I am currently in the process of buying a Foreclosed house. What are some red flags that I should be looking for? (With the house and the realtor) Also, the Realtor is working for the buy and the seller which i know isnt good, but how can i make sure that in the end i am getting a fair deal?!
2007-02-27 02:37:19 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Foreclosed homes are usually sold in "as is" condition so when the seller says get inspections they mean it. They have no idea what conditions the property is in and neither does the licensee. You best talk to the agent and ask about inspections for:
title, encroachments and doing an ILR, construction integrity, water testing, appliance conditions, roofing, electric, plumbing, bugs, radon, lead etc, etc. Do it before you make the offer and subject to the outcome of the inspections. Extra expense but you will be able to sleep at night.
Buena Suerte
2007-02-27 02:45:30 · answer #1 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
You are in the market to purchase a discounted house or at least one below market value.
You are not gonna find a perfect house, especially one that has gone through foreclosure.
Make sure the major things work there is no structural or roof damage, see if there is water in the basement if you live in an area where they have basements, just run you hand along the entire length of all the walls.
Get you a house inspector to verify that there are not major damages to the property.
If you need compensation for what you perceive as not up to snuff, explain it to the real estate agent and offer less than the asking price to compensate.
If you want to purchase a perfect house you are in the wrong end of the housing market.
It is OK to use the seller's agent they have to disclose so much and will deny everything if something go wrong, so it is OK. If you feel uncomfortable you can always tell the agent so and get you a buyers agent.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-02-27 05:31:52 · answer #2 · answered by Skip 6 · 0⤊ 0⤋
Im buying one too. Nobody knows the condition so get an inspector. For resons I cant legally explain here, get your own inspector, pick up a phone book, do not take a recommendation. I hope the seller's agent provided a form to you that he only represents the seller and not you, he can't represent both parties legally.
Also, flush the toilets, theres a trend of frusterated forclosed owners who have been putting concrete mix into toilets and flushing them. But trhe inspector, if they are good will let you know everything you need to know.
2007-02-27 02:53:43 · answer #3 · answered by Mark P. 5 · 0⤊ 0⤋