1. Repairs: The Hidden Cost of Buying a Foreclosed Home
After several sluggish years home sales are finally beginning to pick up again. Due to the significant
number of homes that were foreclosed when the housing bubble burst back in 2007, many homebuyers
wishing to save money are considering purchasing a foreclosed home. However, real estate experts
caution homebuyers to consider all of the pros and cons of purchasing a foreclosed home.
Many people may be aware of common issues involved in buying a foreclosed home such as:
 Navigating the legal issues around a foreclosed home
 Dealing with the lender who foreclosed on the home
 Being aware of the homes neighborhood and the area’s property values
Conversely, most homebuyers rarely stop to consider the hidden costs of buying a foreclosure –
preparing the home to move in.
A foreclosed home is one in which the property
owner, unable to make the house payments, has
been forced from the home so that the lender can
then sell the house (usually at a loss) to another
homebuyer while trying to recoup some of their
investment. Although in some cases homeowners
may enter into foreclosure voluntary, in most
situations this is not the case. As a result the
homeowner can cause significant damage to a home
before leaving. Some of the most common damages
include removal of any copper metals in the home,
such as plumbing or wiring; damage to walls, floors or
ceilings; and water damage from a leaking pipe or
roof. In addition, the previous homeowners may have
left behind a large amount of trash and other unwanted items. Because most lenders do little or no
clean up or maintenance while a foreclosed home is in their possession, even simple issues can
deteriorate rapidly. This can often leave a homebuyer with a considerable amount of clean up and
repairs needed before the home is habitable.
Real estate professionals recommend homebuyers wishing to purchase a foreclosed home consider
the quality of the home’s construction and home’s condition when making their decision and be
prepared to include in their budgets the costs of cleaning and repairing the home before moving in. One
approach to facilitate preparing a foreclosure to a habitable condition is by hiring a reputable home
cleaning services and repair services. Often such companies provide a wide variety of services
including cleaning, painting, carpeting, laying vinyl flooring, tile work and a host of repair services. In
addition, since these companies often employ skilled professionals, they are normally better qualified to
deal with preparing a foreclosed home for a homeowner, and are able to do so in a fraction of the time
and at a fraction of the cost it would take for the homeowners alone.
About the Author:
Steve Pisano is the president of Vacant Interiors of Denver that has been providing a wide variety of
professional services to its customers since 2004. Vacant Interiors offers cleaning, trash removal,
painting, carpeting or vinyl flooring, tile work, repair services and are EPA-certified in lead remediation.
For more information on Vacant Interiors, please call 303-472-8026 or visit
http://www.vacantinteriorsdenver.com.