Properties that are being offered for sale due to an imminent foreclosure are distressed properties. Properties can be distressed because the homeowners have defaulted on the mortgage and wish to sell. Distressed properties can also be due to public auction by the lender or local court.
In any case, distressed properties are quick sales. It is also important to get distressed property listings as it is extremely profitable and keeps you far ahead in the game. People are attracted to these listings because of lower than market value price, they can have more bids, and can sell fast.
When are Properties Distressed?
During market recession periods like 2008 to 2011, several properties were declared distressed. Properties can be distressed due to the following reasons and more:
- Relocation: When homeowners need to relocate and quickly sell their property.
- Bank Owned: A property can become bank-owned when it is repossessed by the financer. Bank or the financial institute may quickly sell the property at a lower price than the actual market value.
- Personal Reasons: Divorce or legal separation can be a reason for distressed property, as the owners may need to sell it for legal, financial, or emotional reasons and may move to quick sale.
Distressed properties are sold at a lesser value than the market price; therefore, sale can be quick. Getting genuine distressed property listings is important to close the sale. You can find the listings for distressed properties by simply scanning the neighborhood you are interested in. Houses that are in dilapidated state, property where you see notices on door and windows, properties with uncollected newspapers can be distressed can be a sign of distressed property.
Use a real estate lead software. The software can provide you with fresh leads, distressed leads, and can also help with open house management. Look for a program that makes contacts with prospects, helps you use high-quality photos of the property. With the software program, you may be one of the first to know about a distressed property and isn’t that the way to stay ahead of others!
Other Ways of Finding Distressed Property
Bank branches can be an option to find properties on foreclosure. Find out about foreclosure auctions and scan the local newspaper. These are just few of the ways to get a list of distressed property. Find an efficient and effective way of getting the listings. A software program can be one of the most efficient ways which saves time.
A buyer will look for the best deal that meets their needs and in case of distressed property is below the market value, so they save money. The agent can make a profitable sale with a distressed listing, but they need to be faster because for them time is money. They cannot lose a sale because of lack of awareness. Getting the listings of distressed property in time is very important for them. So, choose your source of listings intelligently.
Real acquisitions can be your answer to efficient source.