Finding the best foreclosure deals is like trying to find a good sewing machine

You’re  probably thinking in your head, “What in the world does finding a good sewing machine have to do with finding the best foreclosure deal?” After all, foreclosures are all about real estate – the places that you stay that has four walls, a roof, and a floor underneath you, the one that has a drive way and a parking space. What does real estate have to do with a device that you use to stitch two pieces of material together? I get this question a lot. But you’re taking it too literally.

When you’re looking for a good sewing machine, you are engaging mental processes that enable to be a more discriminating buyer. You’re not just jumping in with both feet. You’re not just giving into impulse. You’re not just letting emotions get the better of you. Instead, you’re operating in a very principle way because you have certain selection parameter that you’re not going to step away from. These parameters will guide your search. They will enable you to determine whether a particular product is good enough or is not worthy.

By having these parameters, and more importantly, sizing them up with each other in terms of your personal priorities, it is more likely that you would make a truly informed choice. It doesn’t really matter whether you’re spending five hundred dollars on a sewing machine or five hundred thousand dollars on a new home. You need to get the best value for your money.

Unfortunately, that’s just not going to happen when you buy on impulse. If you are the kind of consumer that doesn’t really require much information ahead of time to make a call, chances are you will be making decisions that you will come to regret later on. It’s okay if you blew a few hundred bucks on a bad piece of equipment. That’s happens to the very best of us. But it’s harder to live with ourselves when we buy a foreclosure deal that’s worth up to a million dollars and would take many years to unwind when we did not have to.

Do you see how this works? You don’t want to be weighed down by guilt, remorse and other negative emotions several years down the line. You don’t have to kick yourself unnecessarily. But that’s the kind of situation people find themselves in when they don’t use the right selection parameters when making basic consumer decisions. It may seem like finding a good sewing machine is very different from finding the best foreclosure deal. But if you look at the core principles involved as well as the basic decision making processes in place in both of these situations, they’re actually more similar that you can imagine.