For sellers across the country, placing a distressed home up for sale is associated with a range of common difficulties. These homes typically prove much more difficult to sell than similar homes in better condition, and also can require homeowners to make thousands in repairs to command a favorable price.
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We've assembled everything you need to know about Distressed Homes into a single helpful resource!
How to invest in distressed properties?
Distressed properties, or those with physical damage or associated financial entanglements, can be surprisingly lucrative to the savvy investor. By choosing homes with profit potential and making intelligent improvements, buyers can see a significant return in less time than they think. Read our "Guide in Investing in Distressed Properties" to learn more.
How to buy distressed properties?
Making a purchase in the distressed home market is simple. The first step is to identify the state of foreclosure the property is in, as each stage will necessitate a different approach. It is essential to learn as much as possible about distressed homes and the foreclosure process before investing, and you can gain more insight by visiting the "How to Buy Distressed Properties" page.
How to choose distressed properties?
Choosing distressed properties is a matter of minimizing cost and maximizing value. Profit from distressed homes can be exponential, but sinking money into a poor investment can be one of the most costly mistakes most buyers ever make. Learn ore about the factors that distinguish prime buying opportunities in the "Guide in Investing in Distressed Properties."
How to find distressed properties?
In years past, searches for distressed properties were once limited to local searches and classified ads. Today, prospective buyers seeking information about distressed properties for investment purposes use DistressedPropertiesSale.com to find listings in all 50 states. The database includes all relevant information on the thousands of listings on the site, giving investors a convenient and reliable next-generation resource.
Is there a specific type of distressed properties which is more profitable to invest in?
Practically all types of distressed homes hold some level of profit potential, as the majority of any property's value is in the land itself. Every type of distressed home presents a unique set of advantages for a given buyer, and so the choice to make depends on which property is most viable to your vision.
Are distressed homes always sold "as is"?
As a rule, properties termed "distressed" are sold on an "as-is" basis, and so experienced home buyers often choose to hire a professional inspector to evaluate to condition of the property. In some cases, there may be latitude for negotiation depending on the motives of the seller.
Los Angeles, city, seat of Los Angeles county, southern California, U.S. It is the second most populous city and metropolitan area (after New York City) in the United States. The city sprawls across a broad coastal plain situated between mountains and the Pacific Ocean; the much larger Los Angeles county, whichencompassesthe city, contains some 90 other incorporated cities, including Beverly Hills, Pasadena, and Long Beach. The county also encompasses two of the Channel Islands, Santa Catalina and San Clemente; Mount San Antonio, familiarly known as Mount Baldy or Old Baldy, 10, 046 feet (3, 062 metres) high; more than 900 square miles (2, 330 square km) of desert; and 75 miles (120 km) of seacoast.Time-lapse video of Los Angeles. Joe Capra - Scientifantastic (A Britannica Publishing Partner)Harbor Freeway, Los Angeles. Gala/SuperStockLos Angeles skyline at sunset. Digital Vision/Getty Images Since the city and the county are interwoven geographically, culturally, and economically, any consideration of Los Angeles must, to some degree, involve both entities. Population density around the metropolitan area varies greatly - as low as one person per square mile in mountainous areas and as high as 50, 000 per square mile near downtown Los Angeles. Area city, 466 square miles (1, 207 square km); county, 4, 070 square miles (10, 540 square km). Pop. (2000) 3, 694, 820; Los Angeles - Long Beach - Glendale Metro Division, 9, 519, 338; Los Angeles - Long Beach - Santa Ana Metro Area, 12, 365, 627; (2010) 3, 792, 621; Los Angeles - Long Beach - Glendale Metro Division, 9, 818, 605; Los Angeles - Long Beach - Santa Ana Metro Area, 12, 828, 837. Los Angeles and vicinity. Encyclopaedia Britannica, Inc. Character of the cityLos Angeles, the heart of southern California, became a world-class city very recently. At the start of the 20th century it was considered merely 'a large