For sellers in possession of distressed homes, making the sale can prove an extremely challenging process. These homes often take much longer to attract interested buyers, who prefer a home free of the issues that cause a home to be considered distressed such as financial entanglements and foundational damage. We offer these motivated sellers a convenient resource for getting fair market value for their distressed home.
The issues that cause a home to be declared distressed are most frequently discovered during inspection, just as a seller is making plans to move or a buyer is seriously considering a purchase. Some sellers choose to delay their sale until repairs are complete, but in most cases this leads to an investment of thousands of dollars and months if not years of time while the house is prepared for the open market.
Owners of homes considered distressed also regularly underestimate the length of time it will take for the home to make the improvements that help attract seriously interested buyers on the open market. Even basic repairs to common infrastructure issues such as roof damage and plumbing problems can take months to complete, and any legal difficulties surrounding the property are sure to be a deal breaker for most buyers.
Homes can even become distressed due to factors well beyond the control of the homeowner. In the case of uninhabited properties, squatters sometimes take up residence to make most real estate and renovation operations difficult or impossible. Tenants can even do intentional damage to the property after learning of an impending sale, adding costly repairs to the expense of a sale through traditional means
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Tarpon Springs, city, Pinellas county, west-central Florida, U.S., on the Anclote River bayous between Lake Tarpon and the Gulf of Mexico, about 25 miles (40 km) northwest of Tampa. The area was settled in 1876, and the city was founded in 1882 by Anson P.K. Safford, a former governor of the Arizona Territory. It was named by one of the first settlers for what she thought were tarpon, a large, silvery game fish, leaping in the ocean. In 1890 John K. Cheney, an early settler, founded the natural sponge industry in Tarpon Springs, which became one of the world's largest; beginning in 1905, Greek divers came to the city to work in the sponge industry. Ablightin the sponge beds in the 1940s considerably reduced the fleet, which in its heydaycomprisedmore than 200 vessels. In the 1980s healthy sponge beds were found, and sponges again became important. The Spongeorama Exhibit Center focuses on the history of this industry. Tourism is the primary factor in the city's economy. Tarpon Springs is located in a popular retirement area. The city's Universalist Church contains paintings by the American landscape painter George Inness, Jr. Inc. 1887. Pop. (2000) 21, 003; (2010) 23, 484.Old City Hall, Tarpon Springs, Fla. Ebyabe
Distressed Properties FAQs
What are Distressed Properties?
In real estate, if a homeowner suffers from financial problems, which render him unable to meet his monthly mortgage obligations, he is said to be in distress and the home is referred to as a Distressed Property. Based on the stage of foreclosure the property is in, it can be classified as a pre-foreclosure, foreclosure at auction or a bank owned home/repo home.
For more information, simply check our What are Distressed Properties? page.
How to buy distressed properties?
Buying distressed homes is simple enough. You only need to determine where in the stage of foreclosure is your entry point and understand what is involved in purchasing these properties. Each stage will require a different approach, so it is also crucial you do your homework even before you search for the perfect distressed property.
To help you make sure your purchase is a success, check out the How to Buy Distressed Properties page.
How to invest in distressed properties?
Considering the impressive profit potential offered by distressed properties, it is not surprising buyers are presented with numerous investment opportunities. You will find investing in these distressed homes is quite lucrative. Of course, in order to maximize the said potential, you have to make sure you know and understand what is involved in each of these opportunities.
You can refer to the Guide in Investing in Distressed Properties for more information.
How to find distressed properties?
When it comes to finding distressed properties, there are actually several ways to do so. You can choose to go the traditional route and search neighborhoods or scan classified ads in newspapers. But there is actually a more efficient and convenient way - there are distribution centers.
We offer a large selection of distressed houses for sale, including pre foreclosures, foreclosures at auction and bank owned properties located in all 50 US states. You will have easy access to all relevant information pertaining to these homes with just a few clicks in your computer. Finding the best deal on a distressed property which meets your budget and preferences will always be hassle-free.
Is there a specific type of distressed properties which is more profitable to invest in?
You will be pleased to know that despite the many types of distressed properties, all of them promise to be profitable. Your choice will simply have to depend on your resources and needs. Since each type of distressed home offers their own advantages, you have to determine which type you are comfortable of buying and eventually owning.
Are distressed homes always sold as is?
In general, distressed properties are sold as is. For this reason, you have to conduct a thorough inspection of the property to see the extent of repair work needed. Hiring a professional inspector is strongly recommended. In few cases, the seller will agree to agree to shoulder the repair cost as long as they are minimal. It is really a matter of knowing exactly what you are buying and negotiating with the seller.
What Are Handyman Specials?
Distressed properties which require extensive repair are usually referred to as Handyman Specials. They are usually sold at very low prices since the buyer will have to spend much on repair and renovation. It is important you know exactly how much it would cost you to have the property fixed up to estimate your potential profit. You can do so by working with an experienced and professional contractor.
What are Fixer Upper Homes?
These distressed properties - as their name suggest - requires fixing up. Investors consider these properties as the perfect choice for flipping since they can be bought for a fraction of their market values. Obviously, you will have to order a thorough home inspection to determine how much it will cost you to repair the property. Once they have been repaired and renovated, they can be sold for considerable profit, which is why many real estate investors consider them gold mines.
What do I need to get started with distressed homes investing?
To get you started on your distressed homes investing, you will need to educate yourself about everything there is to know about properties in distress from buying to cashing in on your investment. Of course, you have to understand your success will be greatly dependent on finding the best deals.
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Closely Related Topics: Faster Home Sales.
Related Statewide Reading Topics: Tarpon Springs - Faster Home Sales.