Check out a foreclosed home for problems before purchasing

Check out a foreclosed home for problems before purchasing

Calvin Johnson, owner of Calvin Johnson Home Inspection and Services, is warning consumers looking to purchase a foreclosed or bargain property that many affordable properties come with hidden problems. The expenses associated with fixing up a foreclosed home can cost homeowners much more than expected.

Johnson warns homeowners to avoid falling in love with a home before it has been full inspected. It is better to check everything out and make sure it's a suitable purchase before letting emotions get involved. 

After losing a property to foreclosure, owners no longer have an incentive to maintain the home's structural integrity or physical appearance. According to Johnson, a full inspection will address a variety of structural elements including cracks in the foundation, a damaged electrical system and the integrity of the floors and roof.

While buyers need to filter through the myriad of available homes to find the right fit at an affordable price, those trying to sell their homes face a saturated market clogged with distressed prices pushing prices down.

In an interview with the Houston Chronicle, Tom Anderson, executive vice president for sales at Martha Turner Properties, advised homeowners to be realistic about the condition and price of their property when deciding how to price their home in the market.

Homeowners who overprice their properties relative to the current market value will attract fewer potential buyers. Those who do show interest, are more likely to negotiate for a lower price, as comparable properties may be more affordable, Anderson told the news source.

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