You Want to Buy a Foreclosed Property? Caveat Emptor!
Foreclosures look enticing to home buyers trying to catch a deal. There are a lot of things to consider before you set your sights on buying a bank owned property.
You want to buy a bank owned property, or foreclosure because you think you can get the best deal? If you must, then caveat emptor (buyer beware)!
There are many bank owned, or foreclosure properties for sale throughout Plymouth and Barnstable counties in Massachusetts and many of them are not in very good condition. In fact, the majority are in need of some repair, require complete rehabilitation, or are complete tear-downs. They are generally neglected, damaged and either have holes in the walls, torn out appliances, broken windows, missing fixtures, all of these problems and/or worse!
When a new property comes on the market and the price is very low, it tends to attract a great deal of attention. Many contractors/investors come looking at these homes and if the property is in repairable condition it will receive multiple bids. These contractors/investors know what to look for when they evaluate these properties.Do you?
In some instances you can physically see that there is a problem. For instance, here are some photos that I took of a bank owned property that I recently showed to a client.
This photo is of the ceiling from one of the 1st floor bathrooms.
There is a bedroom above this ceiling. At first glance, you would assume that there was a bathroom above that had a plumbing problem which caused this mess. Not this time!
Here is an exterior photo of the same house.
When we looked at the backside of the house, it appeared there may have been a fire that caused this damage. It also exposed some other serious concerns about the rest of the home.
Then there was this gem of a photo. Can you guess what this is?
While the photo is very interesting, it is also very telling. This is a photo of mushrooms growing on the ceiling. Yes, I said mushrooms growing on the ceiling. Do you think there might be a mold problem? Mushrooms belong growing in a forest, for sale in the grocery store, or cooked up in your favorite dish, not on your ceiling!
Foreclosures, or bank owned properties generally have issues. The average do-it-yourselfer should proceed with extreme caution when considering purchasing foreclosed properties. There is never a disclosure declaration on these properties as the owner is the bank and they NEVER occupied the property, and they almost always have no knowledge, and therefore limited obligation of disclosing past or current condition of the property. They might not know, and they certainly do not want to know. It will be sold in "as is" condition. That equals RISK.
Hence, the moral of the story and the title to this post.... You Want to Buy a Foreclosure? Caveat Emptor (buyer beware)!
Call on Judy Jennings for all your real estate needs. I proudly serve Plymouth county, Barnstable county and part of Bristol county in Massachusetts.
Call me: 508-947-2295, ext. 210
Email: Judy Jennings
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