Distressed Property Sales
A distressed property can cause many problems, from draining your bank account to tying you down to a dwelling you weren't planning to inherit. Fortunately, you can find many routes out of this situation in distressed property sales.
What Is a Distressed Property?
A distressed property is a dwelling that the owner can no longer afford to keep or maintain. In some cases, a distressed property is in foreclosure because the current owner can't make the mortgage payments. In other instances, the owner may be up-to-date on mortgage payments but unable to pay for necessary home repairs. The distressed property typically faces severe problems like a cracked foundation, structural damage, or water damage in these cases.
A property can become distressed in many ways, and some problems that homeowners face include:
Clearing out a home that was hoarded and finding severe damage underneath.
Inheriting a poorly maintained property before the owner's death.
Suffering from flooding or other water damage that promotes hazardous microbial growth.
Becoming the victim of vandalization.
Dealing with sewage problems.
Sustaining home damage from rodents or termites.If you own a property that you can no longer afford to maintain and repair, you likely have a distressed property on your hands. Fortunately, you don't have to retain this property, and there are steps to take to move forward in this situation.
Who Buys Distressed Properties?
In most cases, buyers must purchase distressed properties with cash. This activity limits sales opportunities to individuals or investors who are prepared to make the purchase upfront without the use of a mortgage. Some of the likely individuals who may purchase a distressed property include:
House Flippers: These investors buy the property as is to repair the home and resell it for more than the purchase price. House flipping is a popular option for homes in serious disrepair.
Buy and Hold Investors: These investors purchase the home for use as a rental property. This option is usually available only for homes that are in good repair.
iBuyers: A iBuyer purchases your home through an online transaction. This type of sale is available for homes in nearly any condition and is a speedy option that helps get cash in your hands fast.
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How Can I Sell My Distressed Property?
You can find a few ways to execute a quick, cash-only sale for a distressed property. Understanding these options will help you appreciate the perks of selling quickly and efficiently to a motivated investor like Coveway Properties.
If you can't afford to make your mortgage payments, your lender will eventually foreclose on the home. The mortgage lender repossesses the property, selling it to cover some or all of the outstanding mortgage.A foreclosure is undesirable because it puts you at the lender's mercy. You will have no say in the home's selling price. If the lender makes less than what the individual owes on the property, the lender can file a deficiency judgment to claim the remainder from you. A foreclosure will also stay on your credit report, lowering your score for seven years.
You can choose to auction your home yourself rather than allow the bank to do so after a foreclosure. Auctioning expedites the sales process somewhat, but it doesn't give you control over the final sale price. You won't have the option to shop around for the ideal buyer and best terms for your sale. Auctioning your home is inherently risky.
A short sale to a motivated cash-only buyer gives you more control over who your home goes to and what price you ultimately accept for the property. You can often find a knowledgeable real estate investor who sees the value and potential in your property. A short sale gives you access to fast cash and expedites the entire sale process so you can move out quickly or find a prompt solution to an inherited home or an unoccupied property with squatters. A short sale is much like it sounds, offering a quick solution.
Coveway Properties Is the Solution You Need
When your goal is to get out from under that rental property, Coveway is your solution. We will pay you a fair cash value for your home. Our crew is all in-house, so we can offer more than other companies.
You do not need to worry about having banks involved because we take care of working with the banks for you. The process can be quick and painless. The truth is, you could have your money in as few as 5 business days. Just think about that. One week from now, you could be headache free and your rental property will be someone else's problem.
Here is the whole process in a nutshell. You get an offer based on the current condition of your property. We agree on a fair value and begin the closing process. You get the amount agreed upon at closing and we get the deed. It is easy, and you get your life back.
Getting Started: Sell My House Fast
If you have distressed property on your hands, Coveway Properties can help. Our motivated real estate investment team will give you a cash offer for your home in just 24 hours. Contact us now to get started on your path to freeing yourself from the distressed property.