What is a distressed property? In real estate, it
is often described as a property which is under foreclosure or a property that
is in poor physical condition because the owner is in difficult financial
situation.
If you are one of the unfortunate owners who has a
distressed property, chances are you are not alone and you have options. It is
important for any owners who are facing foreclosure to think that there is
always a way out of difficult situation. You only have to search for the
solutions. You can search for solutions the old fashion way, which means you
talk to family members and friends. Oftentimes, they offer good advices or
referrals that can help you out. In today’s technology, finding a solution is
easier and faster than you might think. With a few Internet searches, you will
realize that you will have several options. Let us take a look at your options
below.
·
If your financial difficulty is temporary and
you just have recovered, the easiest way for you is to reinstate your loan. This
means that you will have to pay your lender the total amount due prior to the
foreclosure notice.
·
Move to a place which requires low maintenance
and convert the property into a rental property. The income can be used to pay
your mortgage. This option requires the owner to decide carefully as the issues
that may arise with a rental property as well as the rent may not be worth the
risk.
·
You can short sale your property. Short sale
allows the owner to prevent foreclosure and save some of his credit score. The impact
of a short sale is less damaging when compared to foreclosure.
·
Sell the property. This option allows the owner
to keep his credit rating intact and he might be able to earn some of the
equity.
These processes involved complicated processes except
for reinstatement. For an owner who is already facing possible foreclosure, the
solution need not be more difficult. Lucas Properties LLC, a private property
investor, has been in the industry for many years and they specialize in
distressed property solutions. Whether you want to sell your home quickly to
stop foreclosure or you need help in short sale, Lucas Properties is there to
help you.
A short scale will be a excellent solutions to buy and sell homes for home owners.
ReplyDeleteProvide basic protection to land owwers
Utilizes a ALTA survey to analyze a property
Property Assessment
Developers Agreement Completion
Like this there are so many solution to make a Distress Property to worth.
We Buy and sell Distressed Homes