10 Indicators of Problems in Foreclosed Home
May 24, 2010 by admin
Filed under Foreclosures, REI Blog
Investing in foreclosed and vacant homes can provide you with a huge reward, however, these homes also come with a huge risk. Years of neglect leave you with a ton of problems many which you may not event see in your visual inspection.The Detroit Free Press recently published this helpful article to help foreclosure buyers.
“One mistake that we see all the time is buyers going in and assuming all the mechanicals are working,” said Brandon T. Johnson, president of GTJ Consulting in Roseville. “You have to be careful you don’t get burned that way.”
Johnson’s company maintains foreclosed homes for a number of lenders, Realtors and Freddie Mac. He said the term “as is” shouldn’t scare buyers off as long as they know what it means. He recommends that buyers get private inspections on houses they want to buy to avoid surprises such as missing plumbing or water damage.
Here’s a list of 10 things to watch for in foreclosed or vacant homes from Ross Kollenberg, mitigation and construction manager for On-Site Specialty Cleaning & Restoration in Troy:
To Read the Full Article, visit The Detroit Free Press
Nice post,
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