This morning I was speaking with the head of our data team when he mentioned several listings that he has seen reduced in price by as much as 80 percent over the last year or so. Right now represents a truly great opportunity to find amazing deals.

Sometimes it just takes patience.

As we researched these particular deals, we noted that there were multiple offers throughout the listing process. If the offers were rejected, and the homes would be re-listed, the price would be reduced about six weeks after it hit the market again.

Patience and the discipline of patience is where money can be made, or saved, for that matter.

That blend of risk taking and waiting can only be achieved by practice and knowledge. First you need the knowledge and then the practice. The application once these two key ingredients are combined is where wisdom is gained.

Have you ever noticed that change both positive and negative occur line upon line and precept upon precept? Taking an action, even if it’s small, takes you in a direction. From there, you can always change course, but taking an action is where it begins.

Long-term perspective can be a fruitful practice and the virtue of patience is real.

To check out (and monitor) listings in your target market be sure to check out Foreclosure.com today. You can “save” properties of interest and watch them, as well as their descending prices, until you are ready to make your patient move.

“First they ignore us, then they laugh at us, then they fight us, then we win.”

– Gandhi

This memorable quote may be what you experience if and when you start (or restart) a new venture.

And if you’ve thought about buying or investing in real estate recently, it’s entirely possible that you have been met with a few quizzical looks and several skeptical remarks.

That’s because the housing market is so unpredictable right now. The collective  economy, too, is still shaky.

All that may not matter to you, however, if you see the bigger picture. Specifically, mortgage interests rates, as well as housing prices, are at record lows. Prices will eventually correct, which puts you — as a homebuyer or investor — in a nice spot moving forward.

When investing in real estate there may be people who ignore your desire and/or dream. Some may even scoff or laugh at your “foolish” decision to invest in real estate at a time like this.

However, if real estate investing is something you really want to achieve then ignore the doubters and proceed with your passion. In the end, you — not them — will have to live with your decision.

Wouldn’t it be nice to invite them along as you laugh your way to the bank several months/years down the road?

Regardless of your decision — or whatever else you do in life — do something you love. Passion will fire your personal energy source and lead you to the finish line.

Distressed property is often an amazing investment, but before you can enjoy the fruits of your labor, you’ve got to close the deal.

Getting everything all wrapped up is often trickier with foreclosures and short sales than with more conventional real estate transactions. It takes time to get the inspections and approvals necessary to be able to purchase a property for less than it’s actually worth.

Here’s the good news: With a little planning and advanced preparation, you can get to the finish line that much more quickly.

The October 2010 edition of Foreclosure.com’s free educational newsletter, “Investment Exchange,” is now available, which is focused on getting you up to speed on closing your real estate deals smoothly and on time.

To learn everything you need to know about “Close the deal” click here.

It’s the last hurdle between you and your great deal, so make sure you give this important step all the attention it merits.

To read this month’s free educational newsletter from Foreclosure.com CLICK HERE.

There are several things that can and do often send homebuyers off the rails during the homebuying process, but CNNMoney.com whittles down the list of the most common pitfalls to six:

1. Not knowing your credit score
2. Buying a car before a house
3. Skimping on home inspection
4. No lawyer
5. No contingencies
6. Not budgeting from insurance

Remember to also check out our “First-time Homebuyer Program” Webinar to ensure that your experience is the best it can possibly be … it’s well worth it.

Avoid costly mistakes now and in the future!

Finding the best mortgage rate is just as important (if not more) as settling in the perfect house.

That’s because the loan amount and correlating interest rate will determine the monthly payments that you will be obligated to make over the next 15, 30 or even 40 years.

Therefore, it’s always wise to get preapproved for a mortgage before you start your house hunt. This way you know your financial limits and don’t stretch beyond them when touring properties available for sale.

In fact, most real estate agents strongly recommend that you are preapproved before they start providing you with potential opportunities because it helps them narrow their searches.

One nice thing about mortgage shopping right now is the super low rates. However, we can all but guarantee that these rock-bottom rates won’t last much longer.

Strike while the iron is hot!

The March 2010 edition of Foreclosure.com’s free educational newsletter, “Investment Exchange,” is now available, which details everything you need to know about “Shopping for a mortgage.”

It is designed to get you familiar with your mortgage options so that you’re on the ball when you do find that once-in-a-lifetime property. You’ll also get handy tips to make your credit squeaky clean before you apply.

So check out “Shopping for a mortgage” today so you’re in a position to get the best terms possible.

To read this month’s free educational newsletter from Foreclosure.com CLICK HERE.