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Real Estate Corner: Pros, cons of buying a distressed property
Most often, a house with a drastically reduced price will be on the market as a short sale because the owners are hoping to avoid a foreclosure or because the property has already undergone foreclosure.
The main risk in purchasing a foreclosure is the reason the property is set at a low price: the condition.
Educate yourself and work with professionals who can recognize the value in different properties so that you don’t find yourself owning a distressed property that requires too much work or sits in a location that negatively affects its long-term value.
Michele Lerner is a columnist for REALTOR.com.
This information has been provided by the New Hampshire Association of Realtors in conjunction with the New Hampshire Union Leader’s Advertising Department. Readers with questions about the content, or who wish to pose a question for a column, can contact the association 115A Airport Road, P.O. Box 550, Concord, NH, 03302-0550 or Dave Cummings, director of communications, at firstname.lastname@example.org.
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Home & Garden
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Home & Garden
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