Distressed Properties in the San Fernando Valley
All You Need to Know About Distressed Properties
Whether you're a real estate novice, or an expert home flipper, you may be on the hunt for the perfect bargain on your next home purchase. Short sales and foreclosures can be a great way to scoop properties up under their market value, however they're usually sold "as-is". These as-is properties, also called distressed properties, can be a great investment with a little bit of knowledge and some hard work and determination.
As a real estate professional with a Certified Distressed Property Expert® (CDPE) and Pre-Foreclosure Specialist™ designations, I am here to help you navigate distressed property real estate. Use these FAQs and resources to learn more about distressed properties, and contact me at 800.498.6707 or 805.208.2488 to discuss your options.
Answers to Your Distressed Property Questions
There is a lot of misinformation surrounding distressed properties, so I wanted to take the time to answer a few commonly asked questions. If you have a question that hasn't been answered below, please give me a call at 800.498.6707 or 805.208.2488.
What Are the Advantages of Distressed Properties?
The biggest advantage to buying a distressed property is the price. Distressed properties are generally short sale and foreclosure properties that the bank is under pressure to liquidate quickly. You can use this pressure on the bank work out a great deal on a home or property, generally well below market value.
Better yet, because you're buying the distressed property under market value, you probably have a larger budget for home updates, making it easy to create a truly custom home. Those looking to flip houses also should prefer buying distressed properties because it's likely the property value will increase as improvements are made, making it easier to turn a profit.
Tips for Buying Distressed Properties
If you’re hunting for the perfect distressed property, there are a few tricks to make the process easier for you. Consider these tips on your search:
- Get Pre-approved for a Mortgage— Brokers for these properties on consider serious offers. Being pre-approved for a mortgage makes you stand out from other potential buyers
- Find an Experienced Real Estate Agent — an agent that exclusively deals with distressed properties will be well versed in potential pitfalls and be able to help you avoid investing in a money pit
- Get a Professional Inspection — Distressed properties are always sold as is! Avoid costly hidden repairs by investing in a thorough inspection
- Be Ready to put in Work — Distressed properties can go months or longer without someone living in them, and will often require large amounts of work before they're move in ready. Make sure you're dedicated to seeing the whole project through before investing.
What are Things to Look For in a Distressed Property?
The obvious downside of distressed properties is the condition that many are in when bought. It is highly recommended that you work with an experienced realtor to avoid costly mistakes that you may overlook when purchasing a home.
When purchasing a distressed property, it's best to look past its obvious condition and also consider its location. Distressed properties located in distressed neighborhoods are generally bad investments, even for the most fearless flipper. It is also a good idea to consider other location factors that could affect resale value, like the views, curb appeal, and physical property the home is attached to. Keeping a realistic budget is key to picking the perfect investment property for you.
Purchasing a distressed property is a great way to find your dream home for a lower price. I, Doug Rangerm can help you find the property that fits your budget and your criteria. View all available short sales in Thousand Oaks, Westlake Village, and surrounding areas below. Contact me at 800.498.6707 or 805.208.2488 for a showing!
Browse Available Short Sales
I can help you avoid the hardships of a foreclosure. If you are considering a short sale as a solution, contact us. I can evaluate your situation, identify the best possible options, and sell your home quickly and for as much money as possible.