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FORECLOSURE? DEAL OR NO DEAL
Given the current climate of the Real Estate market in the Tri-State area, it is easily said that there are a lot of great deals to be had out there right now. Buying a distressed or bank owned property has it's pluses but, it's not your typical transaction.
The first piece of advice we have is to please, use a Realtor. Dealing with banks and REO departments is a nightmare in itself, not to mention the agonizing contracts and special stipulations that are being written for these properties. You have to be protected in these transactions or your "great deal" could end up being a very expensive lesson.
Be patient with your Realtor. Again, this is not your typical real estate transation. The banks that own these properties are getting hundreds, if not thousands, of offers for all sorts of properties on any given day. Your offer is not any more important than the other offers. Your agent is just as eager to get moving on your investment as you are but, they can only move as fast as the banks. More often than not these Tri-State foreclosure properties are in need of an enormous amount of repair and updating. They may have been vancant and winterized. If you are purchasing a Tri-State foreclosure and need it inspected, Reliable Home Inspection Service can offfer you several different options to fit your unique needs.
Be Safe! There is the rare occasion that vagrants will take up residence in a property. Some of these houses have been sitting vacant for months and sometimes over a year. Use good judgment and try to avoid looking at houses by yourself. Good luck!
Properties:
Are doors and windows secure?
Are garage doors secure?
Are applicances present?
Is electrical meter present?
Is exterior AC unit present and in tack?
Are the utilities on? Water/Gas/Electric
Evidence the property has been winterized?
Is there visible mold?
Must or damp odor present?
Are hardwoods buckled?
Evidence of vandalism?
Furnace/ductwork in tact?
Evidence of basement finishes being removed?
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