When you decide to buy a power of sale home, there are some things you need to watch for. Quite often, a home that was repossessed by the mortgage lender can have a need for repairs.
If the individual or family that lost the home had financial problems for quite a while, it’s a very wise idea to have the home inspected before you buy. The family might have been suffering enough financial hardship that there could be problems in the home due to lack of proper maintenance.
Getting a Home Inspection
An inspection can reveal whether problems are major or minor and the inspection might be part of the requirements for your obtaining the mortgage as well. Don’t fret at cosmetic problems. The savings on the home purchase could far outweigh the costs of doing some painting and cleaning but you want to be careful about other issues such as:
• The roof
• The furnace
• Water damage
• Fire hazards
You can save a lot of money when buying a foreclosure home but do your due diligence so you aren’t purchasing a money pit.
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