First of all, a distressed property is in danger of being foreclosed. This can occur if the owner falls behind on their mortgage payments and fails to correct the situation before it goes into foreclosure.
This is where you, as the investor, come in.
There are several reasons why the owner may decide to sell the property. One reason may be that the owner will let the property go to concentrate on getting his or her finances back in order.
If you are keen on buying a distressed home, the first thing you should look at is its value compared to other properties in the same neighborhood. This will help you know how to bargain with the owner. If the property is far too expensive, you might have to look elsewhere for a bargain deal.
The owner might be in a hurry to sell the property. A potential buyer might feel that there is not enough time to look at many other properties. That's why it pays to know your market. You must research the price of similar properties in the area to see if there are other properties that you could also buy for the price you are willing to pay.
With this knowledge, you will have a better chance of deciding if the property is worth buying. For example, if the market in the area is in a downturn, you should not offer more than 30% of the market value. Since that's the maximum for distressed homes in the area, you can bargain with the owner accordingly. In a situation where the market is booming, you can offer a larger amount, knowing that you will still get a good deal.
I hope you found this article helpful? As you continue your quest for wealth and financial security, the investment strategies laid out in Think Like a Tycoon by Dr. W.G. Hill is the resource you should seriously consider.
Think Like A Tycoon by W.G. Hill
How to Make a Million in Three Years or Less
…NOW is your golden opportunity to turn bargain property deals into 1 MILLION in just 3 years…
…using other people’s money and this property tycoon’s no-brainer strategy…
What you have to do to secure your future and avoid becoming another government statistic
It’s simple: Make your fortune from “distressed property”. And Dr. W.G. Hill can show you how.
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