A distressed property is any property whose owner is in default on the mortgage. In the late 2000s, distressed home sales became quite common. While the number of distressed properties has been on the decline, they’re still very much a viable option for house hunters. Here we’ll cover some helpful tips that will come in handy as you determine whether or not buying a distressed property is right for you.
- Get pre-approved for a mortgage
- Find an agent experienced with distressed sales
- Avoid distressed neighborhoods
- Get a professional home inspection
- Be ready to make repairs
- Be patient
- Research foreclosure laws
- Have a down payment
- Be ready to make a serious offer
If you’re in the market for a home a distressed property is a great option to consider. Metrowest is your ultimate resource for distressed properties in Denver – we specialize in these types of transactions and can help every step of the way. Give us a shout – we’d love to help.