Foreclosure. That word sends shivers down many Morris and Sussex County homeowners spines. Home buyers, on the other hand, may imagine a silver lining in that cloud in the less-than-market rates for which foreclosed homes often sell. But comparing a new home to a foreclosure on price alone negates the value of your safety, time, financial reserves and peace of mind. Read on to learn why these must come into consideration when buying a foreclosed home.
Law and Disorder
Many foreclosures come with legal issues. Do thorough research — or hire a title company or lawyer — to ascertain there aren’t additional financial or legal liabilities attached to the home such as property liens for unpaid taxes or homeowners’ association dues. Another problem arises if the Morris or Sussex County home was put up as collateral on other unpaid loans. Suddenly, you’re liable for thousands of dollars of debt of which you weren’t aware were attached to the foreclosed home.
As soon as you take ownership of a foreclosed home, anything that breaks or any problems that arise become YOUR responsibility. This means unforeseen time and costs on which you hadn’t planned. Former owners of foreclosed homes often cease maintaining their homes. In some cases vandals, thieves or even the owners themselves damage the home, remove appliances or tear apart walls. After sitting vacant for months or years, an unsecured foreclosed home could possess significant damage from water, mold, weather or pest infestations. That translates to possibly thousands of dollars and a lot of time to return the home back to a livable condition.
With a foreclosure, you don’t know how many renovations or repairs have been made over the years, or who made them. Possible faulty wiring, weakened structures or other dangerous conditions equal an unsafe environment, not to mention the cost of returning that Morris or Sussex County home to safe and modern standards.
In closing, Team Nest Builder knows your new Morris or Sussex County home should be your family’s happy refuge, not their new nightmare. So think long and hard before buying a foreclosed home based on price alone.
Additional Source: National Association of Home Builders