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.