Tips for Buying a Distressed Property

2016-06-17_08-57-12A 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.

  1. Get pre-approved for a mortgage
  2. Find an agent experienced with distressed sales
  3. Avoid distressed neighborhoods
  4. Get a professional home inspection
  5. Be ready to make repairs
  6. Be patient
  7. Research foreclosure laws
  8. Have a down payment
  9. 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.

Ken Blevins

About Ken Blevins

Ken Blevins, CEO of Metrowest Real Estate Services, is a veteran in mortgage and default servicing with more than 24 years of experience in collections, foreclosure/bankruptcy, loss mitigation and real estate disposition (REO). Blevins was an original co-founder of Metrowest in 2003, a Real Estate Brokerage and Services Company focused on the resale, recovery and liquidation of distressed real estate in Denver, Colorado and surrounding metros. Blevins assumed the role of CEO in January 2014 and provides strategic direction and has management accountability for the day-to-day operations. Under his direction, Blevins drives all default management operations to maximize asset value recovery and reduce loss severity through a strategy focused on customer service and state of the art technology. Blevins has 18 years of direct operational experience in all facets of REO Asset Management having managed large national REO Disposition contracts for Fannie Mae, Freddie Mac, Wells Fargo, JP Morgan Chase, CitiFinancial, GMAC Mortgage and other various financial institutions. Blevins specialties include REO asset management, real estate investment, bulk REO acquisitions and distressed asset recovery and liquidation, and he has directed the resolution and liquidation of over ten billion in institutionally-owned residential real estate.

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