Bought a Home That Was Foreclosed? Do These Three Things

Posted on: 29 June 2016

If you are looking to get a home for a great price, getting a home that is being foreclosed on is one way to keep the purchase cost low. After you are given the keys to the home, you'll want to make sure that you do these three things.

Change All the Locks

Losing a home is not a pleasant experience to go through. Often, the previous owner is being kicked out of their home against their will and is upset about that. It's possible that they might have kept another set of house keys, even just as a sentimental way of holding on to the property they had.

You never know who still has keys to the home, and with the previous owners not leaving in a happy situation, it's always a good idea to take extra precautions. You should immediately have the locks changed to ensure that you are the only one that has keys to the property.

Have an Inspection Done

Many foreclosed homes are sold as is, and they may not even allow a home inspection to occur. However, the bank will need to disclose any major problems that they are aware of, such as flood or foundation damage, which would have been revealed when the bank had an appraisal done of the property.

What you see is what you get when you buy the home, but once it is yours, you can take a more in-depth look at the things that could potentially be wrong with it. If you are not familiar with home construction, the inspector will take care of everything for you. Getting a home inspection done will be helpful, because it can tell you about all of the things that will need work in the home. An inspection can help you prioritize the things that need to be fixed and budget for those repairs.

Drain the Pipes

A problem with a foreclosed home is that nobody has been living in it for quite some time. Chances are that the utilities were shut off at some point, and water could be sitting in the pipes.

You should have your entire plumbing system flushed out to make sure that the water flowing through the pipes is clean. Simply running the water through all of the faucets should be enough to clear out anything that could be in the plumbing.

After doing these three things, you'll be able to start on any renovations you have planned for your home. For more information on buying a foreclosed home, contact a real estate firm, such as Coldwell Banker George Realty.