What to consider when looking at a home that is in Foreclosure
Foreclosure properties are often associated with extra problems due to the weatherization process. This process involves preparing the home for winter by insulating pipes, caulking windows, and sealing doors. Unfortunately, poor weatherization can lead to a variety of issues that the potential buyer should be aware of.
One of the most common issues with foreclosure properties is with the plumbing and copper pipes. These pipes can expand or burst due to the weatherization process, leading to leaks and water damage. In addition, electrical wiring, such as Romex or other copper wiring, may need to be replaced if it has been exposed to moisture.
Damaged cabinets or counter tops are another potential issue with foreclosure properties. While some damage may be acceptable, it is possible that replacement will be required. Appliances, such as stoves, built-in microwaves, dishwashers, and space heaters, may also need to be inspected and potentially replaced.
Other areas to inspect include the furnace, water heater, air conditioning units, lighting fixtures, doors and hardware, flooring, windows, vents, sinks, tubs, toilets, showers, and built-in shelving or bookcases. Additionally, it's important to pay attention to the landscaping, fencing, built-in pools and spas, retaining walls, and wood trim.
Properties that have had the heat and water turned off for extended periods may also pose greater concerns. This is because prolonged periods of inactivity can cause pipes to become brittle and prone to breakage. It is common for foreclosure properties to have been stripped of many standard home features.
One of the most common problems with foreclosure properties is plumbing issues caused by poor weatherization completed by inexperienced workers or plumbers. To avoid potential leaks and damage to walls and floors, it is recommended to have a plumbing company perform an air pressure test on the system before turning the water on.
Overall, it is crucial to be cautious and thorough when considering a foreclosure property, as problems may not be as easily identified as with a non-foreclosed home. It is important to inspect every aspect of the property and to enlist the help of professionals to identify any potential issues.
When considering a foreclosure property, it is important to weigh the potential financial benefits against the potential risks. With careful consideration and proper inspection, purchasing a foreclosure property can provide a great opportunity for savings and a new home. However, buyers must be aware of the potential pitfalls and take the necessary steps to protect themselves from potential issues.
We will pay extra attention to these homes as the problems are sometimes not as easily uncovered as in a non-foreclosed home.