Preparing for a foreclosure is something we could handle very easily. All it takes is a few pre-requisite steps and you will be able to take on a foreclosure auction like a pro. Without the proper preparations you could falter and this could lead a person to pay more than the real value just to win or to stop at a really low price.
What is the real value of the property? This is something you must identify and you must also determine the maximum sum of money that you are still willing to pay. Winning shouldn’t make you desperate, but obviously you don’t have to pay anything if you lose and you should know when to stop so that you don’t end up paying way too much than the actual price of the property. Strategies can be learnt by looking at the people you are dealing with:
If you think you have a better chance by offering a higher price, you should take it.
If you feel that you have a better chance of winning by offering always slightly more than your opponents, then you should go for it. This is how you gain experience, and that is very important if you want to participate frequently on auctions.
Haven’t won an auction for a long time? Are there too many better people? Well, here is another chance, you might be lucky this time. Remember: the first step towards victory is fighting for it, the second is learning from your mistakes and the third learning from other’s mistakes. It is very important to consider all of these factors when preparing for the foreclosure auction. You always want to walk into the auction with the idea of being completely in control of what you are about to accomplish and also that you are properly prepared for it; being in the right state of mind will dramatically help you.
Dress well and create and impression that you are no lesser than them which will also project yourself richer than you actually are. This way they will not enter very deeply into the auction. It does not matter how rich you are. Chances are you might be even poorer than some of your opponents, but the image you project of yourself by dressing impeccably can be the difference between winning a deal and losing it.
Nigel Short, a chess grandmaster once said that he wanted to play at grandmaster level, but never succeeded. At some point he started to wear elegant clothes, the other players started to respect him more and he also started to respect himself more. That was the first tournament where he achieved his grandmaster form. What is the moral of the story? When you start to dress well you will see that the others start to respect you more and in at the same time you start to respect yourself more. Your self esteem and inner harmony grows.
Always know what you want. If you participate at an auction you should know why, what does victory mean and what is defeat. You must know that the lack of victory is not necessarily a defeat. Every battle lost is a lesson learnt.
A good preparation, a well projected self image and a well built self confidence will surely see you on the road to success in the big business of foreclosures.