Distressed properties offer tremendous opportunities for buyers and investors that are savvy and aware of real estate market and willing to make a calculated decisive offer sometimes with very short or no inspection. A distressed property (commercial, residential, multifamily, land) is a property that is under a foreclosure order or is advertised for sale by its trustee or mortgagee due to more than 90 days delinquency of the owner on making monthly mortgage payments.
Distressed properties fall into three main groups.
- Short Sale Homes: These are homes that the current owners have permission from the lender to sell below their market value as a way to pay back at least some of what they owe on the mortgage.
- Bank-Owned Homes, which the bank has repossessed.
- Foreclosure Homes: qualify as distressed properties
Most of the time these properties are damaged or in poor physical condition due to the owner’s financial situation. The bank or lender will then repossess the property and try to sell it on the open market in order to recoup its initial financial outlay. Since most banks do not want to hold thousands of properties, they will make every attempt to sell these properties as soon as possible at a discounted price, first at auction and if there is no buyer, then to the general public
Global Major Properties and its agents are familiar with the formulas for finding a stressed property that best suits your needs and your budget. We will supply you with listings of all the foreclosed homes in the neighborhood and comps of similar properties in the area to make your decision easier. Distressed properties usually get sold very quickly due to their reduced prices, so the quicker you see them and make an offer, the more likely you are to have your offer accepted. If you are planning to get financing because of fast closing that is requested by the bank it is a great idea to get preapproved.
There is always another buyer waiting to jump in and make an offer for the home you want.
If you are a buyer looking to acquire a distressed property of any size Global Major Properties and all its experienced agents can help you find your ideal property that fits best your budget and suits your needs.
If you are an owner and you are behind with your mortgage payments and considering short selling your property of any size and you need an honest and professional real estate company that can negotiate with your bank and produce qualified buyers Global Major Properties can help.