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#168048 --- 05/09/05 03:28 PM What should I watch out for?
KoDSC Offline
Senior Member

Registered: 10/06/04
Posts: 5746
Loc: Here.
Ubu and I are looking into buying a house that's been foreclosed. Is there anything in particular we should be checking out? We're going to see it on Saturday. We've driven up to it a few times and it appears to be fine- I have no idea how long its been unoccupied. I don't think it's been that long...
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#168049 --- 05/09/05 08:10 PM Re: What should I watch out for?
Z Genius Lusifer Offline
Diamond Member

Registered: 11/16/01
Posts: 27999
Loc: inside your head & under your ...
The condition of the house is one thing...

Clear title and outstanding lienholders is another....

Watch for the hammer of the back taxes as well....

Not something to mess with without the advice of an attorney...
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#168050 --- 05/09/05 08:49 PM Re: What should I watch out for?
Hogg Wild Offline
Senior Member

Registered: 03/25/03
Posts: 1145
Loc: The House That Love Built
plumbing...some ppl get down right vicious when they know they are to loose their home, you will be amazed at what they will flush down the toilet or through the pipes. I've seen bowling balls thrown through walls, floor boards torn up, toilets broken off, tubs smashed...sigh...
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#168051 --- 05/10/05 09:52 AM Re: What should I watch out for?
KoDSC Offline
Senior Member

Registered: 10/06/04
Posts: 5746
Loc: Here.
The list price is 39k. The taxes are listed as $1,145...

Yeah, that's what my dad was saying, too, HW.

Now I'm kinda worried about going to see it... but it really is a nice looing place- from the outside. That's partially why I'm worried... If it looks this nice outside, what's wrong inside to make it 39,000?
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#168052 --- 05/10/05 11:53 AM Re: What should I watch out for?
Jelloshot Offline
Silver Member

Registered: 11/22/02
Posts: 11043
Loc: Right behind you.
Be sure to get the foundation checked, find out the age of the electrical wiring, what type of heating does it have, how old is the furnace, is the house insulated? How old is the roof? Take a contractor friend if you have one. Jump up and down on the floors to see if they move.. (really) if they are saggy or weak.. you'll wanna know. Dont be afraid to ask aggressive questions. this is a BIG chunk of $$ Good luck.

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#168053 --- 05/10/05 01:48 PM Re: What should I watch out for?
Z Genius Lusifer Offline
Diamond Member

Registered: 11/16/01
Posts: 27999
Loc: inside your head & under your ...
ask Buddy to come along to jump up and down on the floors....
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#168054 --- 05/10/05 02:02 PM Re: What should I watch out for?
KoDSC Offline
Senior Member

Registered: 10/06/04
Posts: 5746
Loc: Here.
That's when we bring my friend Tiny.
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#168055 --- 05/10/05 03:51 PM Re: What should I watch out for?
threesons Offline
Senior Member

Registered: 02/28/05
Posts: 4233
Loc: Hysteria Lane
water in the basement, find if the house gets water in the basement TRUST ME on that one! I call my basement an "indoor pool" in the spring- peepers get annoying tho'
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#168056 --- 05/10/05 03:52 PM Re: What should I watch out for?
KoDSC Offline
Senior Member

Registered: 10/06/04
Posts: 5746
Loc: Here.
No basement, so we're good on that one.
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#168057 --- 05/10/05 05:27 PM Re: What should I watch out for?
Buddy Offline
Gold Member

Registered: 10/02/01
Posts: 19003
Loc: Southend {Mars}
Quote:

ask Buddy to come along to jump up and down on the floors....




You haven't seen me yet chubs, I have lost 30lbs. I now wear a petite XL, can you say the same. LMAO
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#168058 --- 05/10/05 08:16 PM Re: What should I watch out for?
Where's the love Offline
Senior Member

Registered: 10/16/04
Posts: 5841
Loc: Tahiti - I can dream...
good going Buddy!
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Nope...more like borrowing the bull, but not having to put up with the "manure"

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#168059 --- 05/10/05 08:43 PM Re: What should I watch out for?
Z Genius Lusifer Offline
Diamond Member

