There's a home around the corner from my house that used to be owned by Danny Devito's doppelganger. He was such a dead ringer for the rotund renaissance man that when I realized what house he lived in I thought he must be related. The house is a beautiful brick single family and when he and his family moved away in the fall of '07 I was eager to see who would take up residence in the home. Fast forward about a year and a half and I'm still waiting. Rumor has it the home was foreclosed on and for some reason still hasn't sold. It's a shame too, because now that the window treatments are gone, you can see that it's quite a beauty on the inside as well.
But it turns out, while foreclosures are in many cases a total steal for the buyer - they also pose a lot of threats because of how long they might be sitting empty. Which might explain why the Danny-look-alike's home is still empty.
As a buyer, you need to be incredibly particular with your inspections. Homes are built to be lived in and kept up on a regular basis. A home that sits vacant for a long period of time can have hidden problems that you might not consider, such as mold, leaking valves and pipes, and critters that have taken up residence there.
So, while there are some fantastic deals to be had out there on foreclosures and other vacant homes, it definitely pays to get an independant inspector and be very picky about what you see...and perhaps you'll end up in that beautiful home around the corner.
Comments (2)
To answer Mary's question - a few months ago, we interviewed a real estate attorney about foreclosure and what you can do to avoid it. He suggested keeping in close contact with the bank and requesting that they work with you on a solution other than foreclosure. The further you are into the process, the more difficult it will be. But the first step is just making the call. Hope this helps! (By the way, you can find that video in the video player above titled "Avoiding Foreclosure")
Posted by HomesPlus | May 28, 2009 10:09 AM
Posted on May 28, 2009 10:09
I live in calumet city, and I just found out that our buildings are in foreclosure. Is there something that can be done?
Posted by Mary Swopes | May 19, 2009 3:47 PM
Posted on May 19, 2009 15:47