Many buyers are very motivated to find a great deal on a property, which is not really news. Everyone wants a deal on whatever they buy. But In the case of an investment property, finding a distressed property can make the deal even more appealing. There are several reasons that a property is placed in the category of a distressed property. Knowing about the situations can help you find a great property for a bargain.
Normally during a divorce, both parties are eager to sell any jointly owned property to completely dissolve the relationship. Most of these sellers want to get a fair price but time is more a motiving factor than top dollar. So they are more willing to be flexible on the sale price if you can offer fast closing and a possible cash offer to complete the sale quickly.
After a death in the family, there can be a few reasons to sell a home quickly. If the home was owned by the deceased and a spouse, the spouse might not be able to afford the mortgage with only a single income. They might also not want to remain in the home that they shared with their spouse as it is full of memories and they need a fresh start. If the only owner of the home is the deceased, then the house goes into an estate which might need to quickly sell to cover outstanding debt of the owner or to be easily divided among the heirs. In any case, a fast sale is in the seller’s best interest.
Job change or relocation is another common reason to need a fast sale of your home. Most buyers would like to be able to pack up and move without the worry of dealing with a home still on the market in a different city or state. The ability to move and focus on getting settled in a new home and at a new job is worth a fast sale at a slightly lower price.
Financial issues such as the loss of a job or an extended illness can motivate a homeowner to sell their home at a reduced rate in exchange for a fast closing. Wise homeowners understand that a fast sale during a financial struggle can be the difference in maintaining decent credit or suffering a huge decline in credit score due to a foreclosure or bankruptcy. This situation forces a seller to look very seriously at any offer which will eliminate their mortgage and potential for more issues.
Phoenix Home Buyers Group specializes in investment real estate transactions for both buyers and sellers. Their years of experience and training in the industry make them a great resource if you need to sell your home quickly or if you are looking for a potential investment property. In many cases they can provide a motivated seller with an all cash offer to purchase their home in as is condition and with a very rapid closing.