Unlike distressed jeans, which increase the value of the item, distressed houses are sold on the cheap. Distressed property is under a foreclosure order or is advertised for sale by its mortgagee, and usually fetches a price that is well below its market value.
So, looking for a bargain? Begbies Traynor, a company administration business, has launched an online portal listing a wide range of distressed properties available for immediate sale.
The development of the site has been led by partner and property specialist Alistair Dickson.
He said: "Following a period of development and testing, we are delighted to launch this distressed property portal.
"It brings together the considerable assets under our control and features a variety of commercial, residential and industrial properties spanning a wide range of sectors. Volumes are rising rapidly and we expect the properties listed to treble over the next three months, due to the level of interest we have already received in the site.
"Although the UK real estate market remains slow, we are seeing significant levels of interest in the properties we have listed which we believe represent good value and are realistically priced to sell.
"The feedback from agents and the property market has been very positive, and all can see the need for this type of online portal for accelerated sales.
"For agents, it will act as an extension of their marketing efforts and brings an extra dimension to the process. It's a win-win for all concerned."
This is an excellent opportunity for investors looking to get their hands on some relatively cheap Leeds investment properties.Back to News