Distressed Properties: Secrets Revealed
When we hear the term “distressed” we visualize a person or animal in need of help. However in Real Estate this term isn’t referring to the home itself but the mortgage. So a distressed property simply means the financing is no longer in good standing so the home is a foreclosure or a short sale but may very well be in good shape! Below is what you need to know about distressed properties:
- Distressed Properties can be good deals and available in all price brackets and neighborhoods.
- Time and again distressed properties are in excellent condition.
- Short-sales and Foreclosures are closing faster than traditional home sale closings once the contract negotiations are complete.
- Distressed Property sellers are extremely motivated to sell!
- As of August 2014 the foreclosure discount in GA is $69,000 (43.4%) which is down $2,450 from the previous year. *
- Metro Atlanta cities with the most highest foreclosures: Atlanta, Marietta, Lawrenceville, Alpharetta, Canton, Cumming, Decatur & Woodstock*
- The average median sales price for distressed properties in GA as of August ’14 is $90,000.*
* Website Title: Realtytrac.com (Foreclosure Listings, Homes for Sale, Real Estate Records) Article Title: Georgia Real Estate Statistics & Foreclosure Trends Summary