
Nearly every street in our great city of Chicago has been plagued with foreclosed aka. Bank Owned REOs, and therefore taking on a new name of a "distressed property". My daily routes and showings consist of 75% distressed homes that are either vacant or semi occupied(squad). Therefore I see a lot of things at all* market levels. Some of the most interesting places land over on my Flickr photostream. Glad to see you make it over there at some point.
So what exactly is a distressed property?
Distressed properties are homes that are in danger of facing foreclosures proceedings, or that have already been scheduled for sale as a result of default on the part of the homeowner.
In most cases these dwellings have already been vacant for an existing period of time making it even tougher to brink back to shape.
When does a property receive the status?
A property is said to be distressed when a homeowner gets behind on mortgage payments or a tax payment and the lender or appropriate debt collector begins to start the necessary proceedings to sell the home in order to collect the outstanding debt. Therefore the home is already falling into disrepair while the lender still sorts out the paper work.
When a property is tagged as a distress house, this means it is not in the most preferred physical state. However, this does not mean that distressed houses are not worthy to be invested on. If you are looking for a distressed property, you might want to try out our Foreclosure Database on DesignatedAgents.com or any of Chicago Neighborhoods.







