What Is A Distressed Sale?
A distress sale – or commonly referred to as a distressed sale is such a sale that takes place over any means of an asset like property or stock that must be sold quickly. Much as the name suggests, a distressed sale is conducted on behalf of a distressed homeowner. The seller finds the property nothing more than a burden and wants to get rid of it for a fair enough price. The idea is of practically giving it away for free.
However, in the majority of the cases, the reason why such a sale should take place is essential. Usually, economic turmoil, power-play, or any emergency are deemed fit as a situation where a distressed sale is a financial loss for the seller. Hence, the amount collected in return is used to clear out any distressing situation like paying off a debt nearing the deadline, medical, or any other such emergency.
This often leads to buyers taking advantage of distressed homeowners. They know very well that the seller is in a hurry and needs a sufficient amount to fulfil an obligation to rid themselves of a turbulent situation. So naturally, they will be willing to receive any price tag the buyer puts on the property. Hence, such negotiation tactics always get the better of the seller.
Now you know why and when a distressed sale occurs, so you have a better chance at going for a reasonable deal for your property instead of bearing a concurrent loss. Work with a reliable company that will help you sell your property for good money, like Citihomes Group Corporation.
We buy houses in ANY CONDITION in Portland, OR. There are no commissions or fees and no obligation whatsoever. Give us information about your property, or call us at 503-222-9300 to get started.