What Every Owner of a Distressed Property Should Consider
A distressed property is any home that is under foreclosure. This typically occurs because the homeowner was unable to make their mortgage payments. If a distressed homeowner acts fast, they can avoid foreclosure and sell their home to a reputable real estate investor. This professional homebuyer can purchase the home for cash and then invest 100 percent of their own capital into fixing up the home while the current owner walks away with cash in their pocket.
In this brief article, the professional homebuyers at LEDGE Real Estate Solutions, LLC, will discuss how we provide cash for homes in Winter Garden, FL. This includes homeowners that defaulted on their mortgage. Remember, if you are experiencing financial difficulties or own an undesirable home, contact a local homebuyer that is willing to make a commitment-free, cash offer for your house today.
Challenges of Owning a Distressed Home
Most distressed homes are undesirable compared to homes sold through the traditional real estate market. A distressed home often is a vacant home, a home that requires significant repairs, or a home in a below average neighborhood. In any of these scenarios, most potential buyers will not be willing to invest in the home for a fair price considering they either don’t want to live in the neighborhood or they will need to fix up the home. Because of this, distressed property owners need to consider alternatives to selling their home.
Accelerate the Selling Process
When you’re not dealing with a foreclosure or any type of debt and you own a nice home in a great neighborhood, you can take as much time as you need to find the right buyer. With a foreclosure nearing, distressed homeowners can’t patiently wait six months to over a year to sell like the traditional market requires. If you are falling behind on mortgage payments or you have defaulted on your mortgage, you need to act fast with foreclosure looming. If you don’t sell quickly, you could lose your home to the bank.
Gauging the Value of Your Home
Evaluating a fair price for a distressed property can be incredibly challenging. Typically, homeowners feel their property is worth more than it truly is. When dealing with an undesirable home, the home’s value cannot be determined simply by the neighboring market value of other homes.
If the home is in need of significant repairs, it’s also not “show ready” by definition, so that eliminates many potential buyers. Another issue is that distressed properties don’t qualify for standard mortgage financing. In order to sell, distressed homeowners need to find a cash buyer that is willing to invest their time and capital into a house that requires significant repairs.
Whether it’s costly repairs, potential squatters targeting a vacant home, or you simply can’t manage the property anymore, when you consult a professional homebuyer, they will give you an instant cash offer for your home. If you are interested in learning more about receiving a quick, fair offer for your distressed property, LEDGE is standing by.
Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.