it was
after this, we experienced the great recession. This having sent a
great shock through the entire financial system, while scaling up the
professed credit threat all through the economy; it is the right time
for you to be prepared for the next housing bubble. Remember, the
earlier crash caused homes to lose up to half their value which left a
severe impact.
Paying more than the home’s worth was one of the
worst things and after all who wants to pay on a mortgage that’s larger
than what the home could sell for? Although some were ready to do that,
some took the option of short sales while others simply faced
foreclosure. To predict this real estate bubble is easier said than
done, but don’t fret, this piece of writing is going to let you know
about the signs that your real estate market is a bubble and with these
signs you can be prepared to face it.
Easy credit
Before 2008 downturn, credit was easy to get, this
steered people to get mortgages, but today the situation is quite
different. With tighter credit systems, there are approximately thumbs
down no-down-payment loans because there were in the early 2000s;
failure to pay at incredibly high rates. Nevertheless, there exists a
Federal Housing Administration (FHA) loan which features low down
payments, low closing costs, easy credit qualifying and much more. If
truth be told, these are the very features that are alarming. However,
remember that the FHA has been making loans to people who do not meet
the requirements for a conventional mortgage since 1934. This is very
much alarming!
Low-interest rates
Mortgage rates are a great indicator when observed
profoundly, mortgage rates were 18 percent during 1982 and from 2002 to
2005 it was 6 percent, this having enticed people to take out mortgage
loans , now we are seeing historic lows. If the rate increases, we might
see housing demand and housing prices fall.
No signs
You will be thinking that your market is or isn’t in a
bubble, this is a very wrong notion. As with real estate bubble, the
problem is that we don’t know them when we see them. A rapid price
appreciation or depreciation doesn’t mean that you are going to face a
bubble, seeing that it is an unsustainable rapid price appreciation, in
either case, it can go anyway.
Check Real Estate Market
With all that said, the aforesaid points are
subjective to change depending on the current state of affairs. Hence,
not being lethargic is the best attitude in real estate and it will help
to survive any downturn like the bubble. Hope you found this article to
be helpful, if you want to become a successful realtor, then it is a
must to stay updated on real estate key concepts. Zack Childress is a
real estate entrepreneur who elucidates courses on real estate
principles, markets, and finance. His practical reviews about the most
intricate real estate concepts will definitely help any aspiring realtor
to stamp his/her print in the field. Connect with zack Childress and
explore more.
There is a widespread scam in the real estate scenario, and these
scams result in the homeowner losing a lot of money. Sometimes, the
owners are put to difficulty and they lose their homes resultantly out
of the scams. Scammers make false claims which they cannot maintain.
The scam artist says that he or she can retain your home or cut off the
mortgage payments.
The way by which a foreclosure scam works:
Newspapers, web, government offices are just some means through which
the scammer gets to know about a distraught homeowner. Then they will
proceed with their scam through various methods. They may even turn up
personally. The scammer promises that the homeowner can easily retain
the home, maintain the credit rating or get immediate money.
The scammer will brainwash the homeowner in such a way that the
homeowner loses contact with the legal financial solutions. The scammer
usually prefers making an instantaneous profit by means which the lender
never gets to see. In some cases, the scammer will even go to the
extent of taking up ownership of the property. How? He does this by
cheating the homeowner. So the key is that the homeowner should be very
careful.
When it is already late, the scammer assumes ownership of the
property. Else the owner loses the home as foreclosure is taken up.
Legitimate companies will spare enough time with the property owner.
They involve themselves in the documentation process by gathering it
from the homeowner. They will keep you well-equipped about the process
so that you don’t have any problem whatsoever. Writing is the mode of
dealing the agreement. When you desire to seek the assistance of a legal
expert , lawyer etc. the representatives will not stop you from doing
so. Also, upfront promises are not made by these companies.
Here are some tips when you are finding it difficult to pay your mortgage
- Be cautious of individuals who ask for payment of fess for mortgage
modification services. In majority of cases, claiming fees beforehand
for a modification is not within the law.
- Only the mortgage company could scrutinize and give a loan modification.
- The address that is available in the mortgage statement will be
different from the address the scammers ask for payment. Be careful with
such things.
- Don’t fall for a person who tells that he will assist you with your
application process. Don’t make any sort of payment for this type of
scam.
- Don’t pay money to someone blindly through wire transfer for the purpose of upfront payment.
- Be cautious of those people who suggest that you suspend your mortgage payments or sever ties with the mortgage company.
- Don’t fall under the trap of someone who tells you that he will deal with the deed of the property.
- A HUD-approved housing counseling agency will assist you in the process.
Zack Childress scam tips has profound knowledge of real estate. He wears many hats and gives training on the real estate scenario.
Real estate companies regularly receive information
on real estate scams from customers who were affected by the scandals or
know other people who were victims to the scam. The best tool for
shielding yourself against these schemes is to be aware of the fact that
they exist and one should put in much caution.
