What is a Distressed Property?
A distressed property refers to both the condition of the property and the owner’s financial obligations. Companies may purchase distressed properties as-is. If selling such a property in Lake Mary, Orlando, or Deltona, it must meet Florida’s guidelines.
Distressed Property Definition
Distressed properties are foreclosed, involved in legal issues, or in disrepair. They can be homes or land, often purchased by companies able to pay the full amount to the homeowner.
Reasons Why Properties Become Distressed
Properties can face distress due to financial problems, neglect, construction issues, legal troubles, or personal events like divorce or death. Quick sales may be necessary when moving to a new location.
When selling a distressed property:
- Fix structural problems before the appraisal to increase the asking price.
- Verify the buyer’s financial information independently.
- Keep detailed written records of agreements.
Disclose all property issues to buyers upfront to avoid last-minute complications.
Contact Brittneyann today sell your distressed property!
The article provides informational purposes only and advises consulting an advisor for financial decisions.