An Easy Guide To Finding A Preforeclosure Investor
View PDF | Print View
by: DeborahSchultz
Total views: 37
Word Count: 816
You 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 your investor have experience?
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.
Does the investors marketing materials look professional?
Make sure that they are neat and well organized. An important part of being a good investor is paying attention to the details. If there are grammar and spelling errors in their materials, that shows that attention to detail is not something they do well. Saving you from a foreclosure demands attention to detail. You don't want someone working on your foreclosure that can't even remember to use spell check.
Is the investor a local person?
But don't let a slick website from a national franchise impress you either. It is better to work with someone who live relatively close by. The foreclosure business is hot, and you may be approached by someone who can live practically anywhere. Working with a local investor will help assure you that if something goes wrong through the foreclosure process, at least help will be near.
Will they let anyone you want look at your documents?
The deal that you make with your investor should be a win/win situation for both of you. He or she will make money, but you shouldn't feel that someone is stealing your equity either. They should be open with the paperwork involved. You should be able to have anyone you choose look at it, before you sign it. The understanding that you come to with the investor should be good for everyone involved.
How fast do they respond to your questions?
Helping people in foreclosure is a competitive and time sensitive business. The investor should get back to you right away, within a few hours of your initial contact. If they don't, perhaps they are working with too many people in trouble. But you also need to have a certain amount of patience. Many times the investor is working with a bank on your behalf. It may take time for the bank to get back to them. Keeping you informed should be important. They should return your phone calls in a timely matter.
Do you feel like you are being pressured into signing something your not ready for?
Because you are signing legal documents, you should have time to think about what you are about to do. Some states have a cooling off period for the homeowner to change their mind. Although foreclosure is a time sensitive matter, unless you are days away from an auction, you should be given time to think over what you are doing, and who you are going to deal with.
If you find someone you like, stick with 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.
Gut feelings are good.
If something sounds too good to be true, than it probably is. Don't be wowed by flashy advertising, or slick websites. If it seems fishy, use your common sense and move on.
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.
About the Author
Facing foreclosure is frightening and worrisome. Don't try and do it yourself. Read Deborah Schultz's excellent tips on finding a good foreclosure investor, and avoiding foreclosure scams
Rating: Not yet rated