In today’s housing market, buying a foreclosure is an attractive option for many people due to lower prices, less down payment required, and generally less haggling, since the homes are owned by banks who want to sell them off as rapidly as possible to recoup some of their losses. Buyers looking for a great deal may find exactly that when shopping foreclosed properties.

But as they say, if it looks too good to be true, it probably is. Foreclosed homes often come in need of a considerable amount of TLC. It stands to reason, if the folks who previously owned the house were unable to make their payments, then spending money and time on maintaining the property was probably not at the top of their priority list. In addition, if you buy a foreclosed home, be prepared to part with some sweat in order to bring it up to an acceptable living condition.

You should also look for problems with the property before you make that final offer, or sign your name to any sort of purchase contract. Some of the most common issues include:

The House Is A Disaster: we all heard this from our mothers growing up, but it takes on a new meaning here. Any home that sits vacant for a length of time will become dirty and in serious need of a good scrubbing. Also, if a home is locked up with no air circulation for weeks or months, a noticeable odor can develop.

Unfinished Business: When this author was house hunting several months ago, I found several houses that had partially finished construction projects in various rooms or more likely in the basement. Do you really want to assume the responsibility for partially finished work? Especially if the work may or may not have been done according to code or without the proper permits?

Water Damage: even the smallest leak can become a major water problem if it goes unnoticed and unrepaired for too long. If a house sits unoccupied for a period of months, that is plenty of time for major water damage to occur, not to mention other, more long term problems such as mold and mildew. Be sure and sniff for the telltale musty odors that accompany water damage and mold.

Maintenance Issues. Again, if the previous homeowners couldn’t make their payment, they probably didn’t do much for basic maintenance, either. Not just the water damage mentioned above, but other problems such as broken disposals or malfunctioning toilets. Be ready to fork over some cash for repair work.

Yard Work: An unoccupied home may also result in an unhealthy or overgrown yard. When I moved into my home, the yard was a disaster with about 75% weeds. It took a few treatments to get the yard back into acceptable condition.

Lack Of Available Options: Sometimes, occupants will get everything they can out of a home before the bank forecloses. This means you may end up buying pretty much everything for the home, from blinds, to light fixtures to appliances, to doors, sinks, copper piping….you name it. My home buying euphoria was effectively neutered by having to fork over several hundred dollars for new blinds.

Granted, there is money to be made with foreclosures, and if you look long enough, you may luck out just as I did and find a really sweet deal. But be prepared for the unexpected, and set aside some funds in your budget to allow for those unexpected problems.

And of course if one of your issues involves water damage, remember that the professionals at Water Damage Local.com are ready and able to assist you 24/7 with experienced, certified water removal providers in your area.

Share This Page