Can you find me a good deal on a Lehigh Valley Foreclosure Property is the common request from many home buyers these days.
A lot of Home Buyers are first time home buyers or buyers who purchased during a different market. Do they know what they are getting into when pursuing a foreclosure property?
Unlike a property that is being sold by a home seller with equity and the motivation to sell, foreclosure properties can bring on unforeseen costs.
- The home is being sold as-is.
- The original home owner is not available to ask about "water in the basement" or "what does heat cost per year"
- The utilities are typically turned off (more on this later in a future blog).
- The bank expects you will close on the specified date and will charge you a per diem per day if it doesn't close.
Foreclosure properties range from diamonds in the rough (paint and carpeting) to tear it down and start-over. Some of the problems are caused by mother nature (the owner moved out but didn't turn off the water when it was 10 degrees outside) to the owner got mad and decided to strip everything out of the home or destroy parts of it.
Always go into the basement of a foreclosure property to make sure that the main plumbing system is intact. Copper became a commidity to owners and vandalism over the past few years.
For more information about Lehigh Valley Real Estate visit: www.lehighvalleyhomesonline.com