Yes, you should absolutely get the home inspected, and here’s why. While the bank may not be willing to make repairs—though they will sometimes do so even after saying no—you could avoid purchasing a home that might become a “money-pit.” The home might have serious hidden defects that only a trained inspector can find.
If, for instance, you discover that the home has a foundation or settling problem, it could cost … (52 comments)
buying foreclosures: Considering The Purchase Of A Foreclosure Or Unoccupied Home?
- 01/15/10 03:21 AM
For those considering the purchase of a foreclosure or unoccupied home, the market in most areas offers a wide selection of options. Buyers will find everything from pristine, well maintained, “cream-puffs,” to fixer-uppers, and a few “tearer-downers.” The current housing crisis has created buying opportunities for many who were unable or unwilling to pay the inflated prices that existed before the recession. And while some short sales or foreclosures represent true bargains, it’s especially important to have these homes carefully inspected.
A harsh beginning to winter may have severely damaged the plumbing in those homes without functioning heating systems. And … (13 comments)
buying foreclosures: 10 Don’ts When Buying Foreclosures
- 11/23/09 12:43 AM
While there are sometimes bargains to be found in the purchase of foreclosures, there are also serious pitfalls. Foreclosures are not for the inexperienced. Use the following to help guide you through the process.
1. Don’t buy a foreclosure in the wrong area. Even if the home is a great deal, if you are planning to live there, you’ll probably regret your decision. Price is never the only factor. And even if you are an investor, if the home isn’t in the area you wanted, it may be better to look for another. 2. Don’t assume that a foreclosure … (25 comments)
buying foreclosures: HUD Homes, Not Just "Hood" Homes Anymore
- 09/20/09 03:28 AM
HUD homes for sale for $10,000, $5,000, or even $100! The advertisements certainly catch the eye, but many immediately discount the offerings as being homes not worthy or repair or worse, in areas where no one wants to live. Traditionally homes offered by HUD have been just that—old, dilapidated, and in inner city areas blighted by drug use and crime.
But that’s not the case anymore. In recent years HUD, The Department of Housing and Urban Development, has offered homes for sale in some of the best areas of the country, nice homes in nice neighborhoods. Take a look at … (9 comments)
A recent visitor to TheHousingGuru.com asked the following question: “I’m thinking about buying a foreclosure and the bank won’t make repairs, should I get an inspection anyway?"
;)
;)
;)
