If you are a normal person you would like to save money when buying anything and even more so on a large purchase like real estate, buying East TX property under foreclosure can save you thousands of dollars or be your worst nightmare. Learn where the hidden problems may be and let yours save you money.
How do you find foreclosed East TX land or houses for sale? Finding foreclosed land or houses in East TX sounds easy enough but be careful you can save a ton of money buying and cost yourself more than the house is worth if you don’t pay close attention, mold, infestation and unwanted guest like squirrels can ruin what would have been a great deal. If you have found the perfect REO home and you would like to get into the negotiation process let me give you a few things to consider and a few you really need to watch. The first thing I will suggest is don’t trust anybody, not the bank or note holder or Broker and not necessarily because they may be lying but because they don’t know all the problems or may not want to know. I have heard ignorance is bliss my entire life but when it comes to land or house transactions this will kill your checkbook.
When you start the negotiating process get involved yourself, yes hire a qualified home inspector but even a pro might look at a repossession the same as a regular sale, the danger here is all the unknowns. In a foreclosure you are dealing with a property owner that obviously had money trouble so little things might not have been repaired and when little things are not repaired in a house they tend to become big things. Make sure the power is on and all other utilities, water, gas, furnace if the house has one. I will also recommend checking and turning everything off yourself before you have anything turned on, most REO properties have been sitting for awhile which will lead to additional problems, if there was water at full pressure in the pipes during the winter and there was a freeze and now it is June there could have been multiple pipes bust and you will not know until the water is turned back on. I saw a house where a water line ran through the attic to a ice maker and that pipe busted during the winter, well there was quite a bit of water and damage done before anybody ever saw water come through the ceiling and this is just one little example.
There are many other things to keep in mind that will be more prevalent but foreclosure rage and owner vandalism as they are leaving are two that can cost thousands to fix. Just think, you found the perfect East Texas property for sale and you don’t check everything and I mean every outlet and pipe, you get the house bought and put everything you have saved up in the house and down payment, you go into the house under capitalized so to speak then find where the prior owner took parts out of the central air conditioner unit, cut pipes in the attic, and just left what they thought was the bank a real mess but it became your mess.
When you are looking to buy East TX property for sale do your do diligence and I mean trust no one, assume nothing and check behind everybody, the ultimate expense is yours, after all the crying, cussing, and kicking it is your problem, don’t let this happen to you.