Buying a foreclosure can become a dream bargain or a money pit but how do you really know you’re getting a good deal? Before buying any foreclosed property you should always have the property inspected. Keep in mind; the potential financial rewards of buying a foreclosure don't come without their share of hard work and headaches.
You’re probably going to encounter some difficulties with a foreclosure, but if you’re prepared and know what you’re about to deal with you’ll be in a better position to conquer with ease.
Common Problems with the Property
In most cases you’ll find the house is often poorly maintained - after all, if the owner can't make the payments, he or she is likely falling behind on paying for regular upkeep as well.
In addition, some people who are forced into foreclosure are embittered by their situations and take out their frustrations on their home before the bank repossesses. This often involves removing appliances and fixtures, and sometimes even outright vandalism.
After the homeowners leave, foreclosures sit abandoned for a long while, often inviting criminal activity and more damage to the home.
Compounded Problems
Are there any leaks that seem like an easy fix? Well a small leak under the kitchen sink or in the roof can lead to a mold problem and significant water damage. With no one around to take care of those small problems, they become big problems and as time goes by, they become disasters.
Foreclosed properties are notoriously dirty because of the time the home remained empty and dusty. When the place is locked up with no air circulating for months, built-up dirt can cause the entire home to smell.
Depending on the climate where the home is located, the lawn and landscaping has probably become totally dead and extremely overgrown; this can lead to snakes and rodents, whom love to live in overgrown brush.
The bottom line is there is always money to be made with foreclosures. But you must look at the fundamentals first to see if it’s worth your time; remember what I said about the hard work and headaches? This is a given but for those buyers with clear objectives and goals, the rewards are paved in dollars and cents.
I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Clarke, Fauquier, Prince William and Fairfax Counties. Some of our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Lucketts, Purcellville, Hamilton, Round Hill and Bluemont
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