
For the sake of clarity, the term distress
property refers to properties that are in urgent need of buyers because the
seller has to satisfy or fulfill a desperate need.
For this reason the natural price or worth of the
property will drop drastically. For instance, a property worth 3Million can be
bought for 1.5M depending on the emergency. Later, you can conveniently sell it
for its real value and make a staggering profit.
WHAT TO DO
- Reserve some cash while awaiting such opportunity to buy distress property.
- Spread your interest to anyone that could contact you when such opportunity turns up
- Investigate before you pay for that property, see five ways to confirm the genuineness of property before payment.
- Take advantage of the situation by using your bargaining power to negotiate a better deal.
- If the property is a building, give it some face-lift or renovation to raise the value of the property before reselling.
- Contact us for all your property needs, building project and real time advice.
- Study 7 Ways to know Areas where Property will appreciate faster
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