Bankruptcy in the LBI Real Estate Market
- Dec 5, 2020
- 2 min read
Long Beach Island Real Estate Bankruptcy
Long Beach Island Real Estate
Bankruptcy in the LBI Real Estate Market is an unfortunate occurrence when someone is no longer able to pay their bills and files to relieve these debts. There are many different types of bankruptcy in the LBI Real Estate Market, and while this is not a common occurrence, many buyers will view these types of sales as an opportunity to beat the market.
Bankruptcy in the LBI Real Estate Market
Bankruptcy in the LBI Real Estate Market does not take place very often. Much of this has to do with the LBI real estate market's overall stability and the fact that summer rental income can help pay bills. This lucrative and robust summer rental market is also why we don't see many short sales or foreclosures on Long Beach Island. In the few instances that we see bankruptcy sales in the Long Beach Island real estate market, many buyers will view these sales as an opportunity, but in fact, most bankruptcies are designed to help keep people in their homes. This is the significant difference between a foreclosure, where a bank takes possession of a home, and bankruptcy, where an individual may keep their home by restructuring debt.
Long Beach Island Real Estate Bankruptcy
Distressed sales, in general, are not a commonplace type of transactions on Long Beach Island. At any given point, there are usually only between 2 and 6 distressed sales in the entire market. This includes short sales, foreclosures, and bankruptcy sales. Therefore, buyers looking to beat the market are often better off looking at a different avenue, for example, by building a new home to attain an equity position. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer | LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
