Expect Repairs in a Foreclosure

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So, you are going to purchase a foreclosure? This means you are buying your home directly from the bank. While this is a good idea for many reasons, including a lower price, you should expect one thing: repairs. Some foreclosures are in better condition than others, but the majority of them need some sort of work in order to bring them up to par.

What types of repairs should I expect? This is for you to find out before you make a purchase. Just because you are buying a foreclosure does not mean you should do so sight unseen. Instead, take a very detailed walk through the property to see what needs fixed, what is in good shape, etc. If possible, take somebody with inspecting or construction experience with you. This way you can get a professional opinion, as well as advice on how much particular repairs will cost.

Only you know how much work you are willing to do. Even though foreclosures can come at a good price, you should expect to pay for upgrades and repairs here and there. Don?t buy anything that you are not comfortable with ? even if the price is more affordable than anything else on the market.

Creative Commons License photo credit:?jronaldlee