Avoid these Foreclosure Mistakes

Save yourself some heartache!

Here is a list a of 10 things to look for when purchasing a foreclosure that will help your sanity and avoid a money pit!money-pit-still

When a deal seems too good to be true in an excellent neighborhood and you are the sole bidder, or maybe only one of a handful, there is a reason!  Watch for these 10 things!

  • Serious termite or pest damage
  • It is in a 100 year flood plain
  • The area around the home is declining due to plants closing, crime, traffic, schools, or a high number of vacant or dilapidated homes.
  • It is in an area of high foreclosure rates
  • It is overbuilt for a neighborhood
  • It does not have at least 1.5-2 baths and three bedrooms if a home
  • It has environmental issues such as lethal mold contamination
  • The home has structural issue or major drainage problems
  • It is close to things that would bother most buyers, like being next to a STEP system for sewage,etc
  • The home has serious code violations, or permits weren’t pulled

 

With over 20 years of real estate experience exclusively in Middle Tennessee, we can help advise you on the in’s and out’s of the market.  Please let us know if we can help!  Call us today at 615-474-2808, or just fill out the form below!