When Considering a Foreclosed Home, What Do You Need To Know?
Foreclosed homes have certain issues arise that are unique and may need to be examined differently. A foreclosed property can be either an investment or a good value for your new home.
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When buying a foreclosed property, pay attention to these areas of concern.
- Vandalism and Theft
- Pests & Molds
- Unfinished home improvements
- Damage caused by “foreclosure rage”
Make Sure Utilities are Turned On for the Inspection
Arrange to have all the utilities – water, electrical and gas – turned on for the inspection. They need to be on to determine how well they work. Check the breaker box to be sure they are all in working order and haven’t been disabled to cover up any electrical problems. Water pressure should be strong enough to expose any leaking faucets.
Look for Signs of Vandalism and Theft
In many foreclosed homes, thieves have gutted the home of the valuable metals used in the mechanical systems. Vacant homes are prime targets for thieves. Vandalism can also be a threat. This damage usually involves broken windows, walls, and doors.
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Pests and Mold can Cause Damage
A home that has set vacant for awhile, can become home to many pests – rats, squirrels, possums, bats, termites. Look for signs like chewed boards or droppings. Mold may also be present. If you smell a musty odor, you may want to have a mold inspection.
Unfinished Home Improvements
Some foreclosures are being repaired by the bank or an investor using a general contractor. Wires may be left dangling or gas spigots are left on. When the utilities are turned back on, this can be dangerous. If you smell gas, do not turn on any lights. Go outside and use your cell phone to make an emergency call.
Damage Done by “Foreclosure Rage”
Some owners will damage their home that is being foreclosed. A common occurrence is finding holes in walls and doors from fists or feet going through. Wall sockets may be damaged. Appliances or some of their parts may be missing. The owner may not have had enough money to make repairs, therefore small repairs went undone. They may have also left behind a lot of unwanted belongings that will need to be cleaned out or hauled away.
Your HomeMD Inspector will look over the property and give a full report of the home’s condition. The lender usually hires a foreclosure inspector but they mainly focus on the home’s cosmetic problems and not its structural and mechanical concerns. HomeMD will give you a better understanding of the home you are purchasing.