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Monday, January 10, 2011

Buying a Foreclosure: "Blank Canvas in Kitchen"

Foreclosures are not exactly move-in ready properties.  Is that really a surprise?

I just saw an MLS entry that stated “blank canvas in kitchen ready to add your own touches.”  I checked the photos in the listing.  The kitchen was indeed a blank canvas – even the cabinets were gone!

When you consider a foreclosure, expect the property to be stripped of many of its habitability qualities. It is a way of life!

I just read an article about a first time home buyer who moved into a foreclosure only to find real problems.  I am not sure if they had an inspection done (always!) but still the problems were plentiful.  Of course, certain types of financing is not an option on many foreclosures simply because of the general condition or a specific issue (roof, for example).

As a first time home buyer the process can be daunting so foreclosures is not something I encourage with a first time home buyer (or any buyer who is strapped for cash for repairs later).

Many home buyers see foreclosures as an opportunity to buy a lot more house for less.  If a discounted price is what a buyer is looking for, then perhaps a short sale will present some savings and a property in better condition.

If you have any questions in the home purchase process or homes for sale in Brevard County, Florida, email them to me.

If I can help you buy or sell a house or condo in Brevard County, Florida, let me know!

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