For many, foreclosed homes are a great opportunity for investment during these hard economic times.
But before you break your piggy bank and sign the papers – do your research. Pancho Dewhurst of G.D.C. Construction in La Jolla knows this all too well.
Dewhurst said to check the bare bones of the structure first. Make sure the property is in a good location and a proper building inspection is conducted.
Unfortunately, the frustration of foreclosure has led some previous homeowners to sabotage electrical wiring or even plumbing. Dewhurst said there are cases of concrete that was poured into the plumbing of homes, which is unfortunate, but does occur.
Most banks sell foreclosed homes as is, so a proper HVAC check of the home is crucial, including an inspection of the roof, plumbing, etc.
Dewhurst said to research any back taxes owed on the property by checking with city records.
Check all appliances that come with the property and check for mold, water damage, electrical wiring, and landscaping.
So if the home does need repair, Dewhurst said to find a dependable contractor through the Better Business Bureau or satisfied clients who would recommend a company.