I'm in the process of closing on a foreclosed house in a wonderful area. I'm getting the house for an awesome price, as it is a 2 bedroom with one possible bedroom in the basement. The house is completely updated including a finished basement. The basement has some seepage in the basement, which appears to be from poor grading around the house and also the possible cause of a backed up drain. I've looked at tons of foreclosed properties and found this one to be the most well put together. What are your thoughts?
2007-05-12 13:27:17 · 6 answers · asked by Good News 3 in Business & Finance ➔ Renting & Real Estate
Since it is a foreclosure, I'm assuming that it is being offered "as is"--meaning the bank that is offering it for sale will not fix anything in order to complete the sale. If you haven't had a professional inspection--do get one. Depending on where you live it will cost around $300--consider it relatively cheap insurance. A good inspector should be able to advise you about the projected costs of fixing any problems and what the likely consequences of not fixing them would be. Armed with this information you're in a better position to make an informed decision.
A foreclosed home can be an awesome opportunity to get a house very inexpensively. But, a financially distressed homeowner often lets maintenance items slide for awhile before they actually lose the house which means you could be inheiriting some problems. So, my advice is have it inspected before you decide.
2007-05-12 13:56:31 · answer #1 · answered by dogmom 3 · 0⤊ 0⤋
I just purchased a foreclosed home and was very lucky at what I found and paid very little for it.
I suggest a home inspection, one that offers a full report in different colors so you know what is the most important concerns. (red is a very big concern,blue might be a problem,green can wait)
If there is seepage, then the foundation could be cosmetically or physically damaged. Plus the issue of mold arrives and you do not want to deal with that.
The home inspector can tell you if the foundation can be repaired so your best bet would be to get a reliable home inspection
2007-05-16 10:10:48 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Have a licensed Home Inspector come out and look at it. It may be something as simple as moving a drain further away from the house or it may be something major. Have it inspected then get an estimate on the cost for repairs.
Good luck!!
2007-05-13 08:24:30 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Sounds like you really like the house. Is it worth it to you to repair it? Get an inspection, the inspector can tell you what the repairs would cost. If you feel that you can afford the repairs then go for it.
Good Luck!
2007-05-12 20:36:57 · answer #4 · answered by my2centsworth 4 · 2⤊ 0⤋
A wet basement is a nightmare waiting to happen. Unitl you have the property evaluated by an engineer and know what the exact cause is and what it will take to put it right, you'd be wise to hold off.
2007-05-12 20:39:40 · answer #5 · answered by Bostonian In MO 7 · 5⤊ 0⤋
sounds like a good deal.
2007-05-12 21:27:52 · answer #6 · answered by Nelson 1 · 5⤊ 0⤋