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Property Foreclosure Article
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A Home Inspection is an absolute must for Home Foreclosure Properties
from:There are many reasons for buying real estate property and one of them is to buy your own home. There are many tax advantages available for buying residential property. The government and most financial lending institutions offer tax benefits, favorable appreciation values, and finance options to homeowners
With the questionable economy today in the United States, it is pretty much a buyers market. This means that the selling price on affordable homes have come down in prices. Many families are facing home foreclosure and are selling often time at well below market value just to get out from under that debt. Like any other investment, the investor must purchase wisely.
When buying from a family facing home foreclosure, chances are the property may not be in the best of condition. Since money is an issue, the family may have also had difficulty keeping up with maintenance and repairs.
You will need to have a home inspection done, often called a pre approval inspection. That way you will know if the building is worth the selling price or if you will have to put out additional monies to bring the home up to building codes and your own esthetic needs.
A building inspector hired for your home foreclosure lead will be looking at such things as electricity and plumbing. An inspector will also look at the structural foundation of the building, checking the landscape, exposure to heat from the sun and rain or strong winds, and the inclination. The inspector will be looking for water damage, leaks and creaks, both on the inside and outside of the house. The inspector will take note of the gutters, downspouts, outside paint or siding, condition of bricks, wood, paneling, and the condition of the roof. Inspections will also be done upon the fuses, heating and cooler systems, fans, air conditioners and vents, as well as the fire alarms and security systems.
If the home foreclosure unit comes with appliances such as refrigerator and stove these appliances should be checked as well. A very important condition to look for is the water pressure. For example, many older homes lack sufficient water pressure to enjoy a pleasant shower. If you are looking for home foreclosure property in colder climates make sure that the water pipes are not only in good condition but are properly insulated as well.
If any problems come up in the inspection, you can use the cost of the repairs to negotiate a lower sale price if you still want to consider this property.
A very important thing to consider is whether or not the family is still living in the home foreclosure before you buy. You want to avoid eviction costs and legalities. There should be a stipulation in the lease that the occupants must vacate the premises as soon as a the property is sold, this becomes even more important if it is more than a single dwelling home foreclosure unit that you are purchasing for yourself and other family members.
Property Foreclosure Specific links
Property Foreclosure News
Times Square Bomber Shahzad's Connecticut House to Be Sold in Foreclosure - Bloomberg
Times Square Bomber Shahzad's Connecticut House to Be Sold in Foreclosure Bloomberg Chase Home Finance sued him and his wife for foreclosure in September, and the court on May 28 ordered the house sold at auction, court records show. ... |
Study: Home foreclosures rising - The Daily Advertiser
 Boston Globe | Study: Home foreclosures rising The Daily Advertiser Lafayette was among five Louisiana metropolitan areas to post year-to-year increases in foreclosure activity during the first half of 2010, according to a ... Foreclosures up in 75 pct of top US metro areas One Million Foreclosed Homes Forecast For 2010 Foreclosure activity continues to increase |
Property foreclosures rise in June - Evansville Courier & Press
Property foreclosures rise in June Evansville Courier & Press Property foreclosure rates in Evansville increased during June compared to the same period a year ago — and so have mortgage delinquency ... Local home foreclosures on the rise |
Frisco soldier who lost house to foreclosure over homeowners dues gets it back - Dallas Morning News
Frisco soldier who lost house to foreclosure over homeowners dues gets it back Dallas Morning News Under Texas law, a homeowners association can foreclose on a property and sell it at auction to collect what's owed. The two-story brick home was purchased ... Homeowners Association Foreclosure Reversed for Texas Military Family Iraq war vet declares victory in Frisco HOA battle |
Four businesses to be sold in foreclosures - Wisconsin Dells Events (blog)
Four businesses to be sold in foreclosures Wisconsin Dells Events (blog) According to posted foreclosure notices, the Grand Cambrian Resort property - minus some of the condo units in the Cambrian Estates Condominium - will be ... |