And how can you not cry when you have to reduce your profit yourself? It's not even about buying a failed one fixer for the future flipping. And not about Prohanukok with the choice of the future cash cows, but about much more prosaic things. The reason for your financial failure in the real estate market may be unfortunate life circumstances. One problem begets others and forces one to take radical action... even to one's own detriment.
❝Sale at a forced price (Distressed Sale) – sale of real estate at a price significantly lower than the market price.❞
Homeowners do not dare to take such a desperate step out of good will. They are forced to do so by circumstances, as a rule, associated with a sharp lack of funds. External factors put pressure on the seller and he neglects extra notes in favor of speed of the transaction. This is exactly the case when time really equals money - the less time there is, the more the owners are willing to reduce the cost. The main reasons for selling at a forced price can be:
- financial difficulties. Economic problems can be associated with debts, and in particular with getting into mortgage slavery. In such situations, selling property is almost the only way to get out of a difficult situation;
- divorce or division of property. Shared real estate is much more difficult to divide than household goods. Often, spouses can come to an agreement and sell joint real estate in order to divide the funds, but there are also cases when co-owners are forced to resell their share for next to nothing, because they simply have no alternatives;
- bankruptcy. When the payment terms for loans pass, collectors appear on the doorstep. Often, the sale of property becomes a forced step to pay off significant debts;
- forced sale. If for some reason the real estate is under arrest or even confiscated, it can be forcibly put up for sale at auction at the minimum allowable price.
For the owner, selling at a forced price is a real disaster, but for the investor, it is quite the opposite. The difficult circumstances of the other party allow him to get a good apartment for a surprisingly good amount. But it should not be forgotten that such an agreement is burdened with certain risks related to legal problems, the state of the property, etc.
Example of use:
— I hope you managed to pay off your debts?
— No, I never found another way out, so I put the apartment up for sale at a forced price. Now I will have to move back in with my parents.
- What a horror! Hang in there and don't hang your nose, everything will get better.
We always emphasize that we will find the perfect option for your needs, so don't risk everything to buy an object that you can't afford. If you don't have enough money for your dream home, start by buying one-room apartment and renting it out. In just a few years, you will be able to accumulate the remaining amount in order to return to us and change the income unit to the desired one three-room beauty.
