Gwen Fowler Real Estate, Inc.®

Are Foreclosures a Real Value

Posted By @ Jan 26th 2011 8:00am In: Foreclosures and Bank Owned Properties

543 Foreclosed properties were on the MLS site yesterday.  These are the properties listed with agents to be sold.  This does not include the properties banks own that have not been put out on the open market.  I have been reviewing some of these properties this week and have noticed a few things that you will need to keep in mind if you are thinking of purchasing a foreclosed property.

  1. Is the house really finished or finished up to a point?  Does it have all the trim work, appliances, mirrors, closet features?  If not what is the cost of doing all this extra work before you can move in?
  2. Do the doors and windows shut?  I have been in several homes where the doors were propped against a wall, frames were installed, but not the doors
  3. Is the power on?  A simple question and the answer is no in most cases or it is off at the master panel.  When outdoor temps are in the teens houses need to have the heat on to protect the plumbing and to reduce the moisture that collects in vacant properties.
  4. Do you really want to buy an investment without any warranties?
  5. Are you willing to do the research, find the septic tank permit and if there was an occupancy permit issued?

If you want to take the plunge there are some great buys available at this time, homes that just 3 years ago would have sold in the $350-400,000 have been reduced to $200,000 and less.  These homes are in gated communities with amenities and benefits.

I have a list of the current foreclosed properties that are available at this time in the office, just call 1-800-248-8950 and I will be happy to send it to you.

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