The Million Dollar Foreclosure System - Part 17 18-9
Chapter Nineteen
SEVEN SECRETS
1. Live your own life. Take responsibility for your life and your actions. Don’t
blame others. Don’t blame circumstances. There may be things you can’t
change, but you can chose how to respond to them.
2. Begin with the end in mind. Knowing that you determine the course of your life
gives you the power to become anything you wish. Create vision. Write it out. By
keeping the end in mind you make certain that each day of your life contributes
in a meaningful way to that vision.
3. Put first things first. Once you have defined your vision, start living it, day by
day, moment to moment. Develop discipline. Set priorities. Say "no" to the
unimportant. Don’t let trivial rob you of momentum.
4. Be positive in all you do. Every obstacle is just an opportunity for triumph.
There can be no negatives in your life or thinking, if you do not allow them. All
circumstances are a matter of perspective. Accept the challenge of ignoring that
which would impede your progress, while you travel the road paved smooth with
solutions that flow from a positive mental attitude.
5. Seek first to understand. You must listen to others with the intent to
understand. Don’t listen with intent to reply, because this prevents you from
understanding the message within the message.
You must listen so that you fully and deeply understand the person speaking,
emotionally as well as intellectually. Only then will you truly hear what they are
saying.
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In return, be sure you are understood. Present your ideas clearly,
specifically, and most importantly, in the context of a deep understanding of their
concerns. Understanding this gives you incalculable power in all things human.
6. Do not fear to fail. The only people who don’t make mistakes are those who
do nothing. Your vision includes the understanding that risk is the price of
opportunity. Every mistake is a lesson learned and a step closer to your ultimate
success. If there are a thousand errors on the road to your triumph you can
smile every time you make one, knowing that your journey grows ever shorter.
7. Sharpen the saw. A woodcutter is exhausted from spending hours trying to
cut down a tree. When he is asked, "Why don’t you sharpen your saw?", he
answers, "I can’t. I am too busy sawing."
Part of your vision must be rest and recreation -time away from the task at
hand. This allows you to remain fresh and alert. This keeps your life in balance.
You must not live only for what "will be", but enjoy each day for what it is and
what you can make of it.
Success is not something that will happen in the future. Real happiness is
the skill to make each day a success.
Those are the Seven Secrets of Success!
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Chapter Twenty
CALIFORNIA ONLY?
California’s legislature has drafted law that gives some protection to
homeowner’s facing foreclosure. This was done because of investors who took
advantage of the homeowners. That is a nice way of saying some investors
acted like pirates and fleeced these distressed people.
Your state may have similar laws, but even if they don’t it will be prudent to
operate within the guidelines of these laws. In this manual we have stressed that
your goal should be to provide some help for the homeowner whenever you can.
You can make money and sleep at night if you always try to frame a deal that
gives some benefit to all parties. Sometimes that "help" is just to let the
distressed homeowner get on with his life.
The California laws are call "equity purchase" laws. An "equity purchase"
is any purchase made for profit of an owner-occupied property consisting of one-
to-four residential units that is already in foreclosure. If you were buying a
property to become an owner/occupant you would be exempt from these laws.
The law says the equity purchase agreement must be specially written in
letters of a size and style equal to 10-point bold type. The agreement must be
signed and dated by all parties before the signing and delivery of any deed
transferring the real estate.
The purchase agreement must include the following:
1. The names, addresses and telephone numbers of both buyer and seller.
2. The total consideration to be given by the buyer in connection with the sale.
3. The complete terms of payment of money or other consideration by the buyer.
Plus, a description of any services the buyer is to perform for the seller either
before or after the sale.
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4. The time the seller will deliver possession of the property to the buyer.
5. The terms of any rental agreement between buyer and seller.
6. The statutory notices concerning the seller’s right to cancel the sales
agreement.
7. Duplicate copies of a separate "Notice of Cancellation" must be attached to
the contract.
When the investor/buyer receives the seller’s notice of cancellation, he
must return to the seller, "without condition", any original contract documents
bearing the seller’s signature.
The buyer can take no action to close the deal until the seller’s five-day
cancellation period has expired.
After the deal closes the seller has a two year right of rescission. Under no
circumstance can the seller waive this two-year right to rescind.
The seller may rescind if he can prove the sales agreement was
"unconscionable."
These laws can be found in the Calif. Civil Code beginning with Section
1695.
Laws are amended from time to time, so if you are a California foreclosure
investor you should stop into your county’s law library from time to time and
check for changes.
Another important part of California law is that which governs a
"Foreclosure Consultant". You will find it in the Civil Code, Section 2945.
Don’t let these laws discourage you from investing in California properties.
Just take the time to read and understand them. Once you digest them you will
see that they aren’t excessively restrictive for an honest investor.
NOTICE!
The authors and publishers of this manuscript are not attorneys and so are not
qualified to give legal advice. All information is based on their research and
experience and is presented in good faith. They are not responsible for errors
and omissions. Contracts and agreements are exhibits only and should not be
used until approved by your real estate attorney.
Laws and real estate practices change from time to time. The reader is advised
to keep up to date on activities in their locale. This document and accompanying materials are designed to provide authoritative information in regard to the subject matter covered in it. It is for illustration purposes only and presented with the understanding that the author and publisher are not engaged in rendering legal, accounting or other professional opinions. If legal advice or other expert assistance is required, the services of a competent professional should be sought. |
