I once met a man who made his living off foreclosed properties . It was in the eighties and real estate interest rates were skyrocketing . He disappeared for a while after interest rates went down, but now he, or someone with his traits and characteristics, is back.
The foreclosure man awakens each day and immediately checks the newspaper. He could care less about the news; he goes straight for the legal notices . There he finds the foreclosure section and makes a list of houses in certain neighborhoods. Some of these houses he will want to buy and others he will want to negotiate with the owner. His goal is to find home owners who are behind on their payments, but have a lot of equity in their property . He especially is in search of owners who are desperate . He knows that desperate owners have only two choices – lose their home to a lender or negotiate with the foreclosure man to keep their home.