A major aspect of purchasing repossessed houses is their being sold in the condition they were left by their former owner. This is one of the more compelling reasons why these homes are sold with deep discounts. But even if this is the case, repossessed homes get sold quickly because of the savings that buyers obtain as well as the instant equity the homes can give them.
There are several portions of the property that are more subject to wear and tear. These are the ones that the new owners need to take care of before moving into their repossessed houses. Buyers should assume that the former owners who were behind in their mortgage payments would likewise not have the means of maintaining their homes especially if they know that the end result of the foreclosure proceedings is repossession.
This is the reason why a professional inspector should first see the home you intend to buy. The type of wear and tear that buyers should accept should be superficial ones. If there are structural damages to the property, then buyers would have to consider their purchase more carefully. Some of the repairs that buyers can absorb without going out of pocket would be confined to floorings, walls, front-yards and the maintenance of mechanical systems like heating.
What Needs Repairing?
If you have a budget for the entire project of acquiring and moving into distressed homes be sure to set aside a fund for repairs. Expect to change the entire flooring of the home as well as painting all the walls.
The home's plumbing, heating, ventilation and air conditioning systems may not be in their best shape and would require some fine tuning at the most. Be careful not to pick properties where you have to install these systems anew.
The front yard may require some tending to as well. This would include repairs on the fence and some gardening or pruning of the trees and bushes. If you plan on reselling the repossessed houses your purchased, then it is imperative that you take care of its exteriors as this will be what prospective buyers will first see.