Thursday, January 28, 2010

Foreclosures Ugh!

I think I can speak for many when I say that foreclosures have many of us pulling out our hair, assuming we have any hair left to pull out. Houses simply are not meant to be vacant for extended periods without the utilities or anyone to maintain the home.

Yet many first time buyers are attracted to the bank owned foreclosed homes because they are priced under market. The first hurdle is getting the utilities back on. I've had inspection after inspection cancel because of difficulties getting the utilities restored. Vandalized plumbing, stolen appliances, mold and deterioration of major systems abound. Many buyers don't know that these homes often need major investment.

Vacant houses don't do anyone any good and getting these properties fixed up and sold remains a huge problem for our nation. As always it is buyer beware. Get a good home inspection.


  1. David, Great to see you Blogging and wish you success as our ASHI President.

    Ezra Malernee

  2. Thanks for taking the time to do the blog.
    When I go into a foreclosure (REO),I think about the lives that were ruined getting to that point. Often it is the end of families, and all to often it was because it is not politically correct ( or was disciminatory for any of a hundred circumstances and I do not mean race ) to tell people "no" to homes that they could not afford. It makes me sad.
    As for the other point, my dad...who knew people and property well ... said "it is usually tougher on a home to be empty than to be lived in". As usual, he was correct.