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When referring to distressed properties these is a real estate property that is being sold due to foreclosure or repossession. A distressed property could be offered for sale by a homeowner because they have recently defaulted on the mortgage and they want to sell before they get farther behind on their mortgage payments. You can also purchase distressed properties that are scheduled for public auction by the local court or lenders in the last states of the foreclosure process. When looking at homes for sale you will see that distressed real estate can sell from thirty percent to as much as sixty percent off what the home is worth based on the current market value. In addition, homes and property being listed as distressed property could also happen because there was a death in the family and the one who inherited it does not want the property. The house could have been vacant for a long while for various reasons such as property not claimed by family members or no family members to leave the home too after the person died or divorce. People who purchase distressed homes for sale may be buying their family home while others may be doing it to turn around and sell the property for a profit or to rent out as an investment property. On the market of distressed real estate you will find single and multi-family homes, commercial properties, apartments, and townhouses. You can find distressed properties by either visiting your local courthouse or looking at their website. The records of distressed real estate for sale are public records. You may even be lucky to find this type of real estate when driving around and see signs of a real estate auction or see signs that the home is for sale by owner. If you decide to look for distressed properties by driving around various neighborhoods look at neighborhoods that have a mixture of newer and older properties. If you see a property that you might be interested in such as one that appears to have been vacant for a while, visit your county tax assessor’s office. They will have records of who owns the home and maybe the contact information so you can contact the owner to see if they want to sell the home. You can also talk to your local bank to see if they have any foreclosures or repossessions that will be on the market soon. Before buying a distressed property do your research and make sure that it is worth the price they are asking. About the author: Purchasing a home is not an easy task and if you happen to be looking to buy houses for sale. We are Resident Realty, the expert real estate agent when it comes to properties for sale. Whether you are searching for homes for sale or you want to sell your property, we are here for you. Our thorough research and up-to-date information about our properties for sale leave no room for doubt. You can be assured you are looking at only genuine deals when you do business with us.
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