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I just finished my first seminar on buying distressed properties successfully. The goal was to be informative and highlight the different paths available for consumers looking to make a good purchase. It is important to note that 80% of all homes in America were built before 1990 and need to be updated to meet 21st Century standards. Further, distressed properties are often in such a bad state, that they do not qualify for a loan under the “habitability clause” of most mortgages, leaving few options for potential buyers.
It is important to set-up a good team in advance if you choose to purchase a distressed property, know your criteria, and expect to make several offers before you win a bid. Just remember the bank is not going to make it easy for you. Persistence and a good team make it happen.
Look for my next blog, until then I will be …. www.MovingYouIntoTheFuture.com
John