In the real estate industry, a homeowner suffering from financial problems which cause an inability to meet monthly mortgage obligations is said to be "in distress" and in possession of a "distressed property." Based on the point in the foreclosure process in which the home resides, it can be considered a pre-foreclosure, foreclosure at auction or bank possessed home.
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The most problematic reality of selling a distressed home is that even after the repairs are made, it's no guarantee of a speedy sale. In the case of major issues such as damage to the roof, foundation or plumbing, the repairs may have to be disclosed as part of the transaction between buyer and seller, and so many prospective deals fall through last minute.
A recent fatality taking place on the premises can also be a factor in a slower than expected home sale. A recent study indicated that this factor was considered significant by 2 out of 5 prospective homebuyers, with these respondents indicating they would pass on a property outright. Many jurisdictions mandate that this information be disclosed, and this can make a property that is otherwise in good condition much more difficult to sell.
Naturally, the real value in property lies not in the building, but the property on which it is built. Real estate of this type is a truly finite resource, meaning it will only gain value with time under most circumstances. As a result, future development in the area of a property is a primary factor in the value of a particular property.
There are also a number of less immediately identifiable elements that contribute to the market value of a home, and in some cases this can mean a longer than expected selling process for a homeowner in possession of an unwanted property. Even something as minor as a street name or nearby residents can have an outsized impact on the value of a home.
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Seattle , chief city of the state of Washington, U.S., seat (1853) of King county, the largest metropolis of the Pacific Northwest, and one of the largest and mostaffluenturban centres in the United States. A major port of entry and an air and sea gateway to Asia and Alaska, Seattle lies alongside Puget Sound, a deep inland arm of the northern Pacific Ocean, and is at the centre of a conurbation that is defined roughly by Everett to the north, Bellevue to the east, and Tacoma to the south.Seattle, with Mount Rainier in the background. David Muench/EB Inc.Aerial view of Seattle. Richard A McMillin/Shutterstock.com The city was settled on November 13, 1851, at what is now West Seattle. It was relocated the following year to a site across Elliott Bay near a Duwamish Indian village. It owes its name to the Native American leader Seattle, chief of the Duwamish, Suquamish, and other tribes of the Puget Sound area. Areas of great natural beauty, including the densely forested Olympic Peninsula and the Cascade Range, surround the city. Its urban centre, dominated by tall skyscrapers that overlook Elliott Bay andenhancedby the city's abundant parks and neighbourhoods, also offers a handsome prospect.Like other western cities in the United States, Seattle commands the resources of a broad hinterland, one that extends far east to the Great Plains of Montana. Linked by road, rail, ship, and air to global distribution networks, the city has grown to take on international economic importance, a development that owes much to Seattle's role as one of the world's leading centres for the manufacture of high technology and for Internet-based commerce. Inc. town, 1865; city, 1869. Area 83.9 square miles (217.3 square km). Pop. (2000) 563, 374; Seattle-Bellevue-Everett Metro Division, 2, 343, 058; Seattle-Tacoma-Bellevue Metro Area, 3, 043, 878; (2010) 608, 660; Seattle-Bellevue-Everett Metro Division, 2, 644, 584; Seattle-Tacoma-Bellevue Metro Area, 3, 439, 809. Skyline of Seattle, Wash. MedioImages/Getty Images Character of the citySeattle is a city of distinct neighbourhoods and urban districts that, though close to one another, change from one street to the next. Some neighbourhoods, notably those near the Duwamish Waterway to southwest of the city centre, are industrial in character, marked by rail yards, wharves, cranes, and low-income housing projects. Others, largely outside the city centre, are showcases for the opulence wrought by Seattle's booming high-technology sector. Night view of Seattle. Hisham F. Ibrahim/Getty Images Seattle's districts have a comfortably prosperous but notostentatiousfeel, characterized by neat family homes and townhouses occupied by industrial workers, artists, academics, professionals, and that odd class of technology workers whom the novelist Douglas Coupland branded 