Property distress is a concept that has become all too familiar. The distress of a property could come in different forms such as fire damage, storm damage, or outright neglect. However, often overlooked is situational distressed real estate.

What is a situational distressed home?

A situational distressed home is a property where one’s personal situation makes owning or maintaining a piece of real estate unattainable. This kind of personal struggle causes the homeowner pain and hardship. In some cases, such houses might not even have any structural problems. The mark of a distressed home is the homeowner’s need and desire to sell it quickly to relive oneself from the burden.

What are the causes of situational distress?

There are several issues that could make a piece of property distressed that are not structural. Some of them are;

1. Inheritance: This is one of the most common causes of situational distress for a homeowner. Sometimes, a person inherits an unwanted property often in poor repair due to a relative passing away. In this situation, renovating the house may be too costly and time consuming, so the best option may be a quick sale.
2. Economics: A homeowner facing foreclosure may find selling before bank repossession a better alternative. In such cases, one may not have the time for a traditional sale, given certain time constraints. A quick sale, in most cases can even help the owner rebuild their credit rating.
3. Divorce: Most, if not all, divorcees wish to divide their joint assets, opting for a new start. When property is involved, selling quickly may be the best way to divide one’s equity. 
4. Death: In some cases, when a person passes, the living relatives may decide to move out to cut costs or avoid hurtful memories. This is often the case with elderly couples, where one elder spouse passes away, so the survivor needs to downsize or move into an assisted living situation. This situation may make preparing the house for a tradition listing dificult. 

What do I do when I’m faced with situational distress?

In these situations, real estate transactions can be extremely challenging, however a tested and trusted third party can help you navigate the process.

There are firms that specialize in purchasing distressed properties, repairing them, and making them marketable.  Realty With Rich is one such firm, it is a real estate brokerage that purchases properties in need of repair, renovates them, and then sells them to new families.

With us, you do not need to worry about providing seller repairs. We will provide a fast and reliable buying process, so you can get the whole transaction done and settled in record time, or on a timeline of your choosing. Call us today – (833) 442-SELL.