Does not just mean owing more than a house is worth or facing foreclosure
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In Today’s world Problem Properties come in many forms. First there are easily identifiable physical problems that anyone can see, like Mold, Water Damage, Extreme Disrepair, Fire Damage and other such physical problems. Then you have the invisible problems known only to the owner which stem from the financial state of the property.
Yes it’s easy for the world to identify those that are hugely upside down or facing foreclosure because there are public records to identify and count them from, but with all that has happened over the past 10 years with hyper inflated prices followed by an unparalleled crash in value, property owners have been left scattered in the wake with a myriad of financial situations.
Today there are more people than ever before who are all over the spectrum when it comes to the value of the property versus what is owed. A very large sector that goes virtually unnoticed in the media as a problem property are those who have little to no equity, or just slightly upside down on the mortgage.
When those in this position need to sell for one of many possible reasons, they’re looking at walking away from the closing with either Very Little Cash, Nothing at all, or possibly even Having to Come Out of Their Own Pocket with Thousands of Dollars just so they can sell. Problem Property? I’d say so.
Even people who may think they don’t have a problem property because they have equity, whether it be a little, a lot, or even 100% equity from free and clear ownership can have hidden problems they may not have even considered. Having to pay out 35% or even 39% to Capital Gains Tax for one! I don’t know about you but I would call that too, a problem property.
The Olden Days —from like 10 yrs ago— Are GONE, and Every Property Today, Can Now be Classified as a Problem Property!
Remember WAAAY back when–in 2003–when you could buy a property and hold for appreciation. Then just call a realtor, list it, and sell it for a profit. You made money, the realtor made money, the bank made money, the new owner was happy, and all was
“Perfect.” Well NO MORE!
Traditional sales cannot address the multitude of Selling Problems in a way that brings the most benefit to YOU, The Seller.
Sure the Agent, the bank, even the new owners are happy, but what about YOU. You’re the one who put all their time, money, care, and love into this property, and while everyone else makes out like a bandit, You Get The Shaft.
How is a Problem Property Created?
First you have a situation with your mortgage loan balance versus the value of the property. Now if you don’t need to sell then maybe you can work through it and all will be just fine but, when life happens and a “Need to Sell” is created at a less than opportune time, suddenly a problem property is born. What can life throw at us? Many things like…
- Job Loss or Transfer
- Inheritance or a Probate
- Investments Gone Bad
- Back Taxes Owed
- Involuntary Retirement
- Bad Tenants & Evictions
- Medical or Legal Issues
- Family Urgency’s
- Reduction in Pay or Hours
- Overwhelming Debt
- Just To Name a Few
This is where Sell-A-House-Arizona.com comes in. We Create Selling Solutions for the property owner who feels they cannot or maybe should not sell in today’s market. Creative Solutions that will help you best achieve Your end goals and desires, from the sale of your problem property–Regardless of your Specific Situation, or Reason for Selling (of which there are Many more).
To find out how You Too, can optimize the sale of Your… Problem Property.