Purchasing a foreclosure home may appear to be a deal of a lifetime. What could be better than buying a home for a portion of the market value? Many individuals believe that some of these homes may even be too good to believe. Although these homes may appear to be the deal of a lifetime, there are many underground hazards in purchasing these homes that have been disclosed by a foreclosure defense that many individuals are not aware of. When pursuing the course of purchasing your new home, be aware to look out for some of the obscure costs.
- Property Destruction
Although individuals have lived in that home, generally when they have lost their home they purposely destroy their home. Some individuals may do this out of anger and frustration and others because of carelessness once they recognize their home is going to be lost after so many missed mortgage payments.
- No Upkeep
Generally speaking, if the homeowner was unable to manage their mortgage payments, they usually did not have the financial stability to perform routine maintenance on the home.
- Possibility of Uncleanness
Any property that is left uninhabited for a momentous period of time has the possibility of being unclean. This happens either from the prior homeowners or normal depreciation to the property due to the fact that is was left unoccupied with nobody to look after the home.
- Unwanted Renovations
There are times in which the homeowners prior to losing their home were renovating a part of the home, which then causes you to be stuck with the project that is half finished.
- No Electricity
If the prior homeowners could not afford to pay the mortgage there is a high probability that the electricity will also be unavailable, making it difficult for you to view the property in which you are purchasing.
- Personal Belongings Left Behind
Many individuals leave personal belongings behind due to the fact that they do not have a location to store them, or have been locked out of the house prior to having the ability to retrieve their items.
- No Disclosure
Due to the fact that no individual has lived in that home because the owner is a bank, they may are unaware of the problems that may be associated with the home and have zero obligation to discuss them with you regardless if they did have any knowledge on the issues.
- Liens and Judgments
There are times where the property is associated with titles overburdened by judgments or liens that you may have to pay off in order to close the deal.
Although purchasing a foreclosed home may be a great way to save money, it is important to look at all of the possible costs prior to making the final decision. Calculate all of the expenses you may be facing in order to determine if you are actually saving rather than costing you.