Are You Ready To Buy A Foreclosure? by Bold Real Estate Group

14 Jul

Buying a foreclosure can become a dream bargain or a money pit but how do you really know you’re getting a good deal? Before buying any foreclosed property you should always have the property inspected. Keep in mind; the potential financial rewards of buying a foreclosure don’t come without their share of hard work and headaches.

You’re probably going to encounter some difficulties with a foreclosure, but if you’re prepared and know what you’re about to deal with you’ll be in a better position to conquer with ease.

Common Problems with the Property

In most cases you’ll find the house is often poorly maintained – after all, if the owner can’t make the payments, he or she is likely falling behind on paying for regular upkeep as well.

In addition, some people who are forced into foreclosure are embittered by their situations and take out their frustrations on their home before the bank repossesses. This often involves removing appliances and fixtures, and sometimes even outright vandalism.

After the homeowners leave, foreclosures sit abandoned for a long while, often inviting criminal activity and more damage to the home.

Compounded Problems

Are there any leaks that seem like an easy fix? Well a small leak under the kitchen sink or in the roof can lead to a mold problem and significant water damage. With no one around to take care of those small problems, they become big problems and as time goes by, they become disasters.

Foreclosed properties are notoriously dirty because of the time the home remained empty and dusty. When the place is locked up with no air circulating for months, built-up dirt can cause the entire home to smell.

Depending on the climate where the home is located, the lawn and landscaping has probably become totally dead and extremely overgrown; this can lead to snakes and rodents, whom love to live in overgrown brush.

The bottom line is there is always money to be made with foreclosures. But you must look at the fundamentals first to see if it’s worth your time; remember what I said about the hard work and headaches? This is a given but for those buyers with clear objectives and goals, the rewards are paved in dollars and cents.

About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to

Servicing:  Port St. Lucie, Palm City, Jensen Beach, Stuart, Vero Beach,  Hutchinson Island, Fort Pierce,  Palm Beach, Jacksonville, Jacksonville Beach, Ponte Vedra Beach, Palm Coast, Neptune Beach, Amelia Island, Atlantic Beach, Fernandina Beach, Saint Johns, Saint Augustine, Daytona Beach, Fleming Island and New York real estate.

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