Buy a House Fast

If you are thinking of buying a foreclosure, you may get an unexpected glimpse into human behavior: people do crazy things when they are under stress. You might expect to see a home that is run down, but you may not be prepared for the state of some foreclosed properties.  The current foreclosure crisis has resulted in a rash of trashed, smashed, and stripped-bare homes for the next set of owners to deal with.

Many homeowners, strapped for cash, have ripped out counters, appliances, light fixtures, or cabinets to sell and may have intentionally damaged what’s left, out of anger.  Maybe some people think they are only getting back at the bank, so don’t care about the condition of the home.   Vandals have often come in and finished the job of gutting the home of anything of value.  It takes a buyer with vision and sometimes deep pockets to overlook the damage and see a livable home underneath.

Needless to say, many foreclosed owners do not follow the basic law of what stays with the house: If it’s attached, it stays!

This includes:

• Doors and windows
• Furnaces and air conditioning unit
• Floor, ceilings, and walls
• Electrical wiring
• Counters tops and cabinets
• Sink drains, and faucets
• Built in appliances
• Plumbing fixtures, including toilets, tub, and pipes
• Built in medicine cabinets, sinks, and showers
• Built in shelving and bookcases
• Landscaping, fences, built in pools and spas

These things can go:

• Furnishings and personal property
• Mirrors
• Arts work and photographs
• Pets and their things, including dog house, aquariums, or bird cages
• Refrigerators, televisions, computers, stereos
• Throw and area rugs
• Indoor plants
• Portable fans and heaters.

You can hardly read this list without alternately snickering and shaking your head.  Doors and windows taken?  Walls?  Unfortunately, we are too used to hearing about homes being gutted for copper piping to react at news that people now steal even the obvious things!

If you are thinking of buying a foreclosed home, replacing all these essentials can be costly.  So can removing trash left in homes if the previous residents left quickly without taking everything they owned.  If the home is bank owned, the lender might have filed claims against the former homeowner’s insurance – or come after the former owner. You, as a buyer, have no recourse against the former owner.

Get Prepared With a Home Inspection

If you are up for the challenge of purchasing a foreclosed home, make sure to get a home inspection. You are unlikely to get any guarantees on the home or recourse against the lender or former owner, but an inspection will list the obvious and hidden damage to prepare you for the work ahead.

Horror Stories, Yes. But there is a Bright Side!

As long as you know what you are getting into, foreclosed homes can be a great value.  Since almost every neighborhood these days has its share of foreclosures, you have a choice of properties in areas where you want to raise your family once you have brought the property back to its former glory.

Express Realty Services can help you find foreclosure property as well as fixer uppers, quality remodeled homes in Washington DC, Maryland, and Virginia. Whether you want a home in move-in condition or are prepared to do some work, we have the home for you.  Contact us today to get started.