'microserfs.' The city is more closely connected to its downtown area than most of its counterparts in the American West, and considerable effort has been given to promoting the city centre as a place in which to live and work.Seattle is a bustling place that thrives with industrial, commercial, and cultural activity around the clock. Its waters teem with great oceangoing ships, its streets with automobiles, its rail lines with transcontinental freighters and passenger trains, and its skies with aircraft of every description. Although the city's image is of a financial and commercial centre, its people place great value on the arts, literature, sports, and other cultural activities; it boasts large arenas, multistory bookshops, dozens of museums and galleries, and countless examples of public art.The city is densely populated. The metropolitan area, loosely defined, has grown to embrace once far-outlying satellites such as Everett and Renton. The shift from urban to bedroomcommunitiesis a consequence of several economic considerations, among them the rapid escalation within the city of the cost of family housing. Many Seattle workers have elected to commute from distant but more affordable towns beyond the city proper. By the early 21st century some 200, 000 workers commuted to downtown Seattle from neighbouring communities, creating heavy traffic and disruptions on interstate and regional highways. Despite the high real estate prices, however, the inner city remained popular among certain groups, such as young renters. Britannica Stories In The News / GeographyColossal Statue of Ramses II ('Ozymandias') Discovered in CairoDemystified / ScienceIs Climate Change Real?Spotlight / HistoryThe Legacy of Order 9066 and Japanese American InternmentIn The News / ScienceMore Evidence of Neanderthal Lifestyles Seattle grew rapidly at the end of 20th century, aided in its expansion by the arrival of workers - many of them highly skilled and educated - from around the world but also from recession-prone southern California. Growth, a constant theme in the city's history, has been so persistent in Seattle and elsewhere in the Pacific Northwest that regional planners now locate the city at the centre of an emerging region called 'Cascadia, ' a corridor some 400 miles (645 km) long extending from Eugene, Oregon, to Vancouver, British Columbia. Cascadia's commercial importance continues to grow substantially each year. Other models of urban growth make Seattle part of a conurbation called 'Pugetopolis, ' which extends southwest along Puget Sound as far as Olympia. Test Your KnowledgeSweet Tooth:Fact or Fiction?Despite Seattle's enormous growth, it still maintains a high level of social and public services, excellent schools, and abundant parks and greenbelts, which have earned it thesobriquet'the Emerald City.' It is consistently rated one of North America's most livable cities, and, despite the vagaries of a highly volatile information-technology economy, its fortunes seem to be ever on the rise.City siteSeattle lies on the southeastern shore of Puget Sound, a deep 100-mile- (160-km-) long inlet of the northern Pacific Ocean. The central portion of the city faces Elliott Bay, a deep-floored extension. At Shilshole Bay, to the northwest, Puget Sound is joined by the 8-mile- (13-km-) long Lake Washington Ship Canal. The canal passes through Lake Union, Portage Bay, and Union Bay to Lake Washington, a 22-mile (35-km) stretch of fresh water bordered by thriving cities and towns; some of these towns are connected by bridge to Seattle. Bainbridge and Vashon islands, in Puget Sound, contain numerous bedroom communities, and cities across the sound are increasingly beingintegratedinto the Seattle conurbation. Puget Sound and Seattle, Wash. Buphoff Seattle lies in the Puget Lowland, the structure of which is determined by the movement of plates along the Juan de Fuca subduction zone to the west. A tectonic feature, the Seattle Fault, crosses Puget Sound in an east-west direction, traveling through downtown Seattle westward to the Cascade Range. The region is tectonically and volcanically active; significant earthquakes occurred along the Juan de Fuca Plate in 1949, 1965, and 2001. The region's present landscape is the product less of earthquake action than of three to six episodes of intense glaciation - the last of which occurred about 15, 000 years ago - that scoured out Puget Sound and deposited great quantities of sediment that are subject to erosion, landslides, weathering, and other nonglacial processes. The Lake Washington Ship Canal opening into Lake Washington, Seattle. Adam Augustyn Connect with BritannicaFacebookTwitterYouTubeInstagramPinterestThe Seattle waterfrontcomprisesmostly mudflats and coastal lowland carved by the Duwamish River - much