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Companies That Buy Distressed Properties
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In this episode, I will cover what to look out for when dealing with companies that buy distressed properties.
Hi, I am Charlotte from Property Saviour. I love property and have been a landlady for over 5 years. I enjoy interior design and work alongside my husband on his property portfolio.
My goal is to help you sell your distressed property within a few days.
There are several reasons why an owner of a property could end up with a distressed sale scenario, such as an Executor who must dispose of an inherited house to pay beneficiaries. Other distressed sale situations can include:
- Relocating
- Downsizing due to an illness or injury
- Landlord is retiring and wishing to sell a property with sitting tenants.
Properties can also become distressed due to personal circumstances or neglect. If a property has been sitting empty, the condition can deteriorate over time, becoming unsellable to any buyer who needs a mortgage.
This is normally the case if probate is taking longer than expected or the Will has been contested. It could also be an unfinished renovation project, a property requiring a lot of TLC, or a house with structural issues. In some cases, the cost of rebuilding isnβt financially viable, for instance, a fire-damaged house in an area of low value.
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