Over the past 20 years Blair Thompson has handled many home sales involving distressed properties representing both buyers and sellers and occasionally both. These types of sales have significant pitfalls for all involved if not handled correctly. The key to successfully closing these deals is early and complete disclosure from the seller and a clear understanding for the buyer before they get involved. With the comprehensive nature of available inspections and the statutorily mandated disclosures a buyer should have a very clear of what they are purchasing early in the transaction. The old saying “Forewarned is Forearmed” is my mantra in these deals. As they say, there is a buyer for every house, at some price!
I have sold many homes in the Sherman Oaks area that were classified as distressed. Some of them being foreclosures, some short sales, probates, divorces etc. Generally speaking a home coined a distress sale is referering to the condition of the property but it can also be due to circumstances surrounding or forcing the sale.
A clear understanding of the sellers level of knowledge about the history of the house as well as the current condition are just as important as know what the buyer intentions for the house may be. This knowledge will allow everyone involved to make informed intelligent decisions.
In any of these sales it is necesary to have an experienced agent involved. There are many judgement calls that need to be made in order to close the sale, and transfer the house to the new buyer. Blair Thompson is well equipped to facilitate these sales for the home seller or the home buyer.