distressed properties: Buying Distressed Properties - Part 2
- 02/18/10 11:50 PM
Is a distressed property for you? Here are pros and cons of buying one: Advantages of Buying a Distressed Property First, you'll be dealing with a highly motivated seller - either a bank in the case of a foreclosure, or in a short sale, sellers who are in financial trouble and very interested in getting out of a mortgage they can no longer afford. These types of sales take much of the emotion out of the process. You won't be insulting anybody, for instance, if you make an offer that's lower than the asking price. (That's not to say that the … (3 comments)
distressed properties: Buying Distressed Properties - Part 1
- 02/17/10 11:35 PM
Many of the homes for sale today - as many as half in some markets - fall under the category of "distressed properties." These are homes that have either gone through foreclosure or are being marketed as "short sales." In a short sale, the homeowner can't afford to maintain the mortgage, but the lender - rather than foreclosing - agrees to the sale of the property for less than the balance of the loan. These types of sales have different dynamics than traditional sales - with more paperwork, often a longer transaction process and, in some cases, more frustration. For these … (2 comments)
Is a distressed property for you? Here are pros and cons of buying one:
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