Is it safe to buy a foreclosed home?
SPRINGFIELD, Ore.– Foreclosed homes and short sales are supposed to be hot deals for home buyers, like the clearance rack at a clothing store.
But just like when you are buying something marked off 50 percent, you are buying as is.
“I have seen some very rough housing in this area that have been foreclosed in which there has been damage,” said real estate agent Craig Tomlinson.
It is something that is happening across the country.
Homes left in neglect can grow mold. Angry previous owners can take copper wiring, crown molding and anything they get their hands on.
“I have come across light fixtures that have been ripped out and hot wires are dangling,” said home inspector Jeff White. “I have seen furnaces taken, water heaters taken…”
KVAL News talked to both men to find out if the cost of repairing one of these homes is worth it. As it turns out, the cost of repairing a home left vacant or one that needs a ton of small repairs can really add up.
KVAL News went through one of Tomlinson’s listings, a short-sell home in Springfield, Ore. It is listed at $229,000, down from its original price of almost $350,000.
Despite needing to be thoroughly cleaned, with a tiny bit of water damage and some erosion on the foundation, the home was in pretty good condition.
“I have seen more good houses in foreclosure than bad,” White said. The main problems with these homes are that they are just neglected.
“If you are a buyer right now these are the hottest deals around,” Tomlinson agreed.
Both men advise that you have a clear inspection and know how much money you are going to have to spend smoothing out the edges.
Many foreclosures and short sales are just good houses left alone too long and in need of a little TLC.