As the appeal of a renovation project has seemingly grown throughout the past five years, so has the appeal of buying a foreclosed home. With all the plans and excitement surrounding a renovation project, a foreclosed home can seem like a dream for young couples looking to build exactly what they want into an existing home. While the price may be a major selling point, it is important to remember that buying a foreclosed home is not without its hidden hazards. If you are in the process of deciding what you want with your next home, consider these four red flags before you sign.
Is the Property in Tact?
Unfortunately, many foreclosed homes include property that has been destroyed or deteriorated over time due to a lack of care. Whether vandals or previous owners caused this destruction, it is crucial to consider all aspects of damage so that you can make necessary repairs before moving in.
Is the Property in Need of Serious Maintenance?
If the previous owner was unable to maintain the home with routine maintenance, the house might require other forms of serious maintenance for you to live in it safely. Maintenance such as changing the HVAC filter, repairing leaks, and serious mold remediation are often required before someone can buy or occupy the property.
Are there Unfinished Renovations in the Home?
If the previous homeowners were forced to leave their home while they were in the middle of a renovation, this might be an important point to consider as you move forward with flipping the house. As you purchase the home or prepare to move in, understand that you may need to complete the renovation before moving into your new home.
Are There Any Insights or Disclosures?
Because your new home may have been purchased from a bank instead of a previous homeowner, you may be missing some insights or disclosures for your new home that a previous homeowner could otherwise provide for you. With this, the bank may not be able to disclose any issues with the property such as mold or structural problems. To find out about these issues, you may need to rely on a home inspector to thoroughly inspect your property.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for the perfect realtor for your property or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, Pinterest, and Google+.