There are many different ways to buy a home. From FHA loans to short sales, the saying “more than one way to skin a cat” holds true in the world of real estate. But what about foreclosed homes? Buying a foreclosed home can seem like a dream. In most cases, you are buying a home well below market price. But what about the hidden hazards of buying a foreclosed home? Read on to find out about these hazards.
Possible Destruction of Property
One of the saddest truths about foreclosed homes is the fact that many of them have been destroyed. Sometimes when homeowners move out of the home, they become frustrated or simply careless about the house, leaving it a mess or destroyed before they leave. If the homeowners have not destroyed the property themselves, vandals have been known to target these easy and empty targets.
If a homeowner was unable to afford their mortgage payments, it is likely they were also unable to afford the routine maintenance of the property as well. Things like HVAC filter changes, fixing leaks, and mold remediation are often things new owners will have to do once they buy the property.
Dirty and Full of Trash
A house that has been left uncleaned for a long period of time will have to be cleaned. While it is a good practice to clean any new home, it is extremely significant to clean foreclosed homes and to remove any trash that was left behind. Depending on the condition of the home and how long it was left, your foreclosed purchase may be filled with vermin, termites, or other bugs for you to remove.
One of the reasons some homeowners lose their home is because they were in the middle of a renovation and were unable to pay their mortgage. If you end up with a house that was in the midst of a renovation, you may have to finish the project.
Unlike a traditional home sale, your new property was purchased from a bank instead of a homeowner. While you did get a good deal, the bank will not be able to tell you the ins and outs of a home like a homeowner could. The bank will also not be able to disclose any known defects about the property like mold or loose flooring. In order to find out about any issues the house may have, you will have to hire a home inspector to look at the property inside and out.
It is also not unusual to find a property that has been stripped bare. People have been known to sell as many appliances as they can to help with moving expenses. Your property may also not have the proper wiring or plumbing if the homeowners or thieves took the copper out of the house to sell.
Judgments and Liens
The final hazard you may have to deal with when buying a foreclosed home are past judgments and liens. Sometimes foreclosed homes come with liens or judgments on the title. This will mean you will have to pay them off to close the sale.
While buying a foreclosed home is often a great way to save money, it can also cost you more money in the long run. For more information on buying a home, call Clagett Enterprises today!
Foreclosed Homes with Clagett Enterprises
If you’re looking for the perfect realtor for your family or property management company for your portfolio of properties, 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 assistant 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+.