village.' This ascendancy is all the more remarkable considering that the city originally lacked some of the essential building blocks associated with cityhood, such as a natural harbour. Yet it overcame natural deficiencies and established itself as an important centre of commerce, agriculture, tourism, and industry. For more than a century it has been indelibly associated with abenignclimate, extensive leisure, and outdoor recreation, as well as the special aura of celebrity associated with Hollywood. The lifestyle of Los Angeles residents (who are called Angelenos) relies on the automobile, idealizes the single-family dwelling, and favours informality. With notable exceptions, the skyline is primarily horizontal rather than vertical. Los Angeles is a place of extraordinary ethnic and racialdiversity , owing largely to immigration, and, like other world cities, it reflects a growing gap between rich and poor. Skyline of Los Angeles, California. iStockphoto/Thinkstock Los Angeles has endured the barbs of many detractors. Critics refer to it either as a laid-back 'la-la land' or, conversely, as a place reeling from earthquakes, fire, smog, gang warfare, and riots. The city's defenders admire its mild climate and geographic variety. They claim that its major social problems are similar to those of all big cities and are perhaps even less severe there than elsewhere. In fact, some observers regard it as the most modern and quintessential American city.Landscape City siteLos Angeles county is a vast and varied geographic entity. It includes a group of inland valleys, a coastal plain separated by low mountains that are interspersed with steep passes, an arc of still higher mountains, and a long seacoast. Nearly half of the county is taken up by mountain chains - most of them running east-west - that have adynamichistory of earthquakes, firestorms, and mud slides. To the north and northeast are the massive and sprawling San Gabriel and San Bernardino mountains. Stretching in front of them - and more or less in parallel lines from west to east - are the Santa Monica Mountains, Puente Hills, Repetto Hills, and San Jose Hills. These chainsdelineatethe San Fernando, San Gabriel, and San Bernardino valleys. Farther south - running roughly between Orange and Riverside counties - are the Santa Ana Mountains. A magnificent natural feature of Los Angeles county is the coastline's distinctive beaches, which attract millions of sun worshippers annually. Downtown Los Angeles cityscape. Digital Vision/Getty ImagesBritannica Stories In The News / GeographyColossal Statue of Ramses II ('Ozymandias') Discovered in CairoDemystified / ScienceIs Climate Change Real?Spotlight / HistoryThe Legacy of Order 9066 and Japanese American InternmentIn The News / ScienceMore Evidence of Neanderthal Lifestyles Three waterways cross the county:the westward-flowing Santa Clara River in the north; the Los Angeles River in the south, extending from the San Fernando Valley east and south to the Pacific Ocean; and the San Gabriel River, which rises from the San Gabriel Mountains in the north and flows south to the ocean. Huge floods have periodically inundated large parts of Los Angeles, and much human effort has gone into confining the waterways within concrete channels. In historic times (1825) adelugepermanently shifted the direction of the Los Angeles River channel from its westward outflow into Santa Monica Bay to a south-flowing outlet emptying into San Pedro Bay. In the winter of 1861 - 62, a flood left the western part of the Los Angeles basin looking like a chain of lakes dotted with islands. The San Gabriel River also overflowed its banks and at one point merged with the Los Angeles River via a new channel called the Rio Hondo. A section of the Los Angeles River affected by drought. Joshua Rainey - iStock Editorial/ThinkstockTest Your KnowledgeWine:Fact or Fiction?The huge, sprawling, and tortuously shaped city of Los Angeles occupies a sizable portion of the southern part of the county. It too has a variedtopography , climbing from sea level at the beachcommunityof Venice to Mount Lukens, which rises above 5, 100 feet (1, 550 metres). The city started in 1781 as a tiny village of 28 square miles (73 square km) but expanded greatly through a series of annexations when it first established an ironclad legal monopoly over the Los Angeles River watershed and then brought in a new water supply from the Owens River (which rises from the Sierra Nevada, 230 miles [370 km] northeast of the city). To share in this scarce water resource - and to receive much-needed police and fire protection - neighbouringcommunitieselected to join the city. The annexations of Wilmington and San Pedro and a connecting narrow 'shoestring' of