letWizard.com offers you a collection of properties in both commercial and residential spaces to choose from. In addition to new properties from developers, the platform also includes different kinds of properties that you can invest in.
Short-sale properties
Short-sale properties are a property sale in which a lender is willing to accept less than the amount that is still owed on the mortgage. This is initiated by homeowners who are usually distressed borrowers. For a short-sale to take place, typically the home must be worth less than the amount the homeowners owe, and they must be so far behind on their mortgage payments that they are unable to catch up. Furthermore, all of the details around the short-sale process must be reviewed and approved by the lender and the short-sale cannot take place unless the lender approves it. Unlike other types of sales, a short-sale is beneficial for both lender as well as borrowers; it allows them to avoid repossessing property in foreclosure, while allowing the borrower to avoid any negative impacts on their credit, and in some cases even avoid bankruptcy.
Foreclosed properties
Foreclosed properties are those that a lender is seizing and selling to a new buyer, when borrowers fail to make their mortgage payments as agreed. This enables the lender to recoup at least some of the money from the remaining mortgage balance. The biggest selling point for foreclosed properties is that their prices are usually marked-down.
Bank-owned properties
Bank-owned properties, also known as real estate owned properties or REOs are typically properties that have been taken back by the lender (banks). Usually a bank-owned property starts as a foreclosure, but not all foreclosures end up as a bank-owned property. These homes have gained popularity largely due to their marked-down prices which are significantly less compared to the market rates. Bank-owned properties or REOs are easily available on bank websites and now on digital property investment platforms such as letWizard.com.
Flipped properties
Flipped properties are investor-owned homes that have been remodelled and enhanced in order to be sold at a higher price. Flipped properties are particularly popular amongst first-time homebuyers as they are usually well done and require very little effort in upgrades.
Retail properties
Retail properties are usually stores, shopping centres and service businesses. These are typically popular amongst business owners and investors who are seeking to expand their portfolios, including new investors who want to acquire a portfolio in commercial real estate.
