BuyRenovatedForeclosures.com

With so many homes going into foreclosure these days, there has been a lot of attention to getting a great foreclosure “deal.” Let’s take a look at what is really going on with this latest real estate rush. I’d like to share my knowledge in order to help you make a smart foreclosure investment, and keep you safe from the common pitfalls of buying a foreclosure home.

Here is what I see from being out there every day looking at properties. The banks lent on all kinds of houses, both new and old. Many of the newer properties that are now bank-owned are in need of minor repairs: paint, carpet, a door here, a window there. You should always remember the saying “buyer beware,” as things like appliances, heating and air conditioning systems, roofs, gutters, garage door openers, and water heaters can go bad even in a newer house. But if you are handy, or have a brother-in-law like the guys on This Old House, you are probably good to go.

Unfortunately, most foreclosure homes are fixer uppers. If a homeowner was unable to make their mortgage payments, they probably weren’t able to pay for all of the necessary repairs or upgrades to their properties either. Sometimes when people realize they’ll be losing their home, they just give up and stop putting any more money into it, letting the problems with the property’s condition just compound. In the worse case scenario, they may even trash the house on purpose out of anger or frustration.

So here you are, all excited about getting a deal on a foreclosure. It is an old house and kind of had a rough life, maybe even some abuse by the previous occupants. Yeah, it is a little dated and the layout is a little obsolete, but your real estate agent told you it will only cost about $20,000 to make it a place of your own. Since you paid such a low price for the house, the extra money isn’t a problem. Piece of cake!

Ever had sheetrock or plaster dust with your morning cereal?

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