How Can Buyers Acquire Distressed Houses for Sale?
- Author Joseph B. Smith
- Published September 2, 2010
- Word count 367
Purchasing distressed houses for sale can bring in a lot of savings, particularly for buyers who have planned well and have studied the market of distressed dwellings carefully. There are several ways by which such properties are sold and it is up to the buyer to decide which one suits him best.
The Process of Short Sale
One option available to home buyers is a short sale. Distressed dwellings can be purchased using this procedure if a home owner is facing the possibility of getting foreclosed but has yet to have his property sold at an auction. Under this process, the lender should agree to sell the residence for a price that is less than the amount owed by the homeowner to them.
The advantage of a short sale to a home buyer is that he can acquire the property at an even lower price since it will not cover any existing loan or late fees and other monetary obligations. It also offers an advantage to the homeowner since he can stop paying for a mortgage that he can no longer afford without doing damage to his credit rating.
Real Estate Owned or REO
Distressed houses for sale that have become REOs only mean that the ownership has already reverted to the lender or the bank that holds the mortgage. The basic process is similar to a short sale, with the difference that a buyer would have to negotiate directly with the lender or the lender's real estate agent and not the homeowner.
REOs are considered safe transactions since these properties traditionally do not carry liens or unfulfilled obligations. However, the process can take months to complete and competition among interested buyers is always tight. In addition, some REOs have been left vacant for some time and might have incurred damages that might cost a buyer significant amounts to repair.
When buying distressed houses for sale, a home buyer should always consider which process would benefit him most. He can go for a short sale if the deal is reasonable and the transaction can be closed at the fastest possible time, or he can opt for an REO to eliminate the problem of dealing with the actual seller.
Joseph B. Smith has been educating buyers on the finer points of distressed houses for sale at DistressedPropertiesSale.com for over five years. Contact Joseph B. Smith through DistressedPropertiesSale.com if you need help finding information about distressed houses for sale.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- Exploring Homes for Sale in Columbia, TN
- Exploring New Homes for Sale in Tennessee
- Hickman County, Tennessee: The Undiscovered Country
- What is Brick and Mortar Tinting?
- Fast Instant Home Cash Offer—No Realtor Needed
- How to Find a Good House Extension Builder: A Homeowner’s Guide
- How to Choose the Best Real Estate Drone Videography Service in CA
- Top-Tier Real Estate Videography in NV: Boost Your Sales with Stunning Visuals
- Whu buy an apartment in Manilva
- How AI is Reshaping the Luxury Real Estate Industry
- Living In Harmony
- Luxury Cabin Homes: The Galactic Timber Reckoning Unleashes an Infinite Apocalypse.
- A Global Tour of Luxury Homes: The Pinnacle of Extravagance.
- Distinctive Roofing in Godalming - Tradition, Craftsmanship, and Modern Innovations
- Security And Anti-Theft Features Of WPC Door Frames
- HMR Waterfront: An Exceptional Real Estate Hub in Karachi
- How Technology Will Transform the Real Estate Industry in 2025
- Ras Al Khaimah Property: A Rising Investment Hub with Unmatched Potential
- Real Estate Online: Transforming How You Learn, Sell, and Succeed
- 5 Reasons Why You Need a Mobile Notary for Real Estate Closing
- Fresh Paint for a Fast Sale: Here's Why You Should Paint Before Listing
- First-Time Renters in Mississauga: Essential Tips for Success
- How to Choose a Title Company: A Step-by-Step Guide for Real Estate Success
- How Architects Are Shaping Sri Lanka’s Real Estate Boom
- Directing Las Vegas Homes for Sale: How Live Better in Las Vegas Guides Buyers to Success
- Understanding the Renters' Rights Bill: Key Changes and Timeline Explained
- Costs of buying property in Spain - IMS Mortgages
- Three Easy Steps to Sell Your San Antonio House Fast!
- Discover Your Dream 55+ New Construction Home Community in the Greater Tampa Bay, Florida
- Article on Mortgage Lenders and New Homes Mortgage Helpline