Most of the homes I've been showing lately are bank foreclosures.
I can certainly understand why - some banks are putting homes on the market for so far under current market values they are absolute STEALS!
What I'm also seeing in many, if not most, bank foreclosures is mold in the basements. This happens fairly quickly when the houses are closed up and utilities are off. Normally you'd be running air conditioning or heat, running the sump pump in the basement, and keeping the humidity down in the home.
But the banks right now are holding so many foreclosures on their books and are not paying the monthly costs to keep the utilities on so the homes are building up moisture on the inside and mold is growing.
When some people hear "mold", they don't want to have any parts of it and I can understand why. I've seen the news programs showing homes that have "toxic black mold" in them making people terribly sick. But there are different types of mold and the most common mold that grows in the basements of these homes is annoying and does need to be removed (it's most harmful to people that have asthma or suppressed immune systems), but in most cases is more nuisance than deadly.
I'm not a mold expert, but here is a great article containing an interview with a home inspector. If you're in the market for a foreclosure in this market, make sure to click on the link below and read this so you can educate yourself on the subject:
Mold Is The Issue
If you're in the market for a bank foreclosure, make sure to give us a call and we'll take you around to see some bargains!
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