Article #3 from Foreclosure Articles
by David Whisnant Editor, Real Estate Investor, and Attorney

Foreclosures:

Foreclosure Poker: When To Hold Up, And When To Fold Up

I have often said that there should be a poker tournament for successful foreclosure investors. Investing in foreclosures can often be like playing poker, and you have to bluff your way through some tough situations with foreclosure sellers from time to time. I have seen so many of these common foreclosure problems come up. I have taken a great deal of time detailing them in my full course.

One of the most common problems that you will see is that the foreclosure owner will come back before the closing and say something like this:

“You know that I love working with you, but I have a little problem. Foreclosure Investor Corp called me last week and told me that you are buying my property for way too little money. They say that they would have paid me $10,000 more without even seeing it. They think that you are getting it way too cheap. We need to restructure our foreclosure contract.”

You look at your foreclosure seller in the eye, and think of the profit that you already have in this foreclosure deal. You see that profit vanishing if you agree to this extortion. Know this: if you give in once, they will be back again and again. Foreclosure experience has proven that to me.

In your mind, giving them more money is the easy thing to do. You have put time and effort into this foreclosure deal. And the truth is, you have already figured out what the foreclosure will sell for, and what you will do with your profits. Surely a few dollars less won’t hurt -- will it? Losing the deal or the seller’s cooperation is a scary thing to face. This is when you need to put on your poker face.

Foreclosures can be


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