Thinking of buying a foreclosed home? Think again

Written By: Kathy Price-Robinson - Nov• 18•08
Foreclosed_home_470_1108Before you jump at the idea of snapping up cheap foreclosed-upon homes, think of the implications. An article by Andrew Moseman in Popular Mechanics lays out five dangers for you to consider:

1. Mold — These organisms love water—so they love humid places, especially when the air conditioning has been off for a while.

2. Vandalism and break-ins — One of the reasons mold is such a problem in some states is that vandals steal air conditioning units so they can sell the copper tubing for scrap. 

3. Parting Gifts — Besides damaging the house in frustration, some foreclosed homeowners try to take whatever they can along with them. 

4. Wild Animals — Nature abhors a vacuum, and wild animals will often find an abandoned house and make it their home. 

5. Neglected Maintenance – Most maintenance stops when the payments are no longer being made.

Still think these homes are deals? Read the whole article.

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