Another great post from Lizette on buying foreclosure homes.
Buying A Foreclosed Home? The Home's Recent History May Kill Your Family!
What do you really know about this house?
Sure, it looks like a bargain from the outside. The media makes these foreclosed homes sound like the ultimate deal.
There is no seller's disclosure to tell you about any problems or repairs that have been made from the previous owners.
What you don't know may kill you and ruin you financially!
Many of these foreclosed homes may have had meth labs in them. Just walking in one can be dangerous! Realtors really have no idea they might be touring a future health issue.
Read here about one family's discovery and illnesses from a home they purchased. They did not discover the meth history for 5 years after they moved in. They were all sick and now broke! More about meth homes.
Once foreclosed, they are resold without any documentation of the history. Just walking in one of these homes is dangerous.
What if one was bought to flip and only minimal cosmetic work was done and it was back on the market to unsuspecting buyers?
Many clients ask me about foreclosures. I don't have any listed and I don't usually show them to clients. I might show one if it is listed or the client requests it specifically.
In Kentucky it is now a Class D felony to rent, lease or sell a home if the owner has not provided a written notice that the property has been contaminated by methamphetamine and has not been properly cleaned up by a certified contractor.
Each violation could result in a fine of up to $25,000 and/or imprisonment from one to five years.
Mold can be another issue in foreclosed homes. I can remember standing outside one home while the client looked inside. All of the basement walls had black mold! I had toured this one before it went into foreclosure and ran across this. I told the client before we went and they still wanted to tour it. They didn't buy it. I knew they wouldn't before going over there.
There are even more hidden issues in these foreclosed homes. Liens, water damage and more! I want the best for my clients and no legal issues for later down the road for both of us.
Be aware before you buy. What smells like a bargain may be no bargain in the long run.
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Lizette Fitzpatrick- Principal Broker at Lizette Realty.
Publisher/Author for the only Central Kentucky email newsletter on local real estate listings and sold properties, Kentucky relocation, local events, homeowner information and fun!
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See for yourself what Lizette's extraordinary clients have to say about their Kentucky Real Estate experience. Copyright © 2009 By Lizette Fitzpatrick, All Rights Reserved *Buying A Foreclosed Home? The Home's Recent History May Kill Your Family!*