posted on November 07, 2010
The media is filled these days with news about distressed properties. Following is a tutorial on distressed properties to help you separate some of the fact from fiction:
Distressed Properties Defined: Contrary to popular opinion, distressed properties are not always in bad shape. In fact, the term “distressed” has less to do with the condition of the house than it does with the status of the mortgage. Basically a distressed property is one that the bank has foreclosed or for which the current mortgage is worth more than what the owners are able to ask when selling.
[Read the rest of this article...]