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.
To learn more about how we can help you today, call now:
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.
Gig Harbor, Washington City Information
Gig Harbor FSBO Home - Sell Your Home Fast Articles
FSBO You Can Sell Your Home Topics
FSBO You Can Sell Your Gig Harbor Home Now Video
You can find Website Marketing for Gig Harbor website owners here: Gig Harbor Website Marketing
Gig Harbor - You Can Sell Your FSBO Home Now References
"Gig Harbor is a city in Pierce County located on a picturesque Puget Sound bay -- also called Gig Harbor -- across Tacoma Narrows from Tacoma. For centuries, the Twa-Wal-Kut band of the Puyallup Tribe had a longhouse and permanent camp at the head of the harbor. Explorers from the Wilkes Expedition discovered the harbor's well-hidden opening in 1841 and named it Gig Harbor because they had entered the bay in a small captain's gig. In 1867, three white fishermen entered the harbor and decided to make it their home. Over the next few decades, Gig Harbor grew into a bustling fishing village with distinctive Croatian and Scandinavian communities. Lumber mills and boat-building yards also sprang up. Boats and ferries continued to be the most practical form of transportation in Gig Harbor until the second Tacoma Narrows Bridge connected the Gig Harbor Peninsula to Tacoma in 1950. Gig Harbor incorporated as a town in 1946 with a population of around 800, but because of its proximity to Tacoma it grew steadily. As of the 2010 census, it had a population of 7,126. Tourism has replaced fishing as a main Gig Harbor industry, but the city's fishing heritage is preserved in the 17 historic netsheds that line the waterfront.
Fish, Shellfish, and Berries
The region's tribes, including the Puyallup, Nisqually, Suquamish and Squaxin, have long inhabited the small Puget Sound bay known today as Gig Harbor. Bands from the northern and southern parts of Puget Sound often camped on its shores as they roamed the sound in pursuit of fish, shellfish, berries, and roots. One band, called the Twa-Wal-Kut, established its permanent camp near the rich shellfish beds at the head of the bay where Donkey Creek enters Puget Sound. The Twa-Wal-Kut village consisted of a 100-foot longhouse and several smaller cedar huts. According to the band's ""dimly remembered"" oral tradition, they were once part of a Puyallup band that had canoed over from Commencement Bay (Eckrom, p. 15)."
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.
We provide FSBO Home services for residents and companies.
We provide services in every State including Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut,
Delaware, Florida, Georgia, Hawaii, Idaho State, Illinois, Indiana, Iowa, Kansas, Kentucky,
Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri,
Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico,
New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon,
Pennsylvania, Rhode Island, South Carolina, South Dakota,
Tennessee, Texas, Utah, Vermont, Virginia,
Washington, West Virginia, Wisconsin, and Wyoming
Closely Related Topics: We Buy Homes Right Now.
Related Statewide Reading Topics: Gig Harbor - We Buy Homes Right Now.