Since the Bike Man and I have been peeking in windows of homes for sale, we have noticed several problems with foreclosures. These are a list of things to keep in mind if you are thinking of peeking at one.
1. Most foreclosures do not come with any appliances
2. Most foreclosures take 3-5 months to close on since you are not dealing with a single person you are dealing with a system
3. When families are forced out of there homes in hurry they often take the entire drawer from the kitchen and bathrooms
4. Families often punch holes in the walls, break toilets and tubs, bust out windows, break the AC/heat, pull up hardwood floors…and note: these homes are sold “as-is”
5. After a home is foreclosed on the bank goes in a rips out carpet or other things theythink are hazardous
6. The homes are written off as “as-is”, but with a good real estate agent you might be able to pull off new windows, doors and flooring if the home is virtually unlivable
So if you are in the market for a home that needs fixing up, make sure you have the budget to do the fixing and not just the buying. The Bike Man and I found a great home just in our price range , but then we would not have the money to make it livable. Also if your into stainless steel appliances like us, bet on an instant $3000 expense, and calling Bath Fitters for a new tu and shower. We are lucky enough to have a friend of a friend who is a real go getter real estate agent, so he has litterally lifted our feet to help us step by step.