| Everyone who is looking at the home buying process | | | | house must be expected. You can change this with a |
| in this economy is aware of the foreclosures that are | | | | little elbow grease (or a little money for someone else |
| popping up across the country like a bag of Orville | | | | to use some elbow grease). |
| Redenbacher. Foreclosed houses are usually going for | | | | On the flip side of this coin, don't look so far past some |
| a lot lower than other homes and are therefore pretty | | | | internal damage, that you get yourself into a deeper |
| popular. Before you jump head first into the idea of | | | | hole than you are willing to take on. Lots of |
| purchasing a cheap foreclosure please be | | | | foreclosures are destroyed out of anger by the |
| knowledgeable of the facts of foreclosures. | | | | previous homeowner. I have personally seen some |
| Non disclosures- In all bank owned foreclosures, the | | | | with cabinetry destroyed and all appliances taken out |
| back will not inform you of any issues that occur with | | | | of the home, including some of the toilets. While the |
| the home. This includes termites, mold, internal and | | | | foreclosure may cost $20k new appliances, new |
| electrical damage, etc. If you decide to bid on a | | | | cabinetry, and new plumbing are not cheap. Take note |
| foreclosed home, please be sure to get a thorough | | | | of all things that need to be fixed and do research to |
| home inspection and an estimate of the price of any | | | | get an estimate of the costs of the total repairs and |
| damages that must be fixed. You do not want to | | | | items needed. |
| purchase a home for $40,000 and have to do $50,000 | | | | MOLD! Due to foreclosed homes not having anyone |
| worth of repairs when you could have purchased a | | | | take care of them, mold is a big issue with the |
| new or nearly new home for $100,000 without any of | | | | evacuated homes. Mold is a major health issue that |
| the issues. | | | | can be difficult to get rid of and keep away if not done |
| Take into account the state of the home, slightly- This | | | | carefully and thoroughly, so if a home has mold in |
| part is a little tricky. The biggest mistake that | | | | several places please reconsider. |
| foreclosure samplers can make is walking into a home | | | | Foreclosures can be a godsend to the thrifty first time |
| and immediately being turned off because of some | | | | home buyer, and you can get a lot of bang for your |
| trash in the corner or an oddly colored room. When | | | | buck. However, foreclosures make the home |
| looking at a foreclosure you are looking at a home that | | | | inspection and the process of informing yourself on the |
| has been lived in previously, and most likely, moved out | | | | houses history necessary. Good luck, and stay a step |
| of quickly. Some trash and some personalization of the | | | | ahead! |