Buying Distressed PropertiesYou can find distressed properties: foreclosures, pre-foreclosures, or short sales, even fixer-uppers, in most communities. A distressed property is one that has been poorly maintained and has a lower market value than other houses in the immediate area. Many buyers now prefer to purchase a bank-owned Ormond Beach home, and not deal with the hassles of foreclosure proceedings.
Ascertaining whether the property you're interested in is a wise investment takes some work. You need to figure what the average home in a given Ormond Beach area sells for, as well as what the most desirable houses or condos in that area are like and what they cost. That's where I come in. I know the Ormond Beach areas, the communities and neighborhoods, and have extensive knowledge of market values and trends. Fixer Uppers
Most homeowners know how to paint a bedroom or install a new light fixture, but those routine chores are a far cry from adding a second bathroom, remodeling an out-dated kitchen, landscaping an entire front yard and the like. Tackling these improvements without the necessary experience and expertise can lead to costly mistakes. And if the home really only needs easy, inexpensive or purely cosmetic repairs, your efforts probably won't add enough value to be profitable.
While distressed properties offer good prospects to a Buyer, you need to have a good team on your side to protect you. Start with a Realtor who knows the area, an inspector and contractor who know properties there, and an adequate balance in your bank account for unexpected expenses.
Selling Distressed Properties
A Short Sale doesn't have to become a ForeclosureRead about the new government program - HAFA - alternatives short sale or deed-in-lieu foreclosure - on my blog. Foreclosure is a devastating financial and emotional process for a homeowner to go through, and in many cases they do so alone and without help of any kind. It is my goal to give homeowners the tools and information they need to avoid foreclosure and move forward with their lives.
In this marketplace, here is the process you probably will face if you have troubling paying your loan: 1. Pre-foreclosure: For many homeowners, foreclosure is not the only option. However, most do not get the opportunity to explore solutions. I am trained to find you solutions. 2. Short Sales: They allow a homeowner with a legitimate hardship to sell their property for less than the balance of their mortgage(s) and avoid foreclosure (there may be taxes owed on the difference). The majority of banks and lenders are negotiating and closing these types of deals. Banks want the right type of deal with exactly the right paperwork, and most agents are completely unaware of what the banks want. This is why the majority of short sales are not accepted, or take so long to close that buyers lose interest. I am trained in how to submit a package the banks will rush to close. 3. Foreclosure: Many foreclosures should never happen. Homeowners have options - only they don’t know where to turn. As a CDPE agent, I have an arsenal of solutions available to help you do everything you can to work out your situation with the lender.
If you are behind on your mortgage payments, or want/need to sell and you know your home is worth less than your loan, contact me. Be assured I have the experience and expertise to work out the best compromise between you and your bank.
Recently, I completed the course work to earn the real estate designation of CDPE, or Certified Distressed Property Expert. My motivation to obtain this additional credential was to better serve the homeowners here in Florida who are challenged to pay their mortgages, or are in danger of losing their homes to foreclosure. I also have now achieved the Five Star Professional certification from the Five Star Institute for Default Servicing Professionals. This designation gives me competitive networking resources and the distinction of being in a select group of Realtors® who specialize in short sales and bank-owned properties in the Daytona Beach area.
Remember, you do have options - you do not have to suffer a foreclosure, if you take action early enough when you get behind. Give me a call, 386-679-3191. |