Tony Hartman and the Basics of Distressed Real Estate Investments
Distressed real estate is a property, such as a house or business, which is under foreclosure order or is advertised for sale by the mortgagee. These properties are usually neglected, damaged or in poor physical condition due to the poor financial situation of the owner.
If the owner of a property is more than 90 days delinquent on monthly mortgage payments, a lender will initiate foreclosure proceedings. The property is then repossessed by the bank, which will then try to sell it on the open market. Distressed properties offer great opportunity for buyers and investors looking to invest in this kind of property for profit.
When looking into purchasing distressed real estate, it the best to consult with a real estate agent or real estate investor such as Tony Hartman that is familiar with the formula for finding a home that fits the needs and budget of the potential buyer.
Preapproval for a loan will allow you to bid on a distressed property immediately without having to wait for a mortgage application to be approved.
Getting multiple estimates for repairs and other needs is important. Don’t settle for just one estimate from one contractor – always get multiple opinions in order to evaluate how much may need to be put aside for repairs.
It is time to then bid on the desired distressed property through an auction or make an offer to the bank holding the foreclosure. The offer should be lower than the asking price, allowing you some leeway for the bid. Negotiation with the lender is key. An experienced real estate agent should have the experience to conduct productive negotiations.
About Tony Hartman in Colorado
Investors at Tony Hartman Denver Finance Group know that consistently researching about real estate investing is very beneficial, as it will make the process easier and more profitable for you in the long run. Tony Hartman Denver Finance Group real estate solutions are created by some of the most experienced and innovative professionals in the industry. The professional employees at Tony Hartman Colorado offer specialized expertise, from specific disciplines to local insights. Real estate investors at Tony Hartman Denver offer an investment firm focused solely on real estate. Each business unit is fully resourced with a seasoned group of real estate professionals, who provide stability, continuity and redundancies to ensure execution.
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