Many homebuyers are excited about the prospect of buying a foreclosure because they believe they will be getting a "great deal". Since bank owned/Reo foreclosures are all the time sold "As Is" with no Sellers' property Disclosures about the condition and specifics of these properties, it is important that homebuyers pace with caution. It is easy for homebuyers to get lured in by the low price per quadrate foot of many of these foreclosures and into believing that with just a small "Tlc" they will have their "dream home". However, there are some major inherent issues that homebuyers need to be aware of including, but not small to:
The ability of the air in the home. Many times the air conditioning has been shut off for months if not years or the unit itself has been removed/stolen. The existence of mold and/or moisture which may be inexpressive behind a fresh coat of paint. Missing plumbing fixtures such as toilets and sinks. If the water was not shut off prior to the fixtures being removed and the fixtures were not properly removed, there could be a leak causing damage. Non-functioning appliances due to lack of use. Blocked drains. Fungus growing in or behind cabinets, drawers and fixtures. Chinese drywall Green swimming pools. Wood destroying organisms and the damage caused by wood destroying organisms. Pests, rodents, etc.
DRYWALL SETTLEMENT
The lowest line is that homebuyers should never buy a foreclosed property without the right to have it inspected. That right to peruse should be clearly stated in the contract. Choosing great inspectors to peruse the home is also key and well worth the upfront cost. Hundreds of dollars invested in inspectors can save homebuyers from the inherent of thousands and thousands of dollars of repairs down the road. The right to peruse also protects homebuyers from having to move forward with the contract if they are uncomfortable with the results of their inspections.
Foreclosures - Dream Homes Or Nightmares? DRYWALL SETTLEMENT
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