Beware: Foreclosure Industry is Full of Scammers
As long as humanity has the “6 Dreaded D’s” – death, divorce, disease, drugs, denial and da job – foreclosure will be a part of the lending landscape. As long as we have people in distress, we will have people willing and eager to take advantage of them. The foreclosure industry is ripe with hucksters, con-artists, and charlatans pitching their no money, no credit, no job, no problem version of get-rich-quick. These grifters are equal opportunity exploiters; they prey on the unfortunate in financial distress who has hit one of life’s potholes, and the gullible, naïve dreamers who blindly believe in the visions of wealth portrayed by the scammers.
Buying Foreclosures is Not a Get Rich Quick Scheme
Buying foreclosures is not a quick and rich scheme, and even the most astute foreclosure pros rarely buy at “50% below market” as the seminar experts claim. In fact, virtually every foreclosure pro will admit to at least one costly mistake. Yet, the word foreclosure implies a bargain – and all buyers without exception want a bargain – and despite the admonitions to the contrary a great majority of buyers hold to the belief that all foreclosure are bargains. Given that mind set, most foreclosure buyers -and want-to-be buyers – are speculators gambling on future appreciation. The true foreclosure professionals are investors who look for cash returns they can realize today. True foreclosure pros acknowledge that sometimes the best deal is the one they didn’t buy.
Tip: Seek Representation when Buying Foreclosures in All Stages
There are three stages to buy foreclosures, and without question the most dangerous way is also potentially the most profitable. For the right person, buying on the “court house steps” at the trustee’s sale auction is an excellent place to find a great deal and a bad one as well. But, buying at the trustee’s sale auction is best left to those who can absorb a mistake and still come back to play again. However, there is no reason why you cannot team up with a pro.
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Raymond Stoklosa, Chela Stoklosa and Rebecca Williamson are Realtors with The RayChel Realty Group specializing in Santa Clara and San Mateo Real Estate.
Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
