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Warning Signs to Lookout for Before You Buy that Foreclosed Home

Foreclosed

Are you ponding if you should buy that foreclosed home? In this post, we will discuss the warnings signs of a foreclosed home so you don’t end up with a headache.

Within the last couple of years, the practice of buying a foreclosed home and either selling it to someone else or you decide to move in yourself. The possibilities that surround a renovation project is both exciting and daunting for any couple who want to build their own dream home themselves. Although the price of the home may be low, the risk that comes with it may not be worth your time. If you’re still pondering on whether this project is worth doing here are some warning signs to look out for before purchasing that foreclosed home. 

State of the Property

When you deal with searching for that perfect foreclosed home you have to consider what the condition the home is in. Unfortunately, with these properties the probability of graffiti and overall destruction in the home is high. Whether the house wasn’t kept up by previous owners or there are signs of people squatting there make sure to assess the damage in the home before deciding if you want to buy the property or not.  

Maintenance

With any property, you’re looking at whether it be a new home or foreclosed look for any possible maintenance that will need to be done. If it’s a foreclosed home, there is a high chance of probability that the previous owner may not have been able to give the property the routine maintenance that any home would need. If the house hasn’t been lived in for, for months or years there are more serious maintenance project you will have to consider. Some of those projects could include changing the HVAC filter, repairing leaks, and cleaning a possible serious mold epidemic.

Unfinished Renovations

One reason that a house may have been foreclosed on is the previous owners may have tried to renovate their home, ran out of money and then had to foreclose their home. This possibility is a big decision to make if your thinking of buying the property. Are you willing to finish someone else’s renovations that you may not like so you can flip the home or consider moving in with your family?   

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.

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