Many many potential buyers are intrigued by the prospect of buying a home that is for sale by a lender or their agent, known as a foreclosure. The word is actually the legal process of a lender taking ownership of a home due to default by the borrower (almost always for non-payment).
But the word has come to describe a home that was the object of a foreclosure. And here is what I want to share about that part of our market. You can certainly consider buying a foreclosure, but they are not without problems, and many times those problems are not evident until after you take over.
The link below is a simple and short story of one person’s issues. There are many more like it ranging from necessary repairs above $100K to just plain misrepresentations about the condition of a home. IF you don’t scope the sewer line out to the street where it meets the public sewer line, you don’t really know if its clear and in good shape. A vacant home does not have water running down the drain, but as soon as a family of 4 moves in, the drains will get a quick and complete test.
Other issues can be surprises. Minor roof leaks may seem harmless and a handy homeowner can fix many things. But has the leak been going on for an extended period and is there something green or black growing on the paper covering of the drywall somewhere? What does a crack in a wall mean anyway? Here is that link… http://www.washingtonpost.com/blogs/where-we-live/wp/2013/11/04/real-estate-matters-if-you-buy-a-foreclosure-expect-problems/#!
A buddy told me I should learn to create shortcut links that are not so long – you know – like the folks that tweet do all the time. Thinking about that, sure, just as soon as I master a couple other IT issues that haunt me.
Enjoy your weekend!