One of the most dramatic aspects of America’s real estate crisis is the shocking disrepair that foreclosed homes can fall into. These foreclosed homes, just as often as not to be found in extremely exclusive high-end neighborhoods, are owned by the banks – which probably took a bath on the loan they made. Now all the banks want to do is unload the property. While the home sits idle, there is no one there to maintain the property and it doesn’t take long for the overall conditions to decline. If you are thinking about saving money by buying a foreclosed property, you need to be aware that if the condition of the home can be truly terrible (and sometimes it’s not obvious). In this case, you can lose all the money you thought you were saving when you start to make repairs and renovations.
Images of abandoned homes in upscale subdivisions are unsettling to see. We expect our suburbs and exurbs to be clean and neat, all green lawns and neat driveways. To see a foreclosed home in a fancy gated community is visually jarring when there are dead brown lawns, junk-filled swimming pools, broken windows, and even evidence of homeless squatters or random vandalism. No longer do some of these foreclosed homes have proud owners to maintain the upkeep of the homes, and as the months turn into years, the conditions of the foreclosed home become more and more dire. You can get a serious deal on a foreclosed home, but you could also be getting what you pay for if you are not careful.
To learn more about buying a foreclosed home, and the conditions of foreclosed homes that you as a prospective buyer need to be aware of, be sure to speak to a real estate professional and get their expert advice. One good bet for good advice would be a home assessor, who spends his or her time assessing homes, foreclosed and otherwise, before they are sold.