Foreclosed Home? Top Problem Areas to Look Out For
real estate landscape offers some great buys for savvy real estate consumers,
especially when it comes to foreclosure properties. Unfortunately, even though
there are already a large number of foreclosures on the market, analysts are
predicting that yet another wave of distressed properties will crop up in the
I have listed and sold many Bank Owned "Foreclosed" propertiesÂ While a foreclosure
could represent your best chance to get a great deal, make sure you educate
yourself about the potential pitfalls of purchasing a distressed property in
advance - and what correcting those pitfalls might cost. In most cases, it's
not so much about what damage occurred but rather the source of the damage and
how long before the problem was addressed.
the top 10 signs that may indicate trouble in a foreclosed home:
house in winter months. If the
home has been properly winterized, there's no need for heat. But if the home
has not been properly winterized, pipes will burst and cause water damage.
sinks, toilets and other fixtures.
Make sure they've been properly removed and not ripped from walls and floors.
bubbling and discolored paint; swelling in walls or ceilings (especially around kitchens and bathrooms), or a musty odor
all indicate water damage and, potentially, the presence of moisture and mold.
growth inside cabinets, behind drawers and built-ins. Fungus could mean that there has been water damage. Since
water falls down, look for the source above the mold.
drains or pipes will cause future problems and may
have already created sewage backups.
cobwebs, greasy gray residue on walls and/or a strong oily odor. This could point to potential soot damage or a
home with extensive renovations. Check
with the city for pulled permits in order to get remolding details. If asbestos
is present and has been disturbed, be sure it's been remediated by a certified
painting of every nook, cranny, door and floor may mean that the seller is covering up mold.
subflooring. From the basement, check the
subflooring above for stains and small holes, both caused by mold.
quality. The air quality within a home tells
a lot about the home's condition. Be sure to include air and surface testing in
your home inspection. It's a few hundred dollars well spent.
indeed many great opportunities in today's market, but proper education and
preparation are essential to making the right investment. Please e-mailÂ me for further information and be
sure to forward this article to others who might be considering a foreclosure
Jean Paul Commisso
Licensed Real Estate Broker
Distressed Property Expert
Charles Rutenberg Realty Inc.