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- 10 Things to Consider Before Buying a Foreclosed Home
10 Things to Consider Before Buying a Foreclosed Home
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7. Check for foundation cracks, roof, leaks and other exterior damage. “We tend to see it all—bad roofs, structural issues, water damage, and other big-ticket repair items,” says Gifford. “In arid climates, like Texas, the foundations of houses need to be watered or they can crack and ruin the house,” adds Johnson. For a home with a pool, Barnett recommends contacting a pool service to be sure the underground piping and equipment isn’t cracked or clogged. “A normal house inspection will cover the general condition of the pumping and filtering, the patio area, coping stones, and skimmers, but a pool service can try to get the system up and running to see if there’s any significant equipment damage,” he says. If there’s a problem, the owner may give you credit to get it running properly again.
8. Conduct a sewer scope. Especially for homes more than 20 years old, Johnson suggests investing in a sewer inspection. “Lines can be broken by tree roots,” she says, “or they may not be properly connected to public systems.” The lines may also be rotted, clogged, or damaged. A plumbing company can snake a video camera through the line to determine its condition.
9. Resolve any liens. “Many municipalities have regulations regarding the maintenance of properties,” says Herb. “If a bank owns a property, it will generally keep a lawn cutting schedule, but if it fails to do so, the municipality can place a lien on the property if it has to come in and maintain the lawn itself,” he says. “Any number of other liens may have been placed on the property by unpaid contractors, utilities, homeowners associations, and the like,” says Johnson. Prior to closing on a property, you’ll need to make sure all liens are thoroughly investigated by you and a title officer and remedied before title can be conveyed from the previous owner to you.
10. Re-key all the locks. “A lot of houses are on a master key system,” says Johson. “That means countless brokers, contractors, appraisers, and other people could have that key.” If you purchase a foreclosed home, she advises protecting yourself and your property by immediately installing new locks with new keys throughout before you move in.
About the author: Jean Nayar is a licensed real estate agent with Bond New York and the author of several books on decorating and design, including The Happy Home Project (Filipacchi Publishing), which was released this June.
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