Foreclosure Properties in the Lehigh Valley are sold As-Is. Even so, as a buyer of a bank owned property, you have the right to get a property inspection done. Based on the results of that inspection, you can either accept the property or walk-away. If you decide to walk, you will get your deposit (escrow) back but you will be out the cost of the property inspection (~$400.00). This is a small price to pay to know exactly what you are purchasing.
The problem is that almost all bank owned (foreclosure) properties in the Lehigh Valley have been winterized (water turned off and plumbing system has something similar to anti-freeze put into it). In addition, the gas is usually off or the oil tank may be empty. So, how do you do a complete property inspection when all of the utilities are off (electric may or may not be on)?
In some situations, the bank may be willing to get the home de-winterized and the utilities turned on but in others it is up to you, the home buyer, to have this done. Add in the cost of the property inspection and the expenses start going up for a property you aren’t even sure you are definitely going to purchase.
Last week. UGI would not turn on the gas unless the water was turned on (even though it was a forced air system). On Saturday morning, the water was turned on and the system was completely charged. UGI came out on Saturday afternoon and turned on the gas but couldn’t get the furnace working. Now we had a house with the water on and NO HEAT. Thankfully, it wasn’t a week earlier with outside temperatures in the teens. UGI came back out on Monday, fixed the heat problem and the buyer successfully closed on the home.
A Foreclosure Property can be a good deal but the process to verify what you are purchasing is a little more difficult. The home owner is gone. A history of repairs/modifications to the house as well as utility costs is typically not available.
When buying a foreclosure property, more diligence is required on the buying side to ensure you know exactly what you are purchasing.
More information is available at www.lehighvalleyhomesonline.com
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