Realtor Magazine OnLine said something today that I recently mentioned in "Foreclosures are for Rich People," when they quoted Scott Mitchell:
"It's almost every day now that we see a [foreclosed] house in awful condition," says Scott Mitchell, president of National Property Inspections, a company that provides home inspections and assessments in the Las Vegas area. "They know they are going to lose their house, so they have no pride of ownership anymore."
On top of that, I have often witnessed how the financial stresses of losing a home can put good people in the position of having little money for upkeep and repairs even if they still want to take care of the home. When there isn't enough money for the mortgage, there usually isn't enough money for new plumbing.
"He (Mitchell) says some home owners will leave the water on so there's flooding and mold, or they'll tear the chandelier or the ceiling fan out of the ceiling. He's also seen doors and walls kicked in..."
If you have shown foreclosure homes to investors, you have likely witnessed the issues involved.
If you are the investor, you should exercise your gag reflex to face some of the challenges you will undoubtedly encounter.
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