Chandler, AZ (PressExposure) August 24, 2009 -- According to businessdictionary.com a Distressed Property is âa property that is under a foreclosure order or is advertised for sale by its mortgagee. Distressed property usually fetches a price that is much below its market value.â
Homeowners that havenât been able to pay their monthly mortgage payment for three or more months and havenât attempted to make arrangements or get financial assistance are most likely motivated sellers of a soon to be distressed property. The bank has or will likely soon record a notice of default with the county treasurerâs office. Once that is done the house will absolutely be a distressed property. The homeowner will be informed via certified mail that the distressed property will be auctioned off unless they can catch up on payments or pay off the loan immediately. As soon as the notice of default is recorded the house for sale is considered a distressed property. Usually a sheriff or other deputy will arrive at the distressed property a few days later to post a copy of the notice of sale on the distressed property for public viewing. The notice states the date and time that the distressed property will go on the auction block. Newspapers and inquiring realtors will also be notified about the distressed property status and the notice of sale.
The homeowner will have to move out of the distressed property after the auction sale is complete if they havenât already. Auctions are usually held at the county courthouse by a sheriff or county clerk. The balance owed on the mortgage plus court costs is usually the starting bid. If the distressed property doesnât sell, a real estate agency chosen by the lender will put the distressed property on the market again.
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