ArticleBiz.com :: Free article content
Authors: Maximum article exposure. Publishers: Reprintable article content.
BROWSE ARTICLES
ArticleBiz.com Home
Featured Articles
Recently Added Articles
Most Viewed Articles
Article Comments
Advanced Article Search
AUTHORS
Submit Article
Check Article Status
Author TOS
PUBLISHERS
RSS Article Feeds
Terms of Service

How Can Buyers Acquire Distressed Houses for Sale?
Home Home Real Estate
By: Joseph B. Smith Email Article
Word Count: 385 Digg it | Del.icio.us it | Google it | StumbleUpon it

  

Purchasing distressed houses for sale can bring in a lot of savings, particularly for buyers who have planned well and have studied the market of distressed dwellings carefully. There are several ways by which such properties are sold and it is up to the buyer to decide which one suits him best.

The Process of Short Sale

One option available to home buyers is a short sale. Distressed dwellings can be purchased using this procedure if a home owner is facing the possibility of getting foreclosed but has yet to have his property sold at an auction. Under this process, the lender should agree to sell the residence for a price that is less than the amount owed by the homeowner to them.

The advantage of a short sale to a home buyer is that he can acquire the property at an even lower price since it will not cover any existing loan or late fees and other monetary obligations. It also offers an advantage to the homeowner since he can stop paying for a mortgage that he can no longer afford without doing damage to his credit rating.

Real Estate Owned or REO

Distressed houses for sale that have become REOs only mean that the ownership has already reverted to the lender or the bank that holds the mortgage. The basic process is similar to a short sale, with the difference that a buyer would have to negotiate directly with the lender or the lender's real estate agent and not the homeowner.

REOs are considered safe transactions since these properties traditionally do not carry liens or unfulfilled obligations. However, the process can take months to complete and competition among interested buyers is always tight. In addition, some REOs have been left vacant for some time and might have incurred damages that might cost a buyer significant amounts to repair.

When buying distressed houses for sale, a home buyer should always consider which process would benefit him most. He can go for a short sale if the deal is reasonable and the transaction can be closed at the fastest possible time, or he can opt for an REO to eliminate the problem of dealing with the actual seller.

Joseph B. Smith has been educating buyers on the finer points of distressed houses for sale at DistressedPropertiesSale.com for over five years. Contact Joseph B. Smith through DistressedPropertiesSale.com if you need help finding information about distressed houses for sale.

Article Source:
http://www.articlebiz.com/article/1051317090-1-how-can-buyers-acquire-distressed-houses-for-sale/

This article has been viewed 233 times.

Rate Article
Rating: 0 / 5 stars - 0 vote(s).

Article Comments
There are no comments for this article.

Leave A Reply
 Your Name
 Your Email Address [will not be published]
 Your Website [optional]
 What is three + three? [tell us you're human]
Notify me of followup comments via email


Related Articles


Copyright © 2019 by ArticleBiz.com. All rights reserved.

Terms of Service | Privacy Policy | Contact Us | Submit Article | Editorial