Many people look at foreclosures as a great deal. Why pay more when you can pay less, right? Shoppers need to prepare themselves for the ups and downs that come with purchasing a potential “great deal”.
Foreclosures come in many different shapes and sizes. Some foreclosures are in relatively perfect condition with little repairs. However, most are not and they often do not meet loan requirements stating “move in ready conditions”. Expect the home and yard to be unkempt and uncared for, possibility for months or even years prior to the bank taking possession. The electricity will most likely be off so we will have flashlights to check closets and basements. The water might have been turned off during the cold winter months, causing the pipes to freeze and burst. With the house vacant, wood destroying insects and rodents may have claimed themselves a resident of your prospective home. Issues, such as leaky roofs and foundational concerns, go unnoticed in a vacant homes causing extensive damage or mold and mildew. Expect fixtures and appliances to be damaged or missing as many prior owners will strip the property bare before leaving. Many additional hidden or unseen problems may be discovered by obtaining a home inspection, as always recommended by Mountainscape Realtors.
With most foreclosures sold in a “as is” condition and with a reliable home inspection in hand, it will be easier to estimate the cost of repairs after closing. Large companies handling hundreds of properties across the country, do not usually handle repairs and just want the property off their books. It is your responsibility and your Buyers Agent to know what you are getting into, the positives and the negatives. We would be happy to assist you at any time.