Fix-the-Problem Solutions
Property owners facing foreclosure often are willing to fix the problem. The problem is that they can't afford to do so. If they could, they would have. So beware when you hear them say they will fix it.
Perhaps it is part denial or just the hope that things will work out, but borrowers who have defaulted on their home payments are always thinking they can fix it. They falsely believe that a lien will go away or a large sum of money will appear suddenly in their bank account that will allow them to pay off a second mortgage so a deal can be made.
The smart foreclosure investor learns quickly not to trust the false promises of the borrowers fixing their problems. It just doesn't happen in the real world.
It makes far more sense for the foreclosure investor to take the steps necessary to solve the problems necessary to make a deal work. For example, if there are various mechanics' liens on the property, it is better for the foreclosure investor to call those holding the liens and negotiate for a partial payment. Depending on the harried homeowner to do so could result in nothing happening. The likelihood of you closing the deal will dwindle as the days of inaction continues.
Don't rely on borrowers in foreclosures to do anything necessary to move an investment purchase to a conclusion. While they may want to end the foreclosure proceeding, they are often mentally drained and simply worn out.
The less you rely on the borrower to get things completed, the better off you will be in acquiring the property. Consider that most defaulting borrowers will just vacillate and that nothing will be done, especially not on time or when required.
