How Do You Evaluate A Foreclosed Property For Purchase?
With all the foreclosures being listed everyday, it is definitely a buyers market. Yet even with all the available properties out there, having a checklist with points to examine can save you a lot of heartache, money and possible disaster in the future! For first time buyers especially, foreclosed properties can an excellent way to buy their 1st home. When most people purchase a home it has little or no equity in it. With a bank owned or foreclosed property you can usually pick up a property for far less than the assessed value. The sad fact of a foreclosed property is usually condition the property is in. The people that were foreclosed on have a tendency to no longer repair or take care of the condition of the house because they figure they are losing it anyway. Victims of foreclosure will sometimes also raid the property for everything that they can sell such as built in appliances, light fixtures, ceiling fans and any copper piping or wiring. Fully walking through the property and
