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Foreclosure Empathy
| | Friday, October 29, 2004 @ 08:00 AM EDT
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Contributed by: John Michael
John Michael Properties
Read more archived articles about Foreclosures
For many the word foreclosure conjures up all sorts of images and for most the word itself evokes a negative reaction.
As an investor your reaction will change when you understand the tremendous opportunities foreclosures offer within the field of real estate investing.
It is important to know how foreclosures happen. Every year there has been a nationwide increase in the number of foreclosures and most are due to corporate downsizing and layoffs.
These financially difficult times have caused people to fall behind in their
payments and enter the foreclosure process.
The reasons leading to foreclosure are common. They include:
- Job loss or transfer
- Divorce
- Health catastrophe
- Financial crisis
- Balloon payments on owner-financed properties
- Death of one of the property owners
- Failed business venture
- Adjustable rate mortgage increase
- Temporary negative cash-flow
- Out-of-town owners
When dealing with individuals in foreclosure you will be dealing with feelings of insecurity, fear, anxiety, anger, and, of course, depression.
These feelings also cause people to make poor money management decisions. These poor decisions can lead to heavy debt loads, and start a vicious cycle of fear, anxiety, and panic that never seems to end.
Your customer simply has feelings of helplessness and hopelessness and they are so overwhelming for your customer that many literally stop functioning in the real world.
Once you recognize the above facts you will be a much better negotiator and be able to help more people facing foreclosure.
The first thing you have to do for your customer is to help them realize, understand, and accept that no situation is hopeless. With just a little guidance from you they can overcome this foreclosure.
These unfortunate situations create a tremendous profit potential for real estate investors.
Note: John Michael is the author of many guides that can help you become more successful as an investor. See http://www.thecreativeinvestor.com/ChanPart-JohnMichael.html
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