Posted on August 13, 2009 at 12:56am
HELP! I am looking to purchase a distressed property!
Distressed properties are homes that have either gone through foreclosure or are being marketed as "short sales." In a short sale, the homeowner can't afford to maintain the mortgage, but the lender - rather than foreclosing - agrees to the sale of the property for less than the balance of the loan.
There are advantages and disadvantages to buying distressed properties. Let’s examine distressed properties before… Continue