What is a Distressed House?One of the most misunderstood real estate terms is distressed house. Although many believe that it is a damaged or unlivable house, a distressed house has little to do with the condition of the property. Instead, a distressed house is a term that indicates that your property is in the late stages of foreclosure and is getting ready to go to auction.
When you stop making payments to your mortgage and the loan becomes delinquent, the bank may attempt to foreclose the house. If the lender takes control of the property, they may try to sell it at auction to recover some or all the remaining loan balance. If the house does not sell at auction, the bank may list it on their website or through an MLS site to sell the house.
Do You Have a Distressed House?Whether your house is stressed depends on how many payments you are behind on the mortgage and how far along the house is in the foreclosure process. For instance, if you are only a couple of payments behind on your mortgage, the bank is not in a position to move forward with foreclosure. However, if you are 90 to 120 days past due on the bill, the lender may begin the foreclosure process.
You do not have a distressed house during the earlies stages of foreclosure. Instead, the lender may continue to try to work out a payment plan or offer to restructure the terms of your mortgage. However, after exhausting all other possibilities, the lender will repossess the house and evict you and your family. At this point, the house is going to auction and will officially be distressed.
3 Types of Distressed HousesThere are three primary reasons for a distressed sale. Let's look at each scenario in more detail.
1. ForeclosureMany distressed houses are the result of foreclosures. This happens when a home buyer stops being able to make their monthly mortgage payments. The bank forecloses on the home and repossesses the property. Occasionally, the lender may accept a deed instead of foreclosure to assume ownership.
2. REO PropertyProperties that don't sell at foreclosure auctions are known as real estate-owned property or REO properties. These homes are considered distressed property. Lenders don't typically want to maintain or repair these properties and may be willing to sell them at a discount.
3. Short SaleAnd finally, homeowners facing foreclosure may be willing to do something called a short sale. This typically happens when a mortgage is upside down. This means they owe more on the mortgage than the home is currently worth. In this situation, short sales are a more attractive option for the owner.
Request Your Fair Cash Offer:
How to Avoid a Distressed House in 3 Steps
|Step 1: Schedule a Visit with a Local House Buyer||Step 2: Let Us Make a Fast Cash Offer||Step 3: We Pay You Cash|
|The first step is to pick up the phone and call one of our local house investors in the Alexandria, Virginia, area. Simply schedule a quick walkthrough of the property. There is no need to make any renovations, prepare the house to show, or even clean up. We are happy to view the property as-is.||If we decide we want to move forward with buying the property, we'll make a competitive cash offer based on a percentage of the house's value. We can negotiate a fair cash offer that puts money in your pocket and allows us to make a good investment.||Do you like the offer? Then schedule a closing date that works for you. We show up, sign the papers, and pay all closing costs and fees. You pay nothing. We can pay cash in as little as seven days after closing.|
Why Sell Your House As-Is for Cash?
Today, the real estate market is unreliable at best. There are no guarantees that you will sell your house, get the asking price you want, or make a profit after paying closing costs, realtor commissions, and repair costs. There are several reasons why selling your house for cash is a better option:
- You pay no closing costs, realtor commissions, or other fees.
- There is no reason to renovate, repair, or prepare your house.
- You can avoid listing or showing your house to potential buyers.
- Choose your closing date without waiting.
- We buy your house as-is – don't bother cleaning it.
- You work with a local house buyer in the DMV area.
- We make a fair, competitive offer just under your house's market value.
With all the benefits of selling your house for cash, you owe it to yourself to explore it as an option. Let us take your property off your hands. You walk away free and clear with no strings attached.
Work with Our Local Home Buyers in the DMV
When you work with Fortune Homes, you partner with investment professionals who are genuinely interested in helping you get out of a less-than-desirable situation.
|We know the Local DMV Real Estate Market||We Make a Fair Cash Offer on Your House||You Don't Have to Wait to Sell Your House|
|Our investors live and do business in the DMV area. We understand the real estate market and the challenges that you face when you sell your house. You don't have to deal with the hassle of working with people you don't know or trust.||Not all investors are looking out for your best interest. They may make a bottom-line offer that does not help your situation at all. Let our house buyers look at your property and make a fair offer based on a healthy percentage of your house's property value.||We understand how frustrating it can be to list your house on the market and wait months to find a buyer. If you need to get out of your property right now and don't want to wait, let us immediately take it off your hands. We can close and put cash in your hand in as little as 30 days.|
Sell Your Distressed House for Cash in DMV
Do you live in Washington, D.C., Maryland, or Virginia? If so, contact Fortune Homes today. Sell your house fast for cash in the DMV and the surrounding area. We buy houses as-is in any condition. Call 202-918-9600 to schedule a quick, no-obligation visit with one of our local cash home buyers.
Our company purchases property as-is in the following areas:
|Vienna||Washington, D.C.||Arlington County|
|Fairfax County||Loudoun County||Montgomery County|
|Prince George's County||Prince William County|