What is a Distressed sale.
Many talk about a distressed sale but not all fully understand the meaning of a distressed sale.
So let me explain.
A distressed sale is:-
- A property in poor physical condition
- A home that is in or about to be foreclosed on also called a pre-foreclosure
- A homeowner that is facing financial difficulties behind in payments but not in foreclosure
- A home owner who has had a loss of income, partner/spouse or is suffering from a serious illness
- A home where the homeowner is upside down in their mortgage balance - the amount they own on the mortgage more that the house is worth.
- A home where the homeowner is selling the house because the mortgage balance is more than the value of the house - this is also called a short sale.
If you are going through one of these situations give me a call and let me see what I can do to help relieve the stress you are under.
Check out some of my other blogs:-
Can you short sale a house without approval of the 2nd mortgage?
Who pays the real estate commission on a short sale?
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