Although there may be opportunity for substantial financial gain, these properties can have their own unique set of problems.
Some foreclosure properties often have extra problems due to the winterization process.
Properties that have had the heat and water turned off for the winter or extended periods tend to be the homes of greatest concern. Also, many times foreclosure properties have been stripped of many things that a buyer would expect to be in a home.
These include, but are not limited to…
Plumbing and copper pipes
Romex or other electrical wiring (copper)
Cabinets / counter tops
Appliances such as stoves, built-in microwaves, dishwashers, space heaters, etc.
Furnaces, water heaters, and air conditioning units
Light fixtures, ceiling fans, switches, and receptacles
Doors (interior and exterior) and hardware (knobs and locks)
Flooring (carpet), suspended ceilings and walls (paneling and tile)
Windows and vents
Medicine cabinets, sinks, tubs, toilets and showers
Sink drains and faucets
Built-in shelving / bookcases
Landscaping, fencing, built-in pools and spas, retaining walls (landscape block), patio stone
Wood trim (oak or any decorative)
We have seen many of the foreclosed homes have plumbing problems from poor winterization done by inexperienced workers or plumbers.
When these homes are de-winterized have a plumbing company to do an air pressure test on the system before they turn the water on.
That way if there is a broken pipe, there will not be water leaking out and ruining the walls and floors.
Our home inspectors pay extra attention to these homes as the problems are sometimes not as easily uncovered as in a non-foreclosed home.