It is a great time to buy foreclosures around the nation. Here in Southeastern Michigan the banks are starting to price them aggressively in order to move the properties.
BUT you still have to be careful when buying a foreclosure. Remember you are buying it "as is". What that means is that the bank is not going to fix anything. It is all up to you. Also there usually are blank disclosures. The bank never lived in the house, so they know nothing of the defects or problems. So it is impossible for the bank to tell you what may be wrong with the house. So it may be possible there are water leaks in the basement or roof. IT IS IMPORTANT TO HIRE AN HOME INSPECTOR WHEN BUYING A FORECLOSURE. I always recommend hiring an inspector on all home purchases. But when buying a foreclosure this is one time "Uncle Joe" or my "best friend Bob who does remodeling" is not enough.
Here is the story I heard today. The evicted people took all the ceiling fans, the outside lights, and even the Jacuzzi tub with them. There is just a hole where the tub was. Then they shut off the utilities and the pipes froze too. This is one house you need to get estimates from electricians and have an inspector. The sad part is that the people went to court to stay in the house longer because they were in a bad car accident. The bank let them stay longer. Yet they did all this after getting to stay in the house longer and for free.
Protect yourself when buying a foreclosure, read the bank documents carefully, and hire an inspector.
For more on Metro Detroit Real Estate, Oakland County real estate, Wayne County real estate feel free to go to my website www.russravary.com Lots of great real estate and mortgage information.
May you stay warm today. Russ Ravary
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