Potential Foreclosure Pitfalls

Brenna Weatherby

Image

Earlier today I had a potential new client contact me to see if I could assist them in their search for a new home.  BUT, they’re only interested in looking at foreclosure properties.  While there aren’t as many REO properties available now, they’re still out there, and many are still priced under market value.  However, there are many things that you need to consider when examining a foreclosed property:

Fixture and Appliance Costs – Many foreclosed homes are sold at prices that are under market value because they have been stripped.  Appliances, fixtures, window coverings, backyard pergolas, and even copper wiring have all been removed.  In some cases the previous homeowner took these things, and sometimes homes get broken into after the home was vacated.  Either way, you should pay for your own home inspection to see what is missing, and then you’ll need to figure in the cost of…

View original post 365 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s