land (1909 - 10) resulted when Los Angeles created a harbour and linked it to the city proper. By 1917 Los Angeles had tripled in size by adding the entire San Fernando Valley and the district of Palms. Between 1922 and 1928, 34 unincorporated areas and five cities merged with Los Angeles. As it grew, Los Angeles encircled five independent cities - Beverly Hills, Culver City, West Hollywood, Universal City, and San Fernando.Connect with BritannicaFacebookTwitterYouTubeInstagramPinterestOriginal city districts and annexed communities - Boyle Heights, Chinatown, Little Tokyo, Hollywood, San Pedro, Encino, and Watts, for example - still retain their community names and identities. On the other hand, the city never recognized neighbourhoods as such, so these smaller units have only vague and informal boundaries.ClimateThe Los Angeles climate is typically classified as semiarid or Mediterranean. It results from a harmonious interplay of at least three natural conditions:the region's latitude is far enough south to dissipate the most severe North Pacific winter storms, a cooling layer of marine air moderates the summer sun, and the tall mountain ranges shield the region from potentially intense blasts of desert heat and cold. However, the warm climate and the bowl-like alignment of the ranges also provide the ideal conditions for another well-known Los Angeles phenomenon:photochemical smog, which has remained a part of the landscape since the 1940s. Tough antipollution laws enacted by state and local authorities have helped reduce the motor-vehicle emissions contributing to smog formation, but air quality has continued to be a serious issue in Los Angeles, as well as in many other cities in the state.Of the region's two seasons, one is a dry and moderately warm spell lasting roughly from April to November; the second is a wet, moderately cool, but rarely frigid period extending from November to April. The city's mean temperature is about 64 F (18 C).Temperatures can differ widely depending on location. The San Fernando Valley can be 10 F (5.5 C) warmer than Santa Monica in the summer and 10 F cooler in the winter. Fog, wind speed, and elevation also determine temperature. Beach areas tend to be 10 to 15 F (5.5 to 8 C) cooler than downtown Los Angeles. The hottest month, August , averages 85 F (29 C) downtown and 68 F (20 C) at the ocean, only 15 miles (24 km) away. Areas near the mountains in the San Gabriel Valley can reach 100 F (38 C) during the day and fall to the low 40s or 50s F (low to upper 20s C) at night. The coldest month overall is January, when icy roads can close the passes. Temperatures on the plains, however, rarely drop below 40 F (4 C).Britannica Lists & QuizzesMusic QuizFundamentals of Music Theory Part 2Arts & Culture List10 Angry Young MenScience QuizGroundwater QuizHistory ListBefore the E-Reader:7 Ways Our Ancestors Took Their Reading on the GoThe annual precipitation in Los Angeles averages about 15 inches (380 mm). The central Pacific weather pattern known as El Ni�o has sometimes (but not always) produced more than twice the average precipitation in a given rainy season. Prolonged rains or shorter intense downpours can trigger mud slides (more properly debris slides), especially after fires have stripped hillsides of their vegetation.The many days of sun and comparative lack of rain add to a sense of physical well-being. Blasts of Santa Ana winds, usually hot and dry, streak through the mountain passes in the fall and winter. Mystery writer Raymond Chandler wrote that during these 'red winds, ' 'Meek little wives feel the edge of the carving knife and study their husbands' necks.'Natural environmentDespite the great allure of the region's naturalenvironment , its other, less desirable elements - prolonged droughts, torrential rains, pounding surf, mud slides, wind-fanned fires, and especially earthquakes - pose serious challenges to human occupation. Earthquakes have been observed throughout the area's recorded history. Juan Crespi, a Franciscan friar and colleague of missionary Jun�pero Serra's, chronicled the expedition led by Gaspar de Portol� in 1769 and noted that a temblor lasting 'as long as half an Ave Maria' toppled a soldier from his horse as they crossed the Santa Ana River. The major fault line slicing through the area is that of the San Andreas Fault, located at its closest point just 33 miles (53 km) from downtown Los Angeles. The greatest temblors have been those centred in Long Beach in 1933 (magnitude 6.4), Sylmar in 1971 (6.6), and Northridge in 1994 (6.7). The huge Pacific Plate (containing the portion of California west of the fault) is grinding northwestward past the North American landmass at a rate of about 2 inches (5 cm) per year.