of which was dredged and straightened in the early 20th century to create the Duwamish Waterway, an industrial channel - and by smaller streams. Beyond the shores of Puget Sound and Lake Washington, the landscape is an attractive mixture of rolling hills and a few steep ridges, the result of a landscape-altering program that occurred in the early 1900s. Drainage occurs through a network of streams, some channelized and some more or less natural. The ever-growing urbanization of the region has led to an increase in the incidence of intracity flooding as tree-lined meadows and other catchments give way to lawns and parking lots that cannot hold rainwater runoff. Mountains, including 14, 410-foot (4, 392-metre) Mount Rainier and the distant peaks of the Cascade and Olympic ranges, frame the skyline. The city centre lies approximately 110 miles (180 km) to the south of the U.S.-Canadian border, and Seattle enjoys a long-standing historical and commercial connection with the Canadian province of British Columbia. The city also lies about one-third of the way to the Pacific Ocean from the Snoqualmie Pass of the Cascade Range, which provides an overland route into the interior of the Pacific Northwest.ClimateSeattle's climate is temperate, with cool summers and mild winters. To the west, the Olympic Mountains provide protection from the heavy winter rains that frequently inundate the Pacific coast of Washington, while the tall Cascades to the east shield the city from midcontinental extremes of heat and cold. Average high temperatures in July seldom exceed the mid-70s F (about 24 C), while average highs in January are in the upper 40s F (about 8 C). The temperature drops below freezing for about 10 to 15 days annually. Owing to theconfluenceof humid continental and oceanic weather systems, the sky is often overcast. However, the city receives an average of only 37 inches (940 mm) of precipitation each year. The summer sky is usually at least partly clear, but overall there are fewer than 60 completely sunny days annually.City layoutBritannica Lists & QuizzesMusic QuizFundamentals of Music Theory Part 2Arts & Culture List10 Angry Young MenScience QuizGroundwater QuizHistory ListBefore the E-Reader:7 Ways Our Ancestors Took Their Reading on the GoSince its founding, Seattle has grown from its historic centre of Pioneer Square, the city's oldest neighbourhood and a federally designated historic district. The area's redbrick townhouses, once residential, now house art galleries, restaurants, bookshops, and small businesses of many kinds. Pioneer Square is bounded by 'Skid Road, ' or Yesler Way, where, in the early years of the city, cut logs were rolled on a wooden skid downhill to a steam-powered sawmill on the waterfront. The square also is the site of the 42-story Smith Tower, which upon its completion in 1914 was the tallest building in the American West. To the south of the square lie rail yards, as well as Safeco Field and CenturyLink Field, two sports stadiums built in the late 1990s and early 2000s that are the home fields of, respectively, the Mariners (baseball) and Seahawks (gridiron football). Safeco Field, Seattle. Aaron Whitney/Shutterstock.com The downtown district is Seattle's commercial heart. Of particular interest to visitors is the Pike Place Market, a sheltered area of fresh fish and produce shops, other retail stores, and restaurants. To the east and northeast of the downtown district stand First Hill and Capitol Hill, low bluffs covered by office buildings and commercial properties. Capitol Hill has many stately mansions and is a lively centre for shopping and nightlife. Beyond them are the Central District, the traditional hub of the city's African American population, and the large residential Madrona neighbourhood, which faces Lake Washington. The Public Market Center sign above the main entrance to the Pike Place Market, Seattle. Dave McNally Trending TopicsRenaissanceAmerican civil rights movementVietnam WarJim Crow lawHolocaustBattle of StalingradIndustrial RevolutionSir Isaac NewtonHarlem RenaissanceJapan earthquake and tsunami of 2011To the north of Pioneer Square, downtown, and the popular neighbourhood of Belltown stands Seattle Center, the 74-acre (30-hectare) site of the 1962 World's Fair. The centre contains the 605-foot- (184-metre-) high Space Needle, Seattle's best-known landmark, as well as McCaw Hall (home of the Seattle Opera), Key Arena, the Children's Museum, the Experience Music Project Museum, and other public buildings. There the high-rise downtown cityscape gives way to the pleasant urban neighbourhoods of Magnolia, which borders Puget Sound, and Queen Anne, located east-southeast of Magnolia between Lake Union, the Lake Washi
Distressed Properties FAQs
What are Distressed Properties?
