Is a Foreclosed Home right for you?

A wave of foreclosures have hit the real estate market!  And believe me, these homes are NOT being left un-cared for.  Every home, from September 15 to April 15 must be "winterized."  This includes draining the dish washers, hot water tanks, shutting the heat system down, etc.  No detail is left to chance, because ultimately- banks want these homes sold!

 

 

So, you're thinking about buying a foreclosed home?  Nothing wrong with that!  In fact, you know your home has been cleaned, inspected, and cared for.  Chances are, your yard will even be mowed!  So now what? 

 

Contact the real estate agent you want to work with and make an offer right?  WRONG!  There are a few cautions I would highly recommend you take, before diving into home ownership on the cheap.

 

• How long has the house been vacant?  Homes that sit for too long, can have serious problems.  You can have sewer gas problems, bugs in the drain pipes, plumbing seals that have dried out, etc.  Be sure to hire a professional inspector, don't just take the banks "word for it."  Know the good and the bad and get an up-to-date inspection!
• Was the home winterized?  Most homes that have been winterized will have signs on the inside and exterior of the home saying who did it and when it was done.  I would highly recommend verifying the winterizing procedure with the company that performed it.  I've heard stories about homes that were not properly winterized, the pipes cracked during a cold spell and water leaked into the walls of the home.  This caused mold to grow, which caused severe problems for the homeowner once they moved in.  Let's just say, these homes come with no warranty, so do your homework!
• Visually inspect the home yourself!  Do not go online, look at a few pictures and buy a home in another state!  You should know the neighborhood, or at least walk around and get a feeling for it.  If you are planning on living in the home, be sure to check out the crime statistics and school district (if you have children), because these things are often overlooked when the price is right.  Get a good feel for the home, do the floors squeak?  Does the home smell badly?  These are things that will not be known unless you physically are there.  Also, I've heard horror stories about "sight-unseen buying" and fraudulent people are marketing homes that don't exist and buyers are left with a parcel of land.  Be careful!  But have fun!

The real estate "crisis" isn't as bad as some people make it out to be, but for those of us in a position to buy a home, this is a great time to do so!  Buying a foreclosed home is a great option if you are smart and cautious and really do your research. 

 

 

Foreclosures in Washington State

Washington State delinquent mortgage numbers continue to climb, according to a report released by the MBA in November of 2009. The struggling economic outlook seems to show nothing but a steady trickle-effect when it comes to current mortgages falling into delinquent status in the months and years to come.

Is there an easy solution to stopping this? No, but a way to keep the housing market rolling- yes!

Prevent homes from sitting on the market for month after month, by making these homes more appealing to buyers!

If you are in the real estate industry, you more than likely have homes that aren't moving. Whether it's the location or the condition of the property, there are not a lot of options (or dollars) that you can invest in making these homes more marketable. However, if you have a listing that needs some minor attention, say cleaning any personal items from the home and yard, or mowing the grass, you need to hire a professional!

Where are these professional foreclosure companies listed? They are not easy to find, and once you find a contractor willing to do your 'dirty work' you better keep them busy or they will quickly find someone else who will.

In Washington State, there are several avenues that these foreclosure cleaning companies can utilize to help lower the costs associated with cleaning a home. Recycling items from the property can greatly reduce your costs, as it costs the contractor nothing to have someone come in and remove the material. Make sure your professional recycles! Also, you should find someone who "does it all" but not more than you need. Most contractors are willing to remove the junk for cheap, provided they make their money back with costly improvements to the home. Why bother? Most home buyers come into a property with a vision, hoping to make their own improvements and thus gain equity. Don't waste your money improving the home for them. Hire someone who will do the cleaning, change the locks and make the yard look great. Simple as that!

Visit Legacy M LLC. They are based in Roy, Washington and cover Pierce and Thurston Counties. They are ever-expanding, and hope to include the rest of Washington State sometime in 2010. Legacy M LLC is a professional foreclosure cleaning company. They are licensed and insured and have a great crew that doesn't say "x-con" when they arrive at your listing. They have carefully hand-selected a great team of experts and work hard to train and maintain professionalism.

You can email them directly at legacym@fairpoint.net.