What to Do When You Find Out Your Home is Distressed
Life is unpredictable, and we can’t always plan for every eventuality. Job loss, illness, or a family member’s death may find you struggling to meet financial obligations, including your home loan. Alternatively, perhaps you’ve inherited a home with a mortgage you can’t afford or requires significant repair.
If you find yourself with a home that you can no longer afford to keep or maintain, you may have a distressed property to sell. Buying or selling a distressed property is different than buying or selling a home on the open market.
We can show you how to get rid of a distressed property quickly.
What is a Distressed Property?
In the state of Florida, a distressed property is any property that is facing foreclosure, being sold by a mortgage lender, subject to legal issues, or in disrepair.
As a result of such circumstances, distressed properties tend to be more challenging to sell and generally sell for less than market value.
There are several reasons a property may become distressed:
- Financial Issues
Homes are often deemed distressed when a homeowner falls significantly behind on their mortgage and is facing possible foreclosure or the sale of their property by their lender. The homeowner’s only recourse becomes selling the home or losing the property to a bank or lender. - Legal Issues
Homeowners may also find themselves, and their property, tangled up in legal issues. If you owe back property taxes, have costly building code violations, or are going through a divorce, keeping the home may not be a viable option. - A Death
Because most households require dual incomes, if you’ve lost a partner or loved one, paying a mortgage on one salary may not be feasible. You may have inherited a property from a relative who passed away and can’t afford to cover the existing mortgage, or the home needs significant repairs you can’t afford to make, or projected renovation costs exceed a reasonable selling price. - Need to Move Quickly
Any number of things can create a need to move quickly. For example, a job loss or job promotion can result in a forced relocation that you weren’t anticipating. You may simply not have the time to deal with the complexities of selling a home on the open market.
The Open Real Estate Market vs. a Distressed Property Investor
If you have found yourself in an untenable position with your property, you’ll need to decide whether to sell your home the traditional way, with a realtor on the open market or sell your property to an investor or to companies that buy distressed properties like Meli Homes.
- Time
We all know that the real estate market is fickle, and selling a home can be very difficult, particularly if it is distressed. Most recent statistics in Florida cite the average number of days on the market at 73. And once the home sells, you have to deal with loan approval, appraisals, and other complications that can drag the process out even further.
You may not have the time or the financial ability to wait for your home to sell. Meli Homes represents cash buyers eager to move as quickly as you. From start to finish, the sale of your distressed property to us usually takes less than 30 days. - Money
In addition, listing a house in Florida is expensive, and the fees incurred when buying or selling a home can be astronomical. Realtor commissions, appraisals, closing costs, and the cost of requested repairs add up quickly. Particularly if you find yourself struggling financially, you may want to avoid the open market with its many additional costs entirely.
Meli Homes buys your home without charging the fees associated with a typical home purchase. - Hassle
Let’s face it; selling a home is stressful and often burdensome. Your life is put on hold, waiting for the house to sell. In the meantime, you have to deal with open houses or home walk-throughs.
Requested changes or updates from the buyer can seem endless, and traditional home sales frequently fall through before closing, leaving you to start the whole process all over again.
Selling your home to Meli Homes is a straightforward process and eliminates all the hoops you’d have to jump through if you tried to sell on the open market.
What Can Meli Homes Do for You?
Meli Homes is Florida’s top-rated distressed home buyer. We know how to sell a distressed property. We have purchased countless difficult-to-sell homes and have happy clients all over the state, including Orlando, Tampa, Melbourne, and Cocoa Beach. There are many companies that buy distressed properties, but none have the specialized experience of Meli Homes.
At Meli Homes, we understand distressed property buyers, and we know the Florida real estate market. Distressed properties are our specialty, and we offer a quick, no-hassle option to selling your home at a price you deserve.
Of course, you want to ensure you’re getting the best price for your home based on comparable properties in your area. We respect and understand distressed property owners and have a reputation for getting our clients their asking price.
Besides, the process of selling a home can be time-consuming, complicated, and tricky. Our experienced team helps you navigate the unique steps of selling a distressed property quickly and easily. And all our buyers are financially verified, eliminating the cost of hidden or unexpected fees.
Deciding what to do with a distressed property can be overwhelming. You don’t have to endure the process alone. The experts at Meli Homes are here to assist you every step of the way.
If you would like more information about selling your property or what Meli can do for you, give us a call at (407) 338-4183. We’re happy to help shoulder the burden and help you get the most desirable outcome.
This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Meli encourages you to reach out to an advisor regarding your own situation. Please consult with your advisor when making legal or financial decisions.
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