Gail Mercedes Cole
EXP Realty Marina del Rey
There are several different approaches to buying a distressed property. The most obvious one being houses currently on the market(listed with a broker), and owned by the bank(REO).
The second option would be to approach an owner that is facing foreclosure with an offer to purchase their property. This is often a very good way to purchase a distressed property. I can explain this more if you would like to call or email me. It can be complicated if the house is worth less than what the seller owe, but not impossible. You just have to be patient when exploring this method. People are often in denial and are not immediately receptive because they are probably going through some very tough times personally.
The third option would be to go to a property auction at the court house and bid on defaults. This can be exciting and extremely overwhelming for even seasoned investors. Properties move quickly, you can often get great deals, but you have to be ready with a lot of cash on hand.
Let me know if I can help you,
RE/MAX Execs - El Segundo