What is a distressed property?
The Bankrate.com financial term of the day is: "Distressed Property."
You've heard of a damsel in distress? How about a domicile in distress? A distressed property is a home or other property that's in poor condition, often because the owner is in poor financial shape.
Distressed property is a term typically used to describe a foreclosure that has fallen into ruin, needs a lot of work and will be priced low to sell quickly.
To find a great rate on a home loan, visit the Mortgage section at Bankrate.com.