13 Most Common Foreclosure Repairs
In 2005, I started my career in Real Estate. My goal was to work with banks to sell their foreclosed homes. This was a huge goal because it was nearly impossible to break into the foreclosure market as a listing agent at that time. Looking at the lending process, I saw potential in foreclosed home sales.
I never imagined what would happen over the next few years.
After more than 300 foreclosure sales, I have noticed patterns of problems with foreclosed, vacant or value properties. These problems seem to occur time after time.
I have seen them so many times; they stick out like a Tennessee Fan at a Vandy Game.
Having the ability to spot these common problems and provide resolution is one of the reasons why I am a preferred partner with several banks, loan servicers and financial institutions.
I have also noticed similar problems in homes that have been vacant for a while, have deferred maintenance or are value priced. So this list applies to more than just foreclosures
Below, I will share the most common problems that I find, in no particular order.
Here are the 13 most common repairs in foreclosed homes
- Peeling paint around doors, windows and trim.
- Wood rot at the base of doors and windows
- Missing shingles and roof leaks
- Downspouts without splash blocks or gutter extenders
- Leaks in plumbing supply lines
- Damage to paint and interior walls
- Flooring damage
- Broken Appliances
- HVAC repairs
- Electric Water Heaters with bad heating elements
- Water intrusion in the home or crawlspace
- Cracks in brick or foundation
- Damage from pets
Don’t get bit by these common problems. Work with an advisor who has a good eye and a network of reliable contractors and home inspectors.
I am here if you need me, just hit reply.
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