The following things have been brought to the attention of higher officials in real estate:
Scam #1:
There is a purchaser from another country and he
calls you to assist him buy one or more posh homes in the area. The
person says he is affluent, and he is from an affluent family. Also, he
projects an image that money is not a major issue. The person conveys
his plan to relocate to the vicinity because he is a surgeon at a
hospital in the area. The purchaser in fact makes a visit to the area,
arranges for a meeting with you, and claims that he is residing in a
nearby luxury hotel. At some juncture, the purchaser heads for the home
and the buyer’s relative is desperate requiring your financial help just
until the buyer could be reached.
What one can do?
Be cautious that many scams include some person who
appears to be desperate to purchase the property. Although you would
desire to rescue the person, rely on your instincts and use some common
sense. If you are emotionally thinking about the situation, one has to
put forth the question, what would the broker do? Then go to the broker
or a reliable associate for suggestion. They should put the situation
into the proper perspective. If one suspects that buyer and his family
are scammers, endeavor to document as much information as possible and
report the scenario to higher authorities.
Scam #2:
There are property listings that are fraudulently
posted on websites. During such an instance, customers were encouraged
to send money to an account in exchange for real contract or keys.
What one can do?
You have to visit the Craigslist.com website time and
again to assure that the listings are not being advertised against law
by unauthorized individuals.
Assist in educating the customers on the Do’s and Don’ts if transaction over the net.
- You have to set up a Google Alert on the addresses of the listings
to watch out for the internet postings related to the properties.
- If you find any fraudulent postings, post a complaint.
- Coordinating with ongoing efforts by the FBI, report the fraudulent
postings to the necessary websites and ask them to remove it
immediately.
- In case you find fraudulent postings on Craigslist.com, forward the
property link from that site to Real comp. They will ensure that the
listings are removed.
Scam #3:
A wealthy purchaser, from abroad, approaches you
regarding acquiring a luxury home. The purchaser may even meet with you
or a local buyer’s agent before going home. The buyer implies that he
will make cash payment and they request quick closing of the deal. The
purchaser may furnish copies of foreign bank statements that reveal
sufficient funds for the purchase of the property. However, a proper
wire transfer never occurs. But, as a matter of fact, the buyer requests
to retain the keys before the closing of the deal.
What one can do?
Take the necessary steps to assure that the person is
legal, follow the normal methods established by the broker, do not make
exceptions to the process.
Scam #4:
The scammers make an arrangement to observe the
listed properties. During the showings, they will test opening and
closing windows and doors, and in fact leaving one among the entries
unlocked. Then, they return to the property to rob you off the
appliances.
What one can do?
Make sure that all the windows and doors are locked before you leave a showing even if it
looks like a buyer has already done that. Also, have in mind that MLS subscribers should never reveal lockbox codes to any other person than MLS subscribers.
Zack Childress scam tips, real estate investor and
multifaceted real estate kingpin has staged a number of seminars
regarding the existing real estate scenario. One could listen to his
seminars to be aware of the real estate scams.
Renters seek a house, condo or apartment while
scammers seek target in the name of online rental listing. Beware of
rental scams, they are everywhere! Hundred thousand renters are swindled
by online rental/sales scams every year on a collective basis. Rental
listing disguised as online rental/sales scams are a Scam, so be on the
lookout for certain things like the landlord is overseas, communication
is exclusively by email or cell phone, the house has a “For Sale” but not a “For Rent” sign, when you are conducting your rental search. Read on to know more about the red flags.
zack childress scam :Warning signs
The aforesaid points like the “owner” or “renter”
claim to be out of the country and when the communication happens only
through email or cell phone will give you a suspicion. But, if you come
across the following points, then you need to be alert and let your
family members and friends know if they are also looking to rent a home.
Having said that, often, your gut feeling will let you know there’s
something not right about a wished-for rental deal, together with that
if you come across these things jotted down below, then think twice or
even more:
• The sense of urgency – when the person seems in a hurry to close the deal immediately.
• The home appears to have someone else’s personal possessions
• The rental sum is lesser than the going rate for the neighborhood.
• If you are asked to hand over money before anything else happens.
Prevention
When you are looking to rent a house, always remember
to do your own research work and find out all details about the renting
part because prevention is always far better than simply trying to
recuperate after being deceived. With technology getting better and
better, in certain cases, you will never see your money again and
finding the criminal may go in vain if you fail to take these
preventative measures.
• Demand a written lease
• Never deal in cash
• Meet the landlord in person
• Talk to the current tenants
• Do your own research and find out all details
• Organize an inspection for the property
• Know the market rates and compare with the neighborhood value
• Take the service of a licensed real estate agent
If you have been scammed, then without any second
thought file a complaint and provide the cops, as much as information as
possible to help them find the deceiver.
Real estate investments are trickier and the chances
for you to get deceived are higher if you are a beginner. Sign up for
Zack Childress real estate reviews to stay up to date on zack childress scam and make secure investments with the guidance of this connoisseur who will guide you every step of the way.
