Repairs: The Hidden Cost of Buying a Foreclosed Home After several sluggish years home sales are finally beginning to pick up again. Due to the significant number of homes that were foreclosed when the housing bubble burst back in 2007, many homebuyers wishing to save money are considering purchasing a foreclosed home. However, real estate experts caution homebuyers to consider all of the pros and cons of purchasing a foreclosed home. Many people may be aware of common issues involved in buying a foreclosed home such as: Navigating the legal issues around a foreclosed home Dealing with the lender who foreclosed on the home Being aware of the homes neighborhood and the area’s property values Conversely, most homebuyers rarely stop to consider the hidden costs of buying a foreclosure – preparing the home to move in. A foreclosed home is one in which the property owner, unable to make the house payments, has been forced from the home so that the lender can then sell the house (usually at a loss) to another homebuyer while trying to recoup some of their investment. Although in some cases homeowners may enter into foreclosure voluntary, in most situations this is not the case. As a result the homeowner can cause significant damage to a home before leaving. Some of the most common damages include removal of any copper metals in the home, such as plumbing or wiring; damage to walls, floors or ceilings; and water damage from a leaking pipe or roof. In addition, the previous homeowners may have left behind a large amount of trash and other unwanted items. Because most lenders do little or no clean up or maintenance while a foreclosed home is in their possession, even simple issues can deteriorate rapidly. This can often leave a homebuyer with a considerable amount of clean up and repairs needed before the home is habitable. Real estate professionals recommend homebuyers wishing to purchase a foreclosed home consider the quality of the home’s construction and home’s condition when making their decision and be prepared to include in their budgets the costs of cleaning and repairing the home before moving in. One approach to facilitate preparing a foreclosure to a habitable condition is by hiring a reputable home cleaning services and repair services. Often such companies provide a wide variety of services including cleaning, painting, carpeting, laying vinyl flooring, tile work and a host of repair services. In addition, since these companies often employ skilled professionals, they are normally better qualified to deal with preparing a foreclosed home for a homeowner, and are able to do so in a fraction of the time and at a fraction of the cost it would take for the homeowners alone. About the Author: Steve Pisano is the president of Vacant Interiors of Denver that has been providing a wide variety of professional services to its customers since 2004. Vacant Interiors offers cleaning, trash removal, painting, carpeting or vinyl flooring, tile work, repair services and are EPA-certified in lead remediation. For more information on Vacant Interiors, please call 303-472-8026 or visit http://www.vacantinteriorsdenver.com .

Repairs the hidden cost of buying a foreclosed home

Download PDF Report

Upload
vacantinterior
View
468
Download
0

Embed Size (px)

Citation preview

Repairs: The Hidden Cost of Buying a Foreclosed Home

After several sluggish years home sales are finally beginning to pick up again. Due to the significant number of homes that were foreclosed when the housing bubble burst back in 2007, many homebuyers wishing to save money are considering purchasing a foreclosed home. However, real estate experts caution homebuyers to consider all of the pros and cons of purchasing a foreclosed home.

Many people may be aware of common issues involved in buying a foreclosed home such as:

Navigating the legal issues around a foreclosed home Dealing with the lender who foreclosed on the home Being aware of the homes neighborhood and the area’s property values

Conversely, most homebuyers rarely stop to consider the hidden costs of buying a foreclosure –preparing the home to move in.

A foreclosed home is one in which the property owner, unable to make the house payments, has been forced from the home so that the lender can then sell the house (usually at a loss) to another homebuyer while trying to recoup some of theirinvestment. Although in some cases homeowners may enter into foreclosure voluntary, in most situations this is not the case. As a result the homeowner can cause significant damage to a home before leaving. Some of the most common damagesinclude removal of any copper metals in the home, such as plumbing or wiring; damage to walls, floors or ceilings; and water damage from a leaking pipe or roof. In addition, the previous homeowners may have left behind a large amount of trash and other unwanted items. Because most lenders do little or no clean up or maintenance while a foreclosed home is in their possession, even simple issues can deteriorate rapidly. This can often leave a homebuyer with a considerable amount of clean up and repairs needed before the home is habitable.

Real estate professionals recommend homebuyers wishing to purchase a foreclosed home consider the quality of the home’s construction and home’s condition when making their decision and be prepared to include in their budgets the costs of cleaning and repairing the home before moving in. One approach to facilitate preparing a foreclosure to a habitable condition is by hiring a reputable home cleaning services and repair services. Often such companies provide a wide variety of services including cleaning, painting, carpeting, laying vinyl flooring, tile work and a host of repair services. In addition, since these companies often employ skilled professionals, they are normally better qualified to deal with preparing a foreclosed home for a homeowner, and are able to do so in a fraction of the time and at a fraction of the cost it would take for the homeowners alone.

About the Author:Steve Pisano is the president of Vacant Interiors of Denver that has been providing a wide variety of professional services to its customers since 2004. Vacant Interiors offers cleaning, trash removal, painting, carpeting or vinyl flooring, tile work, repair services and are EPA-certified in lead remediation. For more information on Vacant Interiors, please call 303-472-8026 or visit http://www.vacantinteriorsdenver.com.