After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.
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Buying a foreclosure can be a great way to get the home of your dreams without having to spend a fortune on it. If you want to find a great home to invest in, you have to know what to look for. The guide below walks you through things to look for when buying a home that is in foreclosure.
Look in the Attic
Climb up and into the attic to see if you can see evidence that animals have been living in the attic. Look for nests and droppings on the floor. Also, check to see if there are any areas where you can see sunlight shining through the roof or if there are any areas of obvious water damage.
Check the Plumbing
Turn on every faucet in the house to check the water pressure in the home and to make sure that the pipes drain well. Be sure to flush the toilets, as well to ensure that they work properly. If water does not come out of the pipes when you turn the knob on the faucet, have the real estate agent turn on the water supply to the house so that you can test the plumbing properly.
Check Under the House
Crawl under the crawlspace of the house. Look for rodent droppings and check to see if there are any visible cracks in the foundation. Look for small piles of sawdust, as well. This could be a sign of an insect problem.
Check Electrical Elements of the Home
Finally, you need to check the electrical components in the home. Turn on all of the lights in the home. Test the fans to make sure that they work and turn on the garbage disposal to see if it operates. Also, bring something small that you can plug into the wall to make sure that all of the outlets in the home work properly.
Before making an offer on the house, you need to be sure that you know how much it will cost you to repair any issues that the home has. You can hire a contractor to give you an estimate for the repairs to ensure that you can afford the cost of the house and the cost of the repairs. The real estate agent can then make an offer on the home for you. You can offer a lot less than what is being asked for the home and the seller may come back with a counter offer. This could save you a lot of money when it comes to buying the home. If you are looking for homes for sale in Denver, Colorado, contact a real estate agent for help.
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