Foreclosures - Be Prepared for Anything!
As I mentioned in my last blog, I have had the opporutnity over the past few months to look at a lot of lower-priced properties that have been foreclosed upon.Â I have even looked at a few that weren't quite as inexpensive.Â What I have come to learn is that you need to expect just about anything when you walk into one of these homes.
The one thing that you can be sure of is that they are vacant.Â That is true most of the time, butÂ sometimes you will find that people are living there even though they are not supposed to.Â And when they are not supposed to be there, they tend not to take very good care of the structure.Â Always announce your entry!
You must also be ready to find the property in poor condition.Â Unfortunately, most of the folks that have gone through foreclosure found themselves in a tight money position.Â As a result, maintenance was probably not the top of their list of priorities.Â Moving out, things can happen.Â Once vacant, who knows who's been in the house?Â I've been in houses with no plumbing, no fixures, no furnace or A/C, missing walls...you name it.
If you are thinking about buying a foreclosure, be sure to expect that work will be necessary.Â In virtually every case, the house will not be move-in ready.Â In many cases, you will need to put in thousands - or even tens of thousands - of dollars to make it into the house you really want to live in.Â Look for good bones; cosmetic items can always be taken care of!