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What is Distressed Property?
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What is Distressed Property?

A "distressed property" isn't just a run-down house. In NYC, it refers to any property that is causing financial or legal strain on its owner. This can include physical distress (leaking roofs, structural damage), financial distress (pre-foreclosure, tax liens), or legal distress (probate, difficult tenants).

Many owners feel trapped by these properties, believing they can't sell until everything is perfect. The reality is that there is a robust market for distressed assets in New York.

Common Types of Distress

  • Physical: Fire damage, water damage, hoarding situations, or deferred maintenance.
  • Financial: Mortgage arrears, property tax liens, or reverse mortgage maturity.
  • Legal/Title: Lis pendens, open DOB violations, or unclear heirship.
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