What are distressed properties?
Distressed properties are any type of properties that need to be sold fast. Any property that needs to be sold fast is always sold at a deep discount. Distressed properties include: Foreclosures: In every stage of a foreclosure, the property needs to be sold fast. If it is a pre-foreclosure, the homeowner needs to sell fast or else he or she risks losing their home to a foreclosure auction where they will lose their equity and ruining their credit completely. Homeowners are in a race against time and because of this they are willing to sell their homes at deep discounts. Or if it’s at a foreclosure auction, the property needs to be sold to the highest bidder. Tremendous deals are found at foreclosure auctions. Or let’s say no one bids for the property at a foreclosure auction, the bank then gets the house back. These foreclosures are REOs or bank foreclosures. Banks hate when they get houses back because they are not in the real estate business; it costs them money to hold onto propert
