Many prospective purchasers are always reaching out to buy newly finished homes. The idea is that they can get the best value for their pay if the house is in excellent condition. Well, that might not be a bad idea, but I think it is not the best real estate solution.
Come to think of it, why should you keep looking for bargains that will require you to pay a maximum price for your home when you can spend less for great value? Yes! It is possible. Would you like to know more? Let me fill you in.
Purchasing or buying a distressed property is one of the best home-buying opportunities for you. As a prospective home buyer, you can take advantage of a distressed property to make the most favourable deal possible in the seller’s market. Does that sound pleasant? Absolutely.
Although distressed properties come with some risk, they are delightful solutions and investment options if you follow due process accurately. Now, you can think the cost of fixing up a distressed property can be much, making it more expensive in the long run. That is not correct. Yes, you will spend money to renovate the house to your taste. But, if you are careful how much you spend, it will end in profit when someone buys your house fast.
Now, what is a distressed property?
A distressed property is a home at the forefront of foreclosure or already in possession of a financial institution. It is a good deal for investors and homeowners or even cash buyers because it comes with a reasonable discount. However, you need to know that distressed property comes with the risk of many renovation needs.
There are three critical reasons for a distressed sale. They include:
Foreclosures
When a buyer fails to continue paying their monthly mortgage payment, the bank comes in to foreclose on the property and repossess it. In that case, lenders would have to look for ways to sell the home through a foreclosure sale or auction quickly.
REO Properties
Real Estate Owned (REO) properties are homes that do not sell at foreclosure auctions. They are distressed properties. Meanwhile, most lenders cannot afford the cost of maintaining distressed properties. So, if you know how to go about it, you can get a terrific deal to purchase REO property.
Short Sales
A short sale occurs when you purchase a distressed property for a lesser amount than the present owner’s debt on the mortgage. The current might need to avoid foreclosure and resolve to go for short sale option. It is also a good deal for investors and home buyers or cash house buyers.
How You Can Find A Distressed Property?
In reality, the best and easiest way to find a distressed home is to contact an experienced real estate agent that knows the nitty-gritty of purchasing distressed properties. That is where you need us. We specialize in helping homeowners, we can help you find distressed properties and guide you on how to maximize your profit.
We buy distressed houses in any condition and sell to home buyers at the most affordable prices. Suppose you are a lender or current owner who wants to avoid foreclosure. In that case, we will help you sell your home fast without going through the stress of tedious paperwork. Not only that, we buy houses as-is in Ontario regardless of the present condition, either worse or mild. Contact us today for distressed properties at a great value. We are investors and problem solvers that provide recommendations on approachable financing options.
Distressed homes offer an incredible buying opportunity for prospective buyers and real investors. However, you would need the experience of a real estate agent to avoid costly mistakes and make the best of the whole buying process.
Do You Need An Ontario Cash House Buyer? I Can Help You…
My name is Michael Lee, and I’m a local real estate investor buying houses as is for cash. If you are in a situation where you would like to sell your house quickly, give our team a call at 1-800-610-6171, or click the button below to submit your contact information. One of our house buying specialists will call you within one business day to begin learning about your property and get an offer ready. It’s that easy – So what are you waiting for? Contact us today!