We provide you, the home buyer, the tools you need to find a distressed property for sale in the Phoenix metro area.
Many home buyers may not know that they can look specifically for a distressed property for sale.
Many home buyers may not even know what a distressed property is.
What is a distressed property?
A distressed property is typically a home that is sold under some sort of duress.
That means that the seller may not necessarily want to sell the home. The home owner, to some degree, is being forced to sell their home.
In many cases, such as with bank owned homes, the seller may not even want to own the home in the first place. The bank may have had to take the home back through a foreclosure process and now they must dispose of it.
Why worry about a distressed property for sale?
If you are in the market to purchase a home, then finding out whether or not a home is a distressed property could be very important to you.
For example, if the home in question is a short sale, it’s beneficial to know that because if you decide to purchase the home, you need to know that it may take several months (or more) to negotiate that short sale with the seller’s lender.
That’s not to mention that it might be possible to pick up the home at a discount, because of such a long wait time.
Now you can recognize when a home is a distressed property.
In your search for a home, you may run across a distressed property for sale and not even know it. So, to help you recognize what properties are distressed, here is a list of names that are very often used:
- Short sale
- Pre-foreclosure
- Bank owned
- Foreclosure
- REO
- Real estate owned
- Lender owned
- HUD Owned
- Fannie Mae owned
- Homepath owned
- Freddie Mac owned
Finding a distressed property for sale.
Here is how we recommend finding a distressed property for sale:
- Find the zip codes that have distressed properties, with our Distressed Property Reports.
- Use our Multiple Listing Service search tool to quickly find which distressed properties you are interested in.
Below is a step by step how to so you can quickly find a distressed property for sale.