Registered: 11/16/01
Posts: 27999
Loc: inside your head & under your ...
petite 3x
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#168060 --- 05/10/05 09:48 PM Re: What should I watch out for?
Buddy Offline
Gold Member

Registered: 10/02/01
Posts: 19003
Loc: Southend {Mars}
Thank you WTL, I am sure you will get it going soon, its all about wanting it, and working your butt off. I slacked for one day, and felt crummy, I am sure with your inner strength you will be there quickly.
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#168061 --- 05/10/05 09:57 PM Re: What should I watch out for?
Z Genius Lusifer Offline
Diamond Member

Registered: 11/16/01
Posts: 27999
Loc: inside your head & under your ...
oh brother.....
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#168062 --- 05/11/05 01:44 PM Re: What should I watch out for?
bluezone Offline
Diamond Member

Registered: 12/19/04
Posts: 32556
Loc: USA
Quote:

Ubu and I are looking into buying a house that's been foreclosed. Is there anything in particular we should be checking out? We're going to see it on Saturday. We've driven up to it a few times and it appears to be fine- I have no idea how long its been unoccupied. I don't think it's been that long...




Usually, a foreclosures is "buy as is" and the buyer is responsible for any remedies that the properties needs. You will have to determine how much is needed for repairs and the price that you feel is going to fit into your budget. Most foreclosure sell between 15 to 35% below market value because the bank just wants to get the debt off of its books. Every day that the bank has possession of the property is money they are losing.

If you are handy and capable of doing most of the repairs then you may get a good deal on the house.


Things to check:

How old is the roof? how many layers of shingles on the roof?
How old is the electrical service? How many amps? (200 amps is better)
Is the electrical service panel breakers or the older fuses?
How is the foundation? Any major cracks?
How old is the plumbing? Is it copper plumbing or the older brass?
How is the water pressure?
How old is the sewer line going from the house to the street?
Is it a septic tank? How old is the septic? Is it functional?
How old is the water line going from the house to the street?
Is the house on well water? If so, does the well water pass inspection?
Do all plumbing fixtures work as desired?
Any damaged or cracked tile in the bathroom? Any water damage under the affected area?
Any structural problems? floors level? roof line level? Doors move freely and do not bind?
How old is the furnace? (model number usually indicates year made) Is the heat electric or gas? (electric is expensive)
Is the house painted or sided? Condition of the exterior?
Are the windows newer? If not, then it may be a few hundred dollars each to replace.
Condition of the chimney or furnace vent?
How old is the water heater? Is the water heater electric or gas? (electric is costly)
Condition of the driveway? If it is paved and had not been sealed then it may need to be replaced if large cracks or holes?
Condition of the garage?
Does the basement get any water?
Is the house located on in a low area (wet) or on higher ground (dry)
Are the walls in the house the newer drywall or the older plaster and lath?
Is the house insulated? Is the attic insulated?
Inspect the attic, the basement or any other place that you would not normally check or have easy access to.





If the assessed value of the house is more than the selling price then you may be able to get more money applied to the mortage to make the needed repairs. This depends on the lending bank and the buyers credit worthiness.


...
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#168063 --- 05/11/05 04:40 PM Re: What should I watch out for?
zipdrive Offline
Member

Registered: 06/21/01
Posts: 261
Loc: Seneca Falls NY
After you see the place on Saturday, if it is not a total disaster, why not have a home inspector come in an professionally check it out? If I had to have one come today, it would be Jim Salmon (jimsalmon.com).

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#168064 --- 05/12/05 11:51 AM Re: What should I watch out for?
Oompa Offline
Senior Member

Registered: 01/17/04
Posts: 6836
Loc: Finger Lakes, NY
Most of the questions here are typical questions to act when buying any home.

Ask the realtor if he/she is experienced with this type of situation. We looked at a HUD home once, had financing lined up, and "lost" it twice b/c the realtor didn't have a CLUE how to do the paper work properly.

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#168065 --- 05/12/05 12:17 PM Re: What should I watch out for?
Moonshadow Offline
Senior Member

Registered: 06/17/02
Posts: 5176
Loc: New England
Asn said before, be careful, lots of times, people will rip out plumbing and heating and do all sorts of things because they know they are losing the house!!

I usually tell someone if they want a fix me up...then buy a foreclosed house...if not...then stay away!
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