What does distressed mean? A property or seller can be distressed. For example, a distressed property is one that is in need of major repairs and can also be called a fixer. A seller who is distressed typically means that they’ve had a major life event that has caused them to have to sell their home. This could be anything from loss of a job, divorce, death in the family, etc. These types of sales are important to understand whether you are a buyer or a seller because there are very specific ways in which to approach the sale.
When a seller has reached a point where an event or events have put them in the position where they need to sell their home or property is can be very stressful. Many times, it takes a team of people to lead the seller out of the distressed situation and back on smooth track. This team can be comprised of professionals such as tax attorneys, CPA’s, financial advisors, divorce attorneys, trustees, etc.
If the property is distressed there are specific ways to address selling the home for the highest possible price. Depending on the amount and type of damage the property has will depend on how a buyer can purchase a home. Often times lenders will not help a buyer purchase a property with severe damage as they see it as too risky. This may mean a buyer will have to pay all cash.
We have help hundreds of distressed sellers and properties over the years and recently. Email us if you would like a private and free consultation to go over your specific situation.
Often times buyers are looking to distressed properties to have an opportunity to get into the housing market at a cheaper purchase price. Some buyers look for these as flips and we call them investors. Other buyers are trying to purchase their new home they will live in. Each distressed situation is unique and has a multitude of complexities.
We use highly skilled professionals and our experience to unravel these complexities so that you are thoroughly educated. We want you to know what you are buying, including the risks that come with a distressed property.
Call us if you’re thinking about buying a distressed property and we will set up a private consultation with you.