Avoid Foreclosure By Seeking Good Resources
February 21, 2008 – 3:51 amYou are in preforeclosure and have tried everything — friends, family and websites. You need help and you think that calling an investor is a good idea. But how do you choose one? Here is a short checklist to help you sort out those investors that can and will help you, from those that are just trying to make a buck at your expense.
Does the investor have experience working with preforeclosures?
Whether the investor that you choose has experience or not is not as important as how you feel about your choice. A new investor will spend a lot of time and energy working on your situation. They want to succeed because they want to get paid and push their career forward. Most new investors are working with a mentor of some kind, and will get the help they need to succeed. If you are facing an impending auction, experienced investors will have the resources and connections that will help them get the job done quickly. What is most important is that you have good rapport with the person that you are working with and that you trust that they will do the best they can for you.
Look at the investor’s marketing materials.
The impression that you get when you look at the investor’s marketing materials is important. Dotting i’s and crossing t’s is important because the investor will be dealing with a lot of your legal documents. Someone who is careful and competent in how they present themselves, will use the same type of care when they are presenting your case to the bank or prospective buyers.
Does the investor work in your local area?
Dealing with someone local is always better than a nationally based company. They are there for you. They know local laws and they have a database of local people to help them. Out of state investors may give you a good deal, but if something goes wrong, who will be there to help you?
Can lawyers and other professionals you choose, look at the papers you will sign?
The investor you choose should be open and honest. They shouldn’t have a problem with letting your lawyer or another professional look at the papers that you are supposed to sign. Losing your house to foreclosure is a big deal and you want to make sure that you aren’t making another mistake. The investor should be able to answer all of your questions with answers that make sense to you.
Did someone respond right away when you had a problem?
Although someone working in this field may be very busy, it is important that they give you the attention you need. This is a major decision for you and your family and you should never feel that you are being brushed aside. Remember though, that you are probably not the only client that the investor has. Do not be too demanding. You should also note that in order to do a good job, the investor may have to exercise some patience with the bank or other people that they may be dealing with on your behalf. Communicating your needs is important, just remember this is a tedious job and everyone needs to exercise patience.
How difficult is it to get out of a signed contract?
If an investor is really pushy and demanding in getting the deed from you, back off. Though you need to help, no one should pressure you into signing something that you’re not sure about. The only situation where days count, is if an auction is coming up quickly. There is more pressure then because the investor is working against a deadline. If someone says you have to sign today, or I can’t help you, unless it’s an auction deadline, don’t be pressured into signing.
If an investor has solved your problem satisfactorily, use them.
Don’t shop around looking for the best deal among investors. A signed contract is a legal document and a good investor will spend a lot of time making sure that they really can help you. If you have found someone you think you can trust, hang on to that investor. Treat that person like you would want to be treated, with trust and respect, or you may find that you have no one to help you.
Listen to your mind and your heart.
Don’t be blown away by fancy websites or slick advertising. If you think someone is being dishonest with you, or a little too pushy, follow your gut instinct. They probably are. Find someone else.
With the amount of foreclosures happening right now, there is plenty of honest business for the good foreclosure investor. If they are willing to spend the time to help you, if they are there to answer questions, and if you feel that what they are saying makes sense to you, use them. But you have to do something besides hoping that your problem will just disappear, because it won’t. You need someone to help you go through this difficult time in your life. A good investor will help push you forward, minimize your credit damage and possibly save your house.
Tags: Bankruptcy
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