1. The office building is only two years old and the selling
price is half what it cost to build. How can you go
wrong on a real estate deal like that?
more info here
2. The first mistake you make as an investor is thinking nothing can go wrong ng
Daytona Beach lawyers who specialize in real estate know something can
wrong on any transaction The office building at half price obviously is a
distressed property, which means something will go wrong before the deal is
wrapped up A savvy investors first stop on the way to buying such a property
is a law office
3. If a building is only two years old and has gone into foreclosure already,
there's a good chance it will have multiple liens against it for failure to pay
contractors and sub-contractors There also could be tax issues and other
unpaid bills Just finding all the creditors and getting them to agree to the
transaction could take months and lots of money and time Suddenly that
half-price deal becomes an expensive headache Daytona Beach lawyers can
guide you through getting the deal done, or advise you against it
4. With distressed properties there are advantages, mostly because you
probably will be dealing with a motivated buyer: -- No matter what, you
probably are going to get a great price on it -- You can offer a lower price
than what is asked, and the chances of it getting accepted are much higher --
Some of the problems will be mitigated by the seller, who is in a hurry to get rid
of the property But you still must do your homework For any real estate deal,
investigating the property and its history is more info here important
5. Investigating the history of a distressed property is even more important
Unlike a lot of investment properties, distressed properties must be seen
firsthand Often the property has suffered from some owner or occupant
frustration You'll need to check everything closely or get a professional
inspector to do it for you
6. If you are interested in investing in distressed properties, don't wait too long
While the economy is still struggling now, it won't be down forever As it
improves more people will look at investing their cash in real estate, so the
longer you wait, the more competition you'll have for a property Finally, be
patient
7. Getting a real estate transaction done always takes a long time Getting to the
closing on a distressed property can seem to take eons The Daytona Beach
lawyers at the somekeyword law firm can help you with buying real estate and
many other real estate-related legal issues