Distressed property encompasses a wide variety of situations. Commonly, in the real estate industry, distressed property is considered any property where the owner cannot make the mortgage, or related, payments. In actuality, mention of such is not just referencing financial problems. For example, a home could be considered in trouble could also include a property that has been vacant and vandalized, or has fallen into disrepair because the owner is not in a capacity to care for it.
COVID-19 has affected just about every family’s finances and knocked us off balance with the way we manage our monies. As financial crisis and unemployment increases, so does the amount of properties that end up in a distressed state. If the trend continues, this means that the market will become saturated with such properties. Therefore, if it makes sense to sell now, to avoid having to compete in the upcoming saturation in home sales industry, we suggest to not delay.