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...
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...
If you pick the scabs, life's wounds will never heal. T.L. Palmer
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?
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.
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.
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.
"OUR COUNTRY IS IN MOURNING, A SOLDIER DIED TODAY."
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).
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.