Such legal cases have two aspects– one, where the lis pendens is initiated, and the original home-owner decides to put up his real estate for sale because it will fetch him immediate money to pay off the lender. The other is where a foreclosure has been ordered legally, and the lender is selling off the property either through bidding or otherwise to recover his money.
It is a profitable segment that all professionals involved in real estate should seek out to target. In today’s competitive world, investors and buyers are always looking for best deals. Rate negotiations and aggressive bidding are game-changers today. Under such aggressive market conditions, it is but natural for the real estate industry to look out for ways and means to buy and sell estates that are cost-effective. Lis pendens leads one such segment because –
• The owner or the lender here is a highly motivated seller.
• They are looking out to sell fast and impromptu.
• They are ready to settle for discounted prices because they need to resolve their financial problems on an immediate basis.
They form part of distressed homeowners in Florida. Others who belong to this category are the owners of abandoned houses, absentee owners or other such house owners who desperately want to sell off their real estate property. The reason behind their desperation could be financial issues, their permanent residence being in another country or state, their inability to maintain the estate, etc. Whatever be the situation of the house owner, their need to sell off on urgent basis becomes the industry’s winning streak.
If you are an investor or looking out to buy a property in Florida, you must focus on leads of such distressed homeowners. Reason? You get to purchase a premium property at rock bottom prices. You can then invest nominally in refurbishing the place if it needs one and put it up for resale when the property rates start to appreciate making it a valuable investment. Similarly, for real estate agents, distressed homeowner’s leads’ help them cash on the urgency factor of the seller.