Ten Reasons For Buyer Caution In Buying A Foreclosure

Foreclosed homes aren’t always the best deal in town – even if they do come with a price tag that appears to be lower than some other homes in the neighborhood.

Here are 10 reasons why that is true:

No heat in the winter . When a home has been left unheated, buyers run a risk of damaged pipes.
Not removed but ripped . Thieves and even angry former owners can do a lot of damage when they depart with fixtures and key systems like heaters and air conditioners.
Peeling, bubbling, and discoloration . Water incursion isn’t always obvious, but these are signs.
Mold . Where there is water there is mold. Look inside cabinets, behind drawers, and around built-ins.
Blocked drains and pipes . Sewer backups can be expensive to fix.
Black cobwebs . This is the result of a malfunctioning furnace, common in properties where there hasn’t been maintenance for a long time.
Homemade and handy . Where renovations don’t look professional, check with the municipal authority. They may have been completed without permits and that could mean they have to be redone.
Fresh paint everywhere . What is the seller covering up?
Check the basement . Look for discolored subflooring, which can point to mold. And search for asbestos, common in older homes that haven’t been brought up to code.
Air quality . Include air and surface testing in a home inspection. It’s a few hundred dollars well spent.