What to Look for in Houses for Sale After a Foreclosure in Leicester MA

By December 16, 2014Uncategorized

It can be an equally exciting and an overwhelming process to locate and purchase a home. One of the main reasons is because buying a home involves finding a property that will fit your budget and your lifestyle as well as one that has the correct terms of agreement. You will also want to make sure that the home you are looking at purchasing is the right one for you. It also matters that you have a seasoned agent to help guide you throughout the arduous and often long process. All of these factors should be taken into consideration when you are looking for houses for sale in Leicester.

If you are in the process of house hunting in Leicester MA, you may want to consider looking at houses for sale after a foreclosure or bankruptcy. These properties are sometimes referred to as real estate owned property. House for sale after a foreclosure is owned by a lender as a result of the previous owner not paying the loan; thus forfeiting or losing the property. This is also known as a foreclosed property or bank-owned property.

Property inspectors do not prepare or examine anything differently when inspecting a foreclosed home. However, there are specific issues that that are unique to these types of houses. With the number of foreclosed homes on the rise, you may want to look at these kinds of houses for sale as either an investment or consider making one your new home.

Having your own tools for an examination greatly helps. Before you or any inspector goes into a home, arrange or ask for all the utilities – water, gas, and electricity – to be available and functioning to find out how they work. Once they are in operation, find out if they are fully on. In some homes, there is a possibility of the house having low water pressure. Find out if the water has been turned on all the way because it will reveal leaks and problems with the piping or faucets. In some homes, breakers are disabled to cover up some type of electrical problem in the house.

Check for vandalism in the house. When looking at foreclosures in Leicester MA, and you will quickly observe similarities in this area of consideration. Vacant homes are prime targets for vandalism and even theft. Some gangs use vacant houses for their meetings and use it as clubhouse. Most damages that these vandals make often involve broken windows, ceilings, walls, and doors.

Check for infestation of pests and mold. Squirrels, rats, bats,and termites look for an empty, quiet place to make their new home. A vacant home can provide the perfect location for them and they can quickly infest the property. Look for signs of pest and animal activity such as droppings and chewed up paper. However, mold needs the right conditions to exist. If you smell a musty odor when you enter the home, you may want to have a mold inspection done.

Houses for sale after a foreclosure in Leicester have the potential to be a great investment for you and your family. There are several properties in this city under foreclosure that you can definitely turn into a nice home with the proper research and examination. You should also consult a reliable real estate agent to find out more options when choosing to buy these types of properties.

 

Leave a Reply