Distressed Properties


"Distressed Property" is a real estate term that describes a property owned by a homeowner experiencing significant financial entanglements such as imminent foreclosure involving the home. The term can also be used to describe homes that suffer from major issues such as structural damage or severe termite infestation.

Call Us for Assistance with Your Socorro, New Mexico Distressed Property:

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Avoid Distressed Home Pitfalls With Us!

Selling a distressed home can prove to be an insurmountable challenge for most homeowners. These homes typically sit stagnant on the real estate market as interested buyers seek out properties in the area with less problematic profiles, and bolstering their appeal also means making thousands in repairs for most sellers.

Now you can sell your property quickly. | Socorro

Delayed Sale

Required repairs on a property being readied for sale can also greatly increase the timeframe of the listing process as well as cutting into the final profit margin. Worse, these issues are often only discovered during an inspection as a buyer is making final assessments before purchase. Delaying the sale is an option many homeowners take, but in the interim the seller is responsible for daily upkeep and maintenance costs.

Now you can sell your property quickly. | Socorro

Extended Timeframe

Sellers of distressed homes nearly almost always underestimate the time it will take to improve a distressed home to fetch a premium price on the open market. Comprehensive repairs to key components such as the foundation, roof or plumbing of a home can take months, and any financial or legal entanglement is a total deal breaker in the majority of cases.

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Extreme Circumstances

Homes in relatively good condition can become impossible to sell due to outside factors as well. Problem tenants can do thousands of damage to key amenities and installations in the home upon learning of a sale, and squatters can illegally occupy the home to rule out any sale-related activity.

Fast Cash: Selling Your Home.
Fast Cash: Selling Your Home.

Selling Your Inherited Socorro, New Mexico Home

Selling your inherited house can come with a number of legal entanglements such as liens and estate taxes as well as the emotional burden of depersonalizing what may be a meaningful place. It can be particularly problematic in the case of default, in which the mortgage must continue to be paid or risk foreclosure in many jurisdictions. Further complicating matters, there is often a "creditor claims" period during which all assumed rights to the property are verified. During these various processes, homeowners can be burdened with the costs of everyday upkeep as well as legal expenses related to the transfer and eventual sale of the house.

Now you can sell your property quickly.

Can I Sell My House with Major Foundation Issues?

We are an area leader in purchasing homes with damaged foundations and other major issues for years, and is here to offer fast cash for your unwanted property. We provide a no-obligation appraisal for your property through our convenient application process, and we purchase your home as-is so you won't have to worry about skittish buyers or expensive repairs. When you sell your house to us, we pay all of your standard closing costs. We never turn down homes with damaged foundations, because we want to offer the financial flexibility you need. We are a local leader in buying distressed homes, and can offer you the fast cash settlement you need. Talk to one of our friendly representatives for a free consultation.

Now you can sell your property quickly.

Can I Sell My House with Termite Damage?

Once you've sold your home to us, your termite damage is our problem. We handle all the repairs and renovations while keeping pace with the open connect your home with buyers…all you do is enjoy your cash payment. Selling your home through conventional real estate channels can take months, and the process can be even more difficult when a home has termite damage…so sell it to us! When you work with us, we pay all your standard closing costs, so you can get the most possible financial flexibility from the proceeds of the sale. We relieve you of the burden of a termite damaged home so you can move on to the next chapter of your life. Contact one of our helpful representatives to begin your no-obligation evaluation process.

What Do I Need To Qualify For A Mortgage Modification?

The Making Home Affordable site (www.MakingHomeAffordable.gov), specifies the following documentation to qualify for a loan modification.

  • Any information on the first mortgage
  • Any information on secondary mortgages or lines of credit drawn on home equity
  • Account balances and minimum payments on all credit cards
  • Any information on other debts incurred by the homeowner
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Information for Socorro, New Mexico

