Distressed Property Definitions

“Physically Distressed Property” is different from “Financially Distressed Property”.

“Financially Distressed Property” categories include … Short Sale, Pre-Foreclosure, Foreclosure & Bank Owned (REO)… It can be a confusing and daunting task to understand what it all means.

Homeowners…

If you in Financial Distress with your Home?  You May Have Options to Foreclosure.

Timing can be everything!  It’s certainly a good thing to know whether you have better options to avoid a life altering and credit damaging event.  Christopher wants to offer help and consultation.  He has helped many homeowners either stay in their homes or exit with as little personal impact as possible.  Every situation is unique and presents different & unique challenges.

Home Buyers…

Do you think you Might be Ready to Purchase a Financially Distressed Home or an Investment Property?  Well, as they say… Timing is Everything!  Let Christopher explain the process and see if there are opportunities out there for you.

Whether you are a Homeowner or Home Buyer…

More than ever Navigating the Waters of a Real Estate Transaction are getting more & more complex.  We are in a “New Normal”!  A Professionals Market.  Christopher has been assisting Fox Valley Area Home Buyers & Sellers for more than a Decade with the same RE/MAX Office.

It’s a Professionals Market!  Don’t leave your Life’s Investment in the Hands of a Part-Time or inexperienced Real Estate Agent…!  Navigating the Financially Distressed Property arena is complex… Don’t go it alone!

 

Financially Distressed Property Definitions…

Distressed Property – in the broad sense of the term, has nothing (necessarily) to do with the physical condition of the property, and everything to do with the seller’s financial state.  When the seller is in financial distress, so then is the property.

Short Sale – The Seller is up-side-down/negative equity on their property/home.  They own more than the home is worth.  The term Short derives from the fact that the Bank, Lending Institution, Investor or Investment Group is being asked to approve the seller being “Short” on their loan and approve the tranfer of Deed.  The Short fall or Deficiency on their loan Note may or may not be forgiven by the Bank.  Just because the seller is short does not mean they are late on loan payments or in pre-forclosure.  Hey may merely have a hardship which requires them to relocate.

Pre-Foreclosure – The status of the Owners being late on their payments to the extent that the Bank, Lending Institution, Investor or Investment Group has filed a Lis Pendens with the County Recorder.  A property may stay in this status for countless months while a property owner works with their loan servicer to work through the issues.  Eventually, the bank may deem that they will actually execute the Foreclosure process at set/file a data for Sheriff’s Sale.

Foreclosure – Once the Sheriff’s Sale has occured, the property is declared Foreclosed upon and the bank accepts posession.  It is likely that the original property owner has a period of redemption.  If they can redeem, they may get their property back.  If they cannot redeem, the bank officially owns the property.

Bank Owned (REO) – in simple terms (REO=Real Estate Owned) by the Bank.  An REO Sale or Bank Owned Sale may be done by the ownership, which could be a Bank, Lending Institution, Investor or Investment Group like a local Bank, Credit Union, FreddieMac, FannieMae, etc.

 

For Specific questions, please don’t hesitate to contact Christopher Directly at any time…  Click Here to Contact Christopher

Distressed Property

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