Foreclosures are on the rise. They have been rising for quite a while now, as I'm sure you already knew. This problem is having an extremely negative impact on the economy and many other areas of our society. The fact is, none of us are immune from it's impact.
But, there is a good side to all of this for those of us on the investment side of the market. In fact, there are two really good things about it. Despite the dropping property values, there are desperate sellers and there is creative financing. We've talked about this before and I'm sure it will be the topic of discussions for quite a while to come. Numerous home owners, banks, and even investors, are in a very difficult position trying to sell their properties.
In view of these situations, we've been talking about the necessity of doing your research, communicating effectively, and learning how to creatively finance them. The goal is to learn everything we can. Being in the Information Age, you, and only you, are to blame if you aren't learning. What you know won't just save you a few dollars, it could save you tons of headaches.
I can't emphasize enough how important it is that you do your research. Most times, we are dealing with desperate sellers and creative financing at the same time and that can be dangerous. We're dealing with people who have an incentive to tell you what you want to hear. They want out of their predicament and you appear to be their ticket. They'll lie about liens, late mortgage payments, unpaid taxes, lapsed insurance policies and everything else you can imagine.
Being their outlet, you're in a very vulnerable position. It's really important that you understand this from the first moment. You have to stay on your guard so as to remain focused on getting the necessary information. Don't assume you know something because someone said it. Get the facts and have them in front of you.
Tuesday's Tip: Assuming is for donkeys. Don't let anyone make an ass out of you.
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