Buying a Foreclosure – Let There be Light!

Take nothing for granted…that is the best advice I can give you if you are buying foreclosures in Clearwater, or anywhere!

To be successful you need to closely follow the steps outlined by your Realtor and make sure you do everything you need to do to get this transaction closed. You can of course get great deals with foreclosures, but you need to expect the unexpected.

For example, in a traditional sale you are typically buying a home that is lived in and has both working appliances and utilities that are turned on.

In a foreclosed property you may find quite a mixed bag of functionality and operational amenities. Since foreclosed homes can be vacant for a long time, the utilities may have been terminated for payment delinquency.

Regardless, one of the caveats in the foreclosure buying process is to be certain that the utilities are all turned on at the time of FHA appraisal. If the FHA appraiser has to “re-schedule on account of darkness,” you are looking at a $100 re-visit fee and will be messing with your contract timeline.

The utility companies are however accommodating these lights-out situations, so you can contact them to restore service as long as you provide them with an interim responsible billing party.

If you just think ahead every step of the way, a good deal will get done.

Leave a Reply

Your email address will not be published. Required fields are marked *