Distressed Properties

service_3

ALNA Properties specializes in distressed properties. A distressed property is one that is under a foreclosure order or is advertised for sale by its mortgagee. It almost always refers to a property that is damaged or in poor physical condition due to the owner’s precarious financial situation. A lender will initiate foreclosure proceedings if the owner of the property has been more than 90 days delinquent on his monthly mortgage payments. The bank or lender will then repossess the property and try to sell it on the open market in order to recoup its initial financial outlay. Since most banks do not want to hold thousands of properties, they will make every attempt to unload them as expediently as possible, first at auction and if there is no buyer, then to the general public. In order to sell quickly, the lender will drop the sale price up to 50 percent. Distressed properties offer tremendous opportunities for buyers and investors alike.

Contact Info