Distressed Properties

Foreclosed Properties:

These are properties that have been taken over by the lender after the owner defaults on their mortgage payments. Foreclosed properties are sold through auctions or on the open market.

Short Sale Properties:

These are properties where the owner owes more on the mortgage than the property is worth, and they cannot make up the difference. The owner must ask the lender to approve a short sale, which is a sale for less than the outstanding mortgage balance.

Bank-Owned Properties (REOs):

These are properties that have gone through the foreclosure process and were not sold at auction. The lender now owns the property and is responsible for selling it.

Abandoned Properties:

These are properties that have been vacated by the owner and left unoccupied for a significant period of time. These properties may require significant repairs and cleanup.

Probate Properties:

These are properties that are part of a deceased person's estate and are being sold as part of the probate process.

Tax Lien Properties:

These are properties that have tax liens placed on them by the government for unpaid property taxes. If the owner does not pay the taxes, the government can foreclose on the property.

What are Distressed Properties?

Distressed properties refer to real estate assets that are in some sort of financial distress, often resulting from the owner's inability to maintain or make payments on the property. Here are the different types of distressed properties: