Highly Commendable, Very efficient:
Bhatnagar’s real estate services were highly commendable. They have an excellent set of well trained people that helped us transact a property efficiently and flawlessly.
We would highly recommend them and their staff for anything to do with real estate.
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.