Ready to get a good deal on a home and put in some elbow grease? Then buying a foreclosure may be for you. As with any home you’ll want to hire a reputable inspector to make sure there are no surprises as the bank will not be disclosing any defects. The home may be winterized, meaning the utilities (water, gas & electric) have been shut-off to save on expenses. You’ll want to confirm the bank will turn on the utilities 24 hours prior to your home inspection before signing the contract. If the home has been winterized over the winter it’s possible the pipes could have burst from remaining water in the lines. That may not be noticeable until the entire home has thawed out.
The bank will also require additional contract paperwork so having a real estate attorney to review your documents will be important. The bank will not pay for a survey (around $400) and some other typical seller costs so you’ll want to know those before acceptance.
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