Considering purchasing a foreclosed home..need advice.

[mark1210]

What is the name of your state? TX

Hello,

I am debating putting in an offer on a foreclosed home. The home is not in any litigation and the previous owners are not occupying the property. Title is also clear. At present, the house belongs to the lender (Washington Mutual). Upon looking at the property I am a bit concerned. For instance:

1. Vinyl will need to be replaced...it is torn badly
2. Many mini-blinds are useless and bent severely.
3. Walls need to be repainted
4. A few holes in the walls
5. Evidence of water damage in bathroom near shower
6. Countertop has a burn mark where a hot skillet was placed
7. Stove/Range is totally trashed as is Dishwasher and Microwave
8. Broken windows/missing screens
9. Toliet has been kicked or hit and broken
10. Ceiling fan has been pulled out of ceiling

That is what I found during walk through, I plan to get the home inspected of course. If the home is in sound structual condition I wonder if it is safe to proceed. In otherwords, if there is no sign of termite damage, leaky roof, foundation issues, etc would this be a fairly safe bet? Apparently the previous owner couldn't careless when it came time to move out. This will be my first solo home purchase. I have representation from a buyers agent. Original asking price is 128,000 for 2,000 sq ft. I am offering 120,000.

 

[juliedealers]

I'm in the process of buying a foreclosed home now. Just remember the bank won't make any repairs and they don't have to disclose any problems. That said you need to ask yourself; are you prepared to make the repairs yourself? Your list of repairs seems to have alot of minor repairs, things you can do yourself. I'd try to get some estimates on the major work that needs to be done first.

Just a note on the home inspection, be sure the inspector is liable for anything they miss. I hired a home inspector, had him do the inspection then found out at the end he was only liable financially up to the amount of the cost of the spection $195.00, fortunately for me there are no major problems.

 

[HomeGuru]

What is the name of your state? TX

Hello,

I am debating putting in an offer on a foreclosed home. The home is not in any litigation and the previous owners are not occupying the property. Title is also clear. At present, the house belongs to the lender (Washington Mutual). Upon looking at the property I am a bit concerned. For instance:

1. Vinyl will need to be replaced...it is torn badly
2. Many mini-blinds are useless and bent severely.
3. Walls need to be repainted
4. A few holes in the walls
5. Evidence of water damage in bathroom near shower
6. Countertop has a burn mark where a hot skillet was placed
7. Stove/Range is totally trashed as is Dishwasher and Microwave
8. Broken windows/missing screens
9. Toliet has been kicked or hit and broken
10. Ceiling fan has been pulled out of ceiling

That is what I found during walk through, I plan to get the home inspected of course. If the home is in sound structual condition I wonder if it is safe to proceed. In otherwords, if there is no sign of termite damage, leaky roof, foundation issues, etc would this be a fairly safe bet? Apparently the previous owner couldn't careless when it came time to move out. This will be my first solo home purchase. I have representation from a buyers agent. Original asking price is 128,000 for 2,000 sq ft. I am offering 120,000.

**A: write back after you get the results of the home and termite inspections.

 

[amortgageman]

Best situation I ever heard was the toilet drains had dry concrete poured in.

Julie is right, make sure that you get a good qualified inspector, estimates of repairs etc. If the home is still a bargain (comapred to market value), then oyu may want to proceed.

 

[faithandhope]

Also, make sure that all utilities will be on for the inspectors use. That is very important. You can always check on an inspectors record by calling TREC (Texas Real Estate Commission) and giving them an inspectors license number to verify how many complaints an inspector has had. Doing due diligence before is as important as whether an inspector has liability insurance. Most professional inspectors don't, it's usually the apprentice or newer inspectors who do. Ask how many inspections they've done.

Most of the items you mentioned were cosmetic and will not be mentioned by a TREC inspector anyway. The water penetration bears note because if it has been there awhile it can lead to mold. The biggest items are roof, foundation, electrical and a/c's and those items will be what the inspector will look at and are the most important. Most of the foreclosed homes we inspect have been trashed cosmetically. Some people do not go willingly. Best of Luck.

 

[HomeGuru]

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