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Distressed Sales/Foreclosures/Bank-Owned/Short Sales
In real estate, the term “distressed” is not referring to the condition of the property, but the condition of the sale. Most distressed sales, also known as bank-owned, short-sales, foreclosures or probate sales, have the following characteristics:
- The property is priced below market value.
- The property needs work -- sometimes a little -- sometimes a lot. The amount of work needed is usually reflected in the list price.
- The sale is often “as-is" where permitted.
- The buyer will receive limited disclosures from the seller.
- The seller won't pay for repairs, building code violation fixes, home warranty, termite reports or anything else.
- Because these types of transactions can be tricky, and the status of the properites often change quickly, the best way to persue a Del Mar foreclosure is to call Dean or Paul at (858) 876-7792.
Not all distressed sales are good deals! Be sure to get quality inspections -- and get quotes on any repairs that will be required. Basically, know what you're getting into!
Below are a few distressed properties for sale in the Del Mar area:
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