Real Estate Investment 101: Getting Started

Beware Of The Following Problems If Buying A Foreclosure

There are times when people buy foreclosed homes for great prices and end up with wonderful homes, but there are also times when people end up with foreclosed homes and have a lot of big problems. If you are considering buying a house that is foreclosed, you should be aware of the following problems that many foreclosed homes have.

Broken pipes

In a lot of cases, homes that are foreclosed upon end up getting the power shut off to them. Without power, a home is very vulnerable to problems, and the plumbing system is one of the top targets. One problem a home may experience if it does not have power is broken pipes, and this problem occurs in the winter months when it's cold outside. When it gets too cold, water trapped in the pipes expands, and this is what leads to broken pipes. It is often hard to tell if a house has broken pipes unless you have the ability to run water in the home for a decent amount of time. By doing this, you can look for water leaking around the house.

Plumbing leaks

A second problem homes often experience when they do not have power is leaks in the pipes. While a broken pipe is bad, leaky pipes are also bad. Leaks often occur in the joints where pipes meet, and this happens when the pipes dry out. If a house does not have water running in it, at least on occasion, the pipe seals will dry out, and this will lead to leaks in the pipes.

Pests in the house

The other big problem to watch out for is pests. Pests, such as bugs and rodents, tend to quickly invade empty houses, and this happens in several ways. First, they creep through small holes in the home, such as gaps in a door frame. Secondly, pests tend to work their way into a house when the drain pipes dry out. Dry drain pipes are highly attractive to pests, and they will get in a house if the water never gets turned on.

If a foreclosed home was winterized, the plumbing system will be protected; however, the home may still have issues with it. The best thing you can do when buying a foreclosure is hire an inspector to fully examine every last inch of the house. To learn more about foreclosures in your town, talk to a real estate agent.