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Distressed Properties are available and typically are well below the current market value however
the condition of the properties typically need repair.
There are distressed properties for sale from homeowners who have recently defaulted on their mortgage and are looking
to sell before they get any further behind, and there are distressed properties that are scheduled for public auction by
lenders or local courts as the last stage of the months-long foreclosure process. But what all distressed properties have in
common is a low price tag. Distressed homes can sell for anywhere from 30%, to 45%, even up to 60% off what they are
actually worth, and this makes them an incredible opportunity for all home buyers and real estate investors.
A short sale can be a win-win for the Seller and you, the Buyer. For the seller, a short sale provides the opportunity to
avoid foreclosure and the dreaded implications that a foreclosure brings, in addition to being able to return to home
ownership sooner; alternately, the lender receives most of the value of the loan sooner, and avoids incurring additional
legal or carrying costs while the foreclosure process plays out, which can sometimes even take years. Short sales can
provide a great options for buyers to save money on a home purchase however the process can take some time to get to
the closing table. The condition of these properties vary so a home inspection is recommended.
Foreclosures involve a lawsuit in which a bank, a mortgage company, or other lien holder seeks to take an
owner's property to satisfy a debt. The bank or lender may actually take ownership of the property or have the
property sold to pay off the debt. As a result of the foreclosure, the owner loses whatever rights he or she had
in the property.
A buyer can typically purchase these homes at discount. This process typically can close much quicker than a
short sale. The condition of these properties vary so a home inspection is recommended.
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