So just what is distressed property? If you’ve been paying any attention to the housing market recently you’ve no doubt heard the term. For most people, in conjures up the image of a foreclosed property with waist-high weeds, holes punched in the drywall, and massive amounts of other deferred maintenance. But is this an accurate picture?
Not necessarily. In fact, many distressed properties are actually in pretty good shape. So then why call them “distressed” you ask? Often it is the homeowner who is distressed – not the property itself. Over the next couple days I’ll explain the different types of distressed properties and the opportunities that they represent. Buying distressed property may not be for everyone, but it should at least be at least a consideration for almost anyone – especially now, as we’re seeing them spread across all geographic areas and price ranges like never before.
