Not Distressed Properties, real estate, homes, townhomes, condos, the market or any title you can put on it! It is the people in them that are distressed.
I choose to look at this market as I have always looked at it. Buyers and Sellers that need me to help them navigate The Real Estate Market. It's just a different market, very challenging, but still The Real Estate Market and the people are the same with the same needs, just very challenging needs.
I will see them through this reset in the market and use all of my skills and experience to help them come through with the best possible outcome for their circumstances. It is different for each person and family. Now that the economy is so weak, home prices still falling, employment at 8.5% and closer to 15% if you count the unemployed that have given up on looking for a job.
It is no longer just the Subprime market, the causes are endless,
Increase mortgage payment.
Loss of job maybe 2 if both was working.
Damage to property.
Death of a spouse or family member.
Insurance or tax increase.
To much debt.
In time and with a reasonably good economy many of these things could be coped with, by belt tighten, budgeting, getting another job or selling the home, this in some cases may still work, maybe, but this is a bad economy and likely to remain bad for several years. Even if some think it will magically recover, it is better to be prepared for the long haul.
True, not all can be helped, but we don't know that until we talk to them. This means asking really tough questions, about their finances, more information than we have ever had before, about someone that may be, a stranger and listening to the answers with careful attention. By their expectations, motivation, cooperation and communication they will tell us if our help will be useful and timely, in some cases it will not, then we move on to the next.
After personally having several buyers in short sales that failed to close. I decided I might need to know more about this market as I believe most agent that claim to be the experts fall far short and to that end I have taken the Certified Distressed Property Expert course and received the designation. Now I will put all I've gleaned from this outstanding instructor, a very big book and huge stack of forms, to work. I will make this segment of the market a part of my business, (notice I said a PART of my business), only time and the market will determine how large a part.
Trust me I am not the expert (yet), just a little better educated about what I didn't know.