Buy Distress Property

Distressed property

What is a distressed property?

Distressed property is any property that is under foreclosure or being sold by the lender. Normally, a distressed property is a result of a homeowner who was unable to keep up with the mortgage payments and/or tax bill on the property. It is common for a distressed property to be sold below market value.

Deeper definition –

Not all distressed properties have been repossessed due to late payments. On occasion, lenders, banks and credit unions seek to repossess a property to protect their investment. Lenders may take this action due to other claims being made on the property or due to a discovery of mortgage fraud.

There are at least two good reasons to buy a distressed property:

  • Price. The below market value price on a distressed home allows those who might not otherwise be able to afford a particular neighborhood to buy there.
  • Potential profit. If you buy a distressed property at a good price and know which repairs and updates will add the most value, it is possible to build equity and sell at a profit.

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