- Property owned by an individual who is in poor financial condition. Property that is in poor physical condition.
broken-down, derelict property, in over head, irreparable, fordone
Related Terms and Acronyms
- Actual Age — Definition,
- The years since a structure was built. Differs from effective age.
- Blighted Area — Definition,
- An ugly, run-down neighbourhood.
- Lien — Definition,
- A legal hold or claim of a creditor on the property of another.
- Tear-down Condition — Definition,
- A house that is bought so it can be razed to make room for a newer house; usually located in a spectacular setting.
- Title Defect — Definition,
- A legal claim by others to property, or the right to make demands upon an owner.
- Upside-down — Definition,
- A position that consumers find themselves in when the outstanding balance of a loan is higher than the current fair market value of the property purchased with the loan. See also "Depreciation."