In real estate, if a homeowner suffers from financial problems, which render him unable to meet his monthly mortgage obligations, he is said to be in distress and the home is referred to as a Distressed Property. Based on the stage of foreclosure the property is in, it can be classified as a pre-foreclosure, foreclosure at auction or a bank owned home/repo home.
For more information, simply check our What are Distressed Properties? page.
How to buy distressed properties?
Buying distressed homes is simple enough. You only need to determine where in the stage of foreclosure is your entry point and understand what is involved in purchasing these properties. Each stage will require a different approach, so it is also crucial you do your homework even before you search for the perfect distressed property.
To help you make sure your purchase is a success, check out the How to Buy Distressed Properties page.
How to invest in distressed properties?
Considering the impressive profit potential offered by distressed properties, it is not surprising buyers are presented with numerous investment opportunities. You will find investing in these distressed homes is quite lucrative. Of course, in order to maximize the said potential, you have to make sure you know and understand what is involved in each of these opportunities.
You can refer to the Guide in Investing in Distressed Properties for more information.
How to find distressed properties?
When it comes to finding distressed properties, there are actually several ways to do so. You can choose to go the traditional route and search neighborhoods or scan classified ads in newspapers. But there is actually a more efficient and convenient way - there are distribution centers.
We offer a large selection of distressed houses for sale, including pre foreclosures, foreclosures at auction and bank owned properties located in all 50 US states. You will have easy access to all relevant information pertaining to these homes with just a few clicks in your computer. Finding the best deal on a distressed property which meets your budget and preferences will always be hassle-free.
Is there a specific type of distressed properties which is more profitable to invest in?
You will be pleased to know that despite the many types of distressed properties, all of them promise to be profitable. Your choice will simply have to depend on your resources and needs. Since each type of distressed home offers their own advantages, you have to determine which type you are comfortable of buying and eventually owning.
Are distressed homes always sold as is?
In general, distressed properties are sold as is. For this reason, you have to conduct a thorough inspection of the property to see the extent of repair work needed. Hiring a professional inspector is strongly recommended. In few cases, the seller will agree to agree to shoulder the repair cost as long as they are minimal. It is really a matter of knowing exactly what you are buying and negotiating with the seller.
What Are Handyman Specials?
Distressed properties which require extensive repair are usually referred to as Handyman Specials. They are usually sold at very low prices since the buyer will have to spend much on repair and renovation. It is important you know exactly how much it would cost you to have the property fixed up to estimate your potential profit. You can do so by working with an experienced and professional contractor.
What are Fixer Upper Homes?
These distressed properties - as their name suggest - requires fixing up. Investors consider these properties as the perfect choice for flipping since they can be bought for a fraction of their market values. Obviously, you will have to order a thorough home inspection to determine how much it will cost you to repair the property. Once they have been repaired and renovated, they can be sold for considerable profit, which is why many real estate investors consider them gold mines.
What do I need to get started with distressed homes investing?
To get you started on your distressed homes investing, you will need to educate yourself about everything there is to know about properties in distress from buying to cashing in on your investment. Of course, you have to understand your success will be greatly dependent on finding the best deals.
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