New Mexico, seat (1852) of Socorro county, central New Mexico, U.S. It lies along the Rio Grande. The site, originally occupied by a Piro Indian village, was visited by a Spanish expedition led by Juan de Onate, who gave the village the Spanish name Socorro, meaning help or aid, after the Indians fed his company. A mission, named Nuestra Senora de Perpetuo Socorro (Spanish:'Our Lady of Perpetual Help'), was established there, but it was abandoned during the Pueblo Rebellion of 1680. The site was not resettled until 1817, when a land grant from the Spanish crown encouraged colonization. During the American Civil War the town harboured a federal garrison and served as a supply centre. The settlement's growth was encouraged by the discovery of silver in 1867, the arrival of the Santa Fe Railway in 1880 (at which time Socorro was the largest city in New Mexico), and the founding in 1889 of the New Mexico School of Mines (now New Mexico Institute of Mining and Technology). Mining, ranching, and irrigated agriculture are basic to the economy. Socorro also serves as the supply point for the north end of the White Sands Missile Range. It has some light industries and is a tourist base for a scenic mountain region including part of the Cibola National Forest. The nearby Bosque del Apache National Wildlife Refuge, which provides habitat for more than 700 bird, mammal, and reptile species, is a popular destination for visitors. Inc. 1894. Pop. (2000) 8, 877; (2010) 9, 051.Very Large Array, radio telescope system located on the plains of San Agustin, near Socorro, N.M. Hajor

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Distressed Properties FAQs

What are Distressed Properties?
In real estate, if a homeowner suffers from financial problems, which render him unable to meet his monthly mortgage obligations, he is said to be in distress and the home is referred to as a Distressed Property. Based on the stage of foreclosure the property is in, it can be classified as a pre-foreclosure, foreclosure at auction or a bank owned home/repo home.

For more information, simply check our What are Distressed Properties? page.

How to buy distressed properties?
Buying distressed homes is simple enough. You only need to determine where in the stage of foreclosure is your entry point and understand what is involved in purchasing these properties. Each stage will require a different approach, so it is also crucial you do your homework even before you search for the perfect distressed property.

To help you make sure your purchase is a success, check out the How to Buy Distressed Properties page.

How to invest in distressed properties?
Considering the impressive profit potential offered by distressed properties, it is not surprising buyers are presented with numerous investment opportunities. You will find investing in these distressed homes is quite lucrative. Of course, in order to maximize the said potential, you have to make sure you know and understand what is involved in each of these opportunities.

You can refer to the Guide in Investing in Distressed Properties for more information.

How to find distressed properties?
When it comes to finding distressed properties, there are actually several ways to do so. You can choose to go the traditional route and search neighborhoods or scan classified ads in newspapers. But there is actually a more efficient and convenient way - there are distribution centers.

We offer a large selection of distressed houses for sale, including pre foreclosures, foreclosures at auction and bank owned properties located in all 50 US states. You will have easy access to all relevant information pertaining to these homes with just a few clicks in your computer. Finding the best deal on a distressed property which meets your budget and preferences will always be hassle-free.

Is there a specific type of distressed properties which is more profitable to invest in?
You will be pleased to know that despite the many types of distressed properties, all of them promise to be profitable. Your choice will simply have to depend on your resources and needs. Since each type of distressed home offers their own advantages, you have to determine which type you are comfortable of buying and eventually owning.

Are distressed homes always sold as is?
In general, distressed properties are sold as is. For this reason, you have to conduct a thorough inspection of the property to see the extent of repair work needed. Hiring a professional inspector is strongly recommended. In few cases, the seller will agree to agree to shoulder the repair cost as long as they are minimal. It is really a matter of knowing exactly what you are buying and negotiating with the seller.

What Are Handyman Specials?
Distressed properties which require extensive repair are usually referred to as Handyman Specials. They are usually sold at very low prices since the buyer will have to spend much on repair and renovation. It is important you know exactly how much it would cost you to have the property fixed up to estimate your potential profit. You can do so by working with an experienced and professional contractor.

What are Fixer Upper Homes?
These distressed properties - as their name suggest - requires fixing up. Investors consider these properties as the perfect choice for flipping since they can be bought for a fraction of their market values. Obviously, you will have to order a thorough home inspection to determine how much it will cost you to repair the property. Once they have been repaired and renovated, they can be sold for considerable profit, which is why many real estate investors consider them gold mines.

What do I need to get started with distressed homes investing?
To get you started on your distressed homes investing, you will need to educate yourself about everything there is to know about properties in distress from buying to cashing in on your investment. Of course, you have to understand your success will be greatly dependent on finding the best deals.




 


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