What do you mean all the copper plumbing was cut out?
I recently was showing a foreclosed home to a client in the Hollins area when we walked into the master bathroom and noticed the toilet was in the bathtub. Okay, a little strange but not too crazy for some of the foreclosures out there. We peered down the round hole in the floor where the toilet used to be and what did we see? The basement. (Normally you’d expect to see the all black interior of a pipe.)
Wow we said, what happened to the pipe? Of course I went downstairs and started poking around and every bit of copper pipe that used to be in the house WAS GONE! Someone had used a hacksaw (and a very poor hack job it was) and cut out all the copper lines. The only thing left were the ties that had held the pipe to the floor joists and some scorch marks where someone had done some soldering in the past.
What a disaster for the selling agent who hadn’t noticed it!
What’s the point? Caveat emptor.
When buying a foreclosed home, it’s extremely important to have an experienced foreclosure agent on your side to not only represent you but also to look for problems (like this one) that rear their heads with these homes. AND bring on board an experienced home inspector who spends more than 30 minutes in the house.
How to buy your first home…and why.
Buying your first home is a great financial decision for most people. It can, however, be a very intimidating move without the right knowledge and guidance. There are many financial advantages including tax deductions, and building valuable equity in your home but other aspects as well including pride of ownership. So without any further ado, let’s go to it.
- Develop a relationship with a reliable real estate agent.
While this very first item may seem self-serving (since I’m a real estate agent), it is however a very essential first step. By working with a real estate agent from the beginning, you can develop a professional relationship with them and have a person you can rely on to guide you through the entire purchase process from qualifying for a loan, searching for to coordinating the closing of your new home. AND, as a home buyer, your real estate agent will be paid in most circumstances by the seller. It doesn’t cost you anything. - Get yourself pre-qualified for a mortgage.
This may seem like putting the cart before the horse, but by pre-qualifying you empower yourself to back up your offer with the ability to close quicker than someone who has not taken this first step. The option to close quick can often help your contract win out over another contract, especially if the seller is motivated. Also, by pre-qualifying in advance, you know exactly how much you’ll be approved to purchase which can be helpful during the search process. - Do your research.
Work with your real estate agent to help them know what you’re most interested in. What neighborhoods do you prefer? If you have children, do you have a school district preference? Is your commute time to work important? Do you absolutely hate split foyers? You’re trying to figure out the “deal killers”. What does your new home have to have and what, if it were missing, would immediately change your mind about that house? The answers to all of these questions will enable your real estate agent to better refine their search process for you and send you the most relevant listings that meet your needs.
The next post in this series will be what to look for when you’re touring homes with your real estate agent.
North Roanoke County foreclosures for sale
There’s a nice little foreclosure that just came on the market in the Woodhaven area of North Roanoke County. I’ve personally inspected it and although, as with most foreclosures, it does need some repair work, it’s a great value. Here are the vitals-
- SOLD
- 4 bedrooms
- 2 baths
- 1660 square feet
- Full basement
- Huge deck in the back yard
- Tile floor in kitchen
- Central air
- Forced air gas heat
- $112,900
And here’s a foreclosed town home also in the North Roanoke County area. It’s vitals are-
- 4 bedrooms
- 2.5 baths
- 1924 SF
- Full basement
- Central air
- Forced air gas heat
- $134,900
Call me for a personal tour of either of them or to answer your foreclosure questions!
What you don’t know about foreclosures (but should)
You see it on the news, cable television and infomercials-
Buy foreclosures at pennies on the dollar! Save big money in real estate investing with foreclosure short cuts!
I regularly sell and help people purchase foreclosures in the Roanoke Valley and surrounding counties. With all this experience I’ve learned a thing or two! Here’s the real skinny folks and a few things you need to know before thinking about buying a foreclosure-
- Foreclosures are often a very good deal but not the kind of deals you see on TV.
As an agent who regularly markets, services and sells foreclosed homes in the Roanoke area, I understand the process and while it is a foreclosure, the bank who owns it is trying to keep from losing as much money as possible. They do not sell for pennies on the dollar. - Foreclosed homes generally are in fair to poor condition.
It’s unfortunate; the people who lose their homes to foreclosure do so because they can’t afford their payments and therefore also can not afford to upkeep the house. Foreclosed homes almost always have maintenance needs and sometimes major maintenance problems. - Foreclosed homes are sold “as-is”.
The financial institutions who own these homes know they have problems and they aren’t going to spend time negotiating over carpet stains or damaged tiles. Before a foreclosed home is ever advertised for sale, it has gone through a rigorous valuation market analysis with the listing agent and other real estate agents who take these problems into account when suggesting a fair list price on the home. Hire a home inspector so you are less likely to be surprised with a problem after closing. Caveat Emptor! - Negotiating with the bank on a foreclosed property is almost the same as a private seller.
Low ball offers and unreasonable expectations are likely to be quickly rejected by the selling bank the same as you would on your own home. They are reasonable negotiators but not desperate.
So there you have it. A few tips from an experienced foreclosure agent. With all of that said, foreclosed homes are still a good deal and typically priced below the actual market value, and, the longer it’s been on the market, in most instances, the better the deal for you. Be smart though and consult with an experienced agent before buying any home, foreclosure or not.
Troutville - Buchanan Foreclosure For Sale
Here’s a great Botetourt County ranch home, HUD foreclosure, ready for a quick flip or new home buyer.
This home features 3 bedrooms and 2 full baths. The master bedroom looks onto the backyard (see photo) and has its own private master bathroom with bathtub! Ceiling fans in the rooms and an enormous dining room and kitchen with newer cabinetry and counter tops really provide room to entertain your guests!
The exterior features a large 2-car garage with garage-door opener, and back-door access to the garage. The yard is 0.5 acres with views of the surrounding woods and mountains in Botetourt County.
Foreclosed real estate in Botetourt County like this doesn’t come around every day and is a real steal at only $160,000. Call me today before it’s gone!
This Botetourt County real estate has been sold.
Another Roanoke Foreclosure SOLD!
FORECLOSURE SOLD
This foreclosure in northwest Roanoke was a great deal for the investor who purchased it. I sold it for only $47,000!! Can you believe that? Foreclosing banks and the government are eager to get rid of their inventories.
There are many many foreclosure deals like this to be had in Roanoke. Why don’t you contact me to receive a regularly updated list of deals?
