With dozens of homes in every neighborhood going into foreclosure or on the short sale lists, there has never been a better time to find a home run deal. But these home runs can come with a list of very expensive problems.
Just ask Mike Williams of Dever. Williams scouted over a dozen properties before capitalizing on the chance to buy a short sale home at a discounted price which seemed liked a good deal at the time.
After $42,000 in renovations, he feels very different.
Williams private home inspector told him the short sale house he wanted to buy was fine and just had a little termite damage in the basement. But when Williams ripped up the vinyl to repair a soft spot in the bathroom floor, he found the damage was way worse.
"The joists supporting the kitchen and bathroom floor was entirely eaten by termites," Williams says. Let's not forget the kitchen sink did not drain out anywhere. The water dumped openly under the home.
Williams ended up replacing an entire wall of his home. Let's back up a step, this was before he replaced his entire roof ทาวน์โฮมมือสอง that was leaking water where he discovered a good amount of hold had been spreading. Williams ended up dumping over 9,000 pounds of debris out of his house and to the dump.
There are a plethora of properties on the market with lots of motivation to sell. A majority of the people who are selling in a declining market are those that have to sell.
Even though they have to sell you don't have to buy. Know what kind of mess you are getting into before you dive into a short sale or foreclosure. Before buying a short sale be aware of the 5 common mistakes.
1. Falling in love with a bad property.
2. Ignoring legal and insurance information.
3. Not getting a home inspection.
4. Ignoring property problems.
5. Leaving too little time for closing.
Again, short sales can be a very profitable and inexpensive way to purchase a home. But make sure to do your due diligence before purchasing. One overlooked problem could potentially cost you thousands of dollars down the road. I would get 2 or maybe 3 opinions on the property before you sign on the dotted line. Don't take the homeowner at their word. Many times these sellers will tell you anything to get the property off their hands.
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