What is Distressed Property?

In the real estate industry, a Distressed Property is one that is assessed to be in poor physical or financial condition for the purposes of immediate sale. It is a general term used for homes and properties that are in poor repair, in a stage of default, owned by a person experiencing financial hardship, or is exceeded in current market value by liens taken out against it. What makes these properties so difficult to sell through traditional channels is that buyers in the market for a new home typically look for houses without these issues, or are only willing to pay a minimal price that is less than satisfactory to the seller. As a result, these properties often stagnate on local real estate markets for months or even years while a stream of required inspections and repairs slowly drains any potential profit out of a sale. Worse, these distressed homes can also necessitate that special provisions be placed into standard contracts, meaning that minor stipulations often cause these deals to fall through at the closing table. Even after the property is sold on the conventional real estate market, closing costs and commissions commonly take one last chunk out of the proceeds, leaving the seller with only a small sum after a long, difficult struggle. For these reasons, we offer motivated sellers in the area a faster, more convenient route to selling their unwanted properties. With our no obligation process, we can estimate our required investment in your home and factor it into a fair market rate. When you decide to sell your home, we'll conduct a brief walkthrough of the property, and your lump sum payment is usually ready within 30 days.

Inherited - Motivated Seller
Must Sell Home | FAQ 1

Will you buy my property as-is?

Yes, we make cash offers based on our in depth analysis. We do require the ability to inspect the property, but at our cost and we will not request you to make any changes or repairs to the property. Before you list your property, you may want to consider our AS IS, all cash offer. It is going to take you 'x' amount of money and effort to get your property in 'listing ready' condition. On top of that if you go with us, you will NOT have to pay the commissions that you will be paying to the listing brokers if you sell it on the MLS.

Must Sell Home | FAQ 2

How fast can you close/How fast can we get paid?

Unless there are extra liens on the property, or clouds on the title that need to be addressed by Title and Escrow, we can close in less than 30 days.

Must Sell Home | FAQ 3

What do you do with the money you make from my property?

Right off the top, 5% goes to vetted Military Veteran Charities that help reduce the rate of Veteran Suicide in the US. A portion goes back into the company for marketing and expenses, and the rest goes towards buying rental properties all over the US.

Must Sell Home | FAQ 4

Do I need to provide any specific information about the home?

We are going to need to see verifiable information regarding any mortgage balance on the home, and notices that include any payments you are behind on, or other liens or debts that affect the property.

Must Sell Home | FAQ 5

Why should I sell my home to you, versus some other investor?

We don't view your situation as an opportunity to take advantage of you. Our interest as real estate agents and investors is to provide a legitimate solution to your real estate problems. Our intent is to have everyone walk away from the transaction feeling satisfied. Selling to us also gives our organization the ability to provide charitable donations to military veteran service members in need. We will ONLY work with you if there is a WIN WIN outcome.

Must Sell Home | FAQ 6

What if my house needs a lot of repairs?

We're not scared of repairs. We typically buy properties that require work. Whether that work is only paint and carpet or a full renovation and modernization. Whatever is needed, we have no problem with either scenario as they are all necessary in order to make the property sale ready.

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Selling Your Inherited Home

Selling your inherited house can come with a number of legal entanglements such as liens and estate taxes as well as the emotional burden of depersonalizing what may be a meaningful place. It can be particularly problematic in the case of default, in which the mortgage must continue to be paid or risk foreclosure in many jurisdictions. Further complicating matters, there is often a 'creditor claims' period during which all assumed rights to the property are verified. During these various processes, homeowners can be burdened with the costs of everyday upkeep as well as legal expenses related to the transfer and eventual sale of the house.

Inherited - Motivated Seller

Can I Sell My Home with Major Foundation Issues?

We are an area leader in purchasing homes with damaged foundations and other major issues for years, and is here to offer fast cash for your unwanted property. We provide a no-obligation appraisal for your property through our convenient application process, and we purchase your home as-is so you won't have to worry about skittish buyers or expensive repairs. When you sell your house to us, we pay all of your standard closing costs. We never turn down homes with damaged foundations, because we want to offer the financial flexibility you need. We are a local leader in buying distressed homes, and can offer you the fast cash settlement you need. Talk to one of our friendly representatives for a free consultation.

Must Sell Damaged Property Fast

Can I Sell My Home with Termite Damage?

Once you've sold your home to us, your termite damage is our problem. We handle all the repairs and renovations while keeping pace with the open connect your home with buyers'all you do is enjoy your cash payment. Selling your home through conventional real estate channels can take months, and the process can be even more difficult when your home has termite damage, so sell it to us! When you work with us, we pay all your standard closing costs, so you can get the most possible financial flexibility from the proceeds of the sale. We relieve you of the burden of a termite damaged home so you can move on to the next chapter of your life. Contact one of our helpful representatives to begin your no-obligation evaluation process.

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Repair History

Even in the case of distressed homes that undergo repairs to address their structural and other habitability issues, thousands in repairs are no guarantee of a quick sale at a fair market price. Many jurisdictions will require that sellers report required home repairs such as flood damage, termite infestation, and mold treatments to any prospective buyer.

