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A distressed property is one where mortgage delinquency is eminent, probable, or in some cases, possible. There's unfortunately no easy way to locate distressed properties. Agents must use their knowledge, experience, and ties to the real estate community to find them.
Just let us know you're interested in distressed properties and we'll email or phone you with any we find that meet your criteria. In addition, complete the form below and we'll send you bank-owned, foreclosed, FHA and VA foreclosed, listings. But don't wait, savvy investors are realizing the fantastic opportunities available and the best deals are going fast.
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NetWorks Real Estate
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With a distressed sale, the owner realizes there will be a problem making payments at some point in the future. The owner is not yet in foreclosure, and has not yet approached the bank to discuss a Short Sale. Often times there's some change in the owner's circumstances driving the distress, such as loss of a job or divorce.
Sellers in this situation often are just trying to get out before the bank forecloses. Selling before foreclosure avoids the potential of ruined credit or bankruptcy. Since the mortgage holder is not yet involved in the sale, closing typically can be accomplished in 30 days. In fact, often the seller wants to close
How do you find distressed properties. At this time, agents are required by NWMLS to disclose if a property is "distressed". However, that information is not directly available to the public. An agent must search the "Agent Remarks" field in the NWMLS agent only database to locate distressed properties. Use the form at left to contact an agent to search distressed properties for you.
Act NowIf you think you may be in a distressed situation with your current residence, don't wait. Working with distressed properties requires knowledge and skill and it can be a very slow process. Contact us today for expert assistance.
A short sale is where someone, either the owner or an agent of the owner, is negotiating with the mortgage holder. The negotiations generally revolve around late fees and the balance. Sometimes, the mortgage holder's agreement to waive late fees will be enough to allow the owner to sell prior to foreclosure. In other cases, the mortgage holder may need to "short" the principal amount in order to sell prior to foreclosure.
Since short sale negotiations are generally with very large financial institutions, with very large bureaucracies, short sales can take quite a long time to complete. Patience is the key here as it can take up to 6-months, or longer, to complete a transaction.
A short sale begins like any other transaction. The property is listed and available for your viewing. You make an offer just as with any other property. The offer is made to the owner, who can accept, reject, or counter the terms and conditions. But once the seller has accepted the offer, it must be forwarded to the mortgage holder for review and acceptance.
How do you find short sales. As with distressed properties, an agent needs to search the "Agent Remarks" field in the NWMLS agent only database to locate distressed properties. Use the form at left to contact an agent to search distressed properties for you.
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