Distressed properties are everywhere. It doesn’t matter where you go; it seems like there’s always one or two for sale. And if you’re dealing with one, you’re not alone.
In this blog post, we’ll dive into what distressed properties are and give you some tips on how to get rid of them. Keep reading to learn more!
So What’s A Distressed Property?
A distressed property is a home or piece of property on the brink of foreclosure or, sometimes, already owned by the bank. These properties also usually are in bad shape and need repairs and maintenance.
Reasons Why A Property Becomes Foreclosured
Many things can cause a property to become foreclosed. The most common reason is when the owner can’t make their mortgage payments, and the bank takes over the property.
Other reasons include:
- The owner dies, and there’s no one to take over the mortgage.
- The owner gets divorced and has to sell the property.
- The property was used as collateral for a loan, and the owner can’t pay it back.
- The government seized the property for not paying taxes.
3 Best Solutions To Get Rid Of Your Distressed Property
If you’re dealing with a distressed property or are looking for foreclosure avoidance, there are 3 leading solutions that you can pursue:
Rent It Out
If you aren’t in a hurry to sell, you can always rent out your distressed property. This will help you cover the mortgage payments and any other expenses that come with owning the property.
Fix It Up
Another solution is to fix up the distressed property and then sell it. This option will take some time and money, but it could be worth it in the end. Also, if you’re handy, you might be able to do some of the work yourself and save even more money.
Sell To Home Buyers
One of the best ways to get rid of a distressed property is to sell it to a home buyer. Home buyers are interested in buying homes in bad shape and fixing them up. They’ll usually offer you a fair price for your distressed property and close quickly.
Home Buyers In Central Florida Buy Your Distressed Property For Sale!
Are you looking for home buyers in Central Florida to sell your distressed property to?
At Central Florida Property Investors, we’re a team of experienced home buyers interested in buying distressed homes, no matter their conditions. We’ll offer you a fair price for your distressed property and close in as quickly as 7 days!