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Distressed Properties FAQs
What are Distressed Properties? In real estate, if a homeowner suffers from financial problems, which render him unable to meet his monthly mortgage obligations, he is said to be in distress and the home is referred to as a Distressed Property. Based on the stage of foreclosure the property is in, it can be classified as a pre-foreclosure, foreclosure at auction or a bank owned home/repo home.
For more information, simply check our What are Distressed Properties? page.
How to buy distressed properties? Buying distressed homes is simple enough. You only need to determine where in the stage of foreclosure is your entry point and understand what is involved in purchasing these properties. Each stage will require a different approach, so it is also crucial you do your homework even before you search for the perfect distressed property.
To help you make sure your purchase is a success, check out the How to Buy Distressed Properties page.
How to invest in distressed properties? Considering the impressive profit potential offered by distressed properties, it is not surprising buyers are presented with numerous investment opportunities. You will find investing in these distressed homes is quite lucrative. Of course, in order to maximize the said potential, you have to make sure you know and understand what is involved in each of these opportunities.
You can refer to the Guide in Investing in Distressed Properties for more information.
How to find distressed properties? When it comes to finding distressed properties, there are actually several ways to do so. You can choose to go the traditional route and search neighborhoods or scan classified ads in newspapers. But there is actually a more efficient and convenient way - there are distribution centers.
We offer a large selection of distressed houses for sale, including pre foreclosures, foreclosures at auction and bank owned properties located in all 50 US states. You will have easy access to all relevant information pertaining to these homes with just a few clicks in your computer. Finding the best deal on a distressed property which meets your budget and preferences will always be hassle-free.
Is there a specific type of distressed properties which is more profitable to invest in? You will be pleased to know that despite the many types of distressed properties, all of them promise to be profitable. Your choice will simply have to depend on your resources and needs. Since each type of distressed home offers their own advantages, you have to determine which type you are comfortable of buying and eventually owning.
Are distressed homes always sold as is? In general, distressed properties are sold as is. For this reason, you have to conduct a thorough inspection of the property to see the extent of repair work needed. Hiring a professional inspector is strongly recommended. In few cases, the seller will agree to agree to shoulder the repair cost as long as they are minimal. It is really a matter of knowing exactly what you are buying and negotiating with the seller.
What Are Handyman Specials? Distressed properties which require extensive repair are usually referred to as Handyman Specials. They are usually sold at very low prices since the buyer will have to spend much on repair and renovation. It is important you know exactly how much it would cost you to have the property fixed up to estimate your potential profit. You can do so by working with an experienced and professional contractor.
What are Fixer Upper Homes? These distressed properties - as their name suggest - requires fixing up. Investors consider these properties as the perfect choice for flipping since they can be bought for a fraction of their market values. Obviously, you will have to order a thorough home inspection to determine how much it will cost you to repair the property. Once they have been repaired and renovated, they can be sold for considerable profit, which is why many real estate investors consider them gold mines.
What do I need to get started with distressed homes investing? To get you started on your distressed homes investing, you will need to educate yourself about everything there is to know about properties in distress from buying to cashing in on your investment. Of course, you have to understand your success will be greatly dependent on finding the best deals.
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