The Process of Closing on a Loan, with Nick Prefontaine

By August 25, 2021Uncategorized

Episode 40:

Episode Topic:

In this episode of Not Just A Transaction, host Nick Prefontaine discusses a real-life case study of a Pre Property Solutions buyer that recently closed on their loan. He also shares a realistic timeframe for the loan process, and why it’s important to work with lenders that are familiar with the lease-purchase agreement.

Glossary of Special Terms Used in this Episode:

  • Lease Option – An agreement between a homeowner and a renter that gives a renter the option to purchase the rented property during or at the end of the rental period.
  • Lender – A bank, credit union, or other financial institution that provides mortgage loans to qualified buyers.
  • Deposit – An amount of money paid as an installment towards a purchase.

What you’ll learn about in this episode:

  • Why Nick reaches out to the buyer and seller after closing a deal
  • What happens when a buyer is ready to start the process to get their loan
  • How long it typically takes a buyer to close on a loan
  • Why Pre Property Solutions likes to refer buyers to familiar lenders
  • How a seller can get rid of an asset without dealing with any problems that arise

Resources:

Nick’s Bio:

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’s Bio:

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.