Death on Property

A death taking place on the property is another surprising factor in the value of a distressed home, even in situations unrelated to the homeowner. A recent study indicates that 2 out of 5 interested homebuyers would decline to purchase a home outright under these circumstances, and as a result many jurisdictions require any deaths on the property to be reported by law. Even for a distressed home with minimal physical damage for a buyer to address, this can make selling a home much more difficult.

Future Development

The true value of owning a property is not in the building, which will inevitably degrade over time. Instead, a property's value is in the land itself, a finite resource that typically appreciates in value. This means that the long term outlook for the area in which the property is located is one of the most dynamic factors in the value of a home.

Surprising Factors in Local Home Values

When it comes to determining the fair market value for a property, the factors go far beyond square footage and location. There are many other less immediately visible aspects that contribute to the overall value of a home, and many homeowners do not adequately consider them when it comes to the realities of placing their homes on the local real estate market.

we are here to buy your home fast

Contact us now to sell your house today

When you call , we'll go over the details of your house with you. It won't take us long to put together the details and give you an offer
You dont't have to take it, you're not obligated to us for anything . But call to get our bid , we're extremely competitive and will get your home off
of your hands conveniently , so you don't have to worry anymore . Call us now to discuss!

We offer competitive bids on all
properties.

 

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It's Easy To Sell Your Home (To Us). Articles

The one reality about today's housing market is that many people have more questions than answers. The following information is intended to help you or someone you know better understand your situation.
Do I Qualify For A Short Sale?

The qualifications for a short sale include any or all of the following:

Financial Hardship - There is a situation causing you to have trouble affording your mortgage.
Monthly Income Shortfall - You have more month than money. A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
Insolvency - The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.


What Is A Mortgage Modification?

A mortgage modification is a process through which your mortgage lender changes any or all of the following:

Your interest rate
Your principal balance (through a reduction)
Your loan terms (example: from an adjustable to a fixed rate)
This process can allow borrowers to stay in their property when they can no longer afford their current mortgage payments.


Why Would A Lender Modify My Mortgage?

Lenders have realized that in some cases it is better for them to work with current borrowers to lower payments or possibly improve terms in order to keep homeowners in their properties. The average foreclosure can cost a lender from 35-50% of the value of a property, so keeping borrowers in their homes is a good option for everyone.


What Do I Need To Qualify For A Mortgage Modification?

According to the Making Home Affordable Web site (http://MakingHomeAffordable.gov), you will need the following information for your lender to consider a modification:

Information about your first mortgage, such as your monthly mortgage statement
Information about any second mortgage or home equity line of credit on the house
Account balances and minimum monthly payments due on all of your credit cards
Account balances and monthly payments on all your other debts such as student loans and car loans
Your most recent income tax return
Information about your savings and other assets
Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources
If applicable, it may also be helpful to have a letter describing any circumstances that caused your income reduce or expenses to increase (job loss, divorce, illness, etc.)
How Do I Qualify For A Mortgage Modification?

The first call you make should be to your lender, have the information above ready to discuss with them and call your customer service line to ask them what options you have available. If the person you speak with does not understand what you are asking, you can ask to be referred to one of the following departments (different lenders have different names for these departments):

Loss Mitigation
Mortgage Modification
H.O.P.E.

Prior to contacting your mortgage lender you can quickly complete an eligibility test at http://MakingHomeAffordable.gov. This test will let you know if you are eligible for a modification through the government-sponsored Home Affordability and Stability Program (HASP).

For a list of mortgage lenders and servicers, visit www.HopeNow.com.

What Is A Home Affordable Refinance?

If Fannie Mae or Freddie Mac owns your mortgage, you may be eligible for a Home Affordable Refinance. This will allow you to refinance your home and often lower your payments.

What If I Don't Qualify, Can't Afford My Home, And Owe More Than It's Worth?

You are not alone and foreclosure is not the only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. Agents with the 'Certified Distressed Property Expert' Designation have undergone extensive training in how to process and negotiate short sales.

A short sale allows you to sell your home for less than what you owe and avoid foreclosure. Speak to your market expert to see if you may qualify.

What Are The Qualifications For A Home Affordable Refinance?

According to the resources released by the government, following are a list of qualifications:

You are the owner occupant of a one- to four-unit home
The loan on your property is owned or securitized by Fannie Mae or Freddie Mac (see Useful Links)
At the time you apply, you are current on your mortgage payments (you haven't been more than 30 days late on your mortgage payment in the last 12 months, or if you have had the loan for less than 12 months, you have never missed a payment)
You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house
You have income sufficient to support the new mortgage payments, and the refinance improves the long-term affordability or stability of your loan.



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Are distressed homes always sold "as is"?

In general, distressed properties are sold "as is". For this reason, you have to conduct a thorough inspection of the property to see the extent of repair work needed. Hiring a professional inspector is strongly recommended. In few cases, the seller will agree to agree to shoulder the repair cost as long as they are minimal. It is really a matter of knowing exactly what you are buying and negotiating with the seller.

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