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Distressed sales are a sad fact of the real estate market. While no one wants to see a homeowner lose their home, these properties also present unique opportunities for buyers. To determine whether you are a candidate for such a purchase, it’s important to learn all you can about distressed properties—and to work with a qualified buyer’s representative who can guide you through each step of these complex, non-traditional transactions.
a period of time that begins with the initial mortgage default and ends when the distressed property is sold.
when the property is auctioned to the highest bidder, someone who also meets the terms of the sale.
if a foreclosure sale is not successful, property ownership is transferred to the lender.
This is a situation in which a seller owes more on their loan than a sale of the property will produce, and they are unable or unwilling to make up the difference at closing. The seller may or may not be in pre-foreclosure. Banks may consider a short sale to a new buyer to reduce their losses.
Your buyer’s representative can give you specific guidance based on your situation and the type of distressed property you want to purchase. But for starters, consider these questions:
Your buyer’s representative can assist you further in answering these and other questions which will help you determine whether this path to homeownership is right for you.