Foreclosures and Cash for Clean Up

One of the challenges with purchasing a foreclosure property, is the cost of clean up.  Many of the properties, are a great value, they are priced right, and are selling.  The challenge is once you have the property, where are you getting the cash to do the repairs and clean up required.

Cat pee on carpet in foreclosure home

Cat pee on carpet in foreclosure home

Most of the banks are keeping the power on, with the breakers off to the main part of the house, that way they don’t get hit with a high electric bill.  Then with power to the pool, and landscaping, green pools are not as common an occurrence and tons of dead plants are not in need of replacement in most cases.

But what about the damages and condition of the interior of the home.  Broken floor tile (that can’t be matched any more), grimy carpet that has to be replaced, holes in the walls in need of repair, missing door knobs, do it yourself repairs that are possibly not up to code and safety standards and who knows what else.

Sure elbow grease and a bucket of paint are cheap and go along way.  What about the other issues?

During your inspection period, consider brining in tradesmen who can give you estimates of repair.  Know what the costs are going to be before you get into a home and situation that is over your head.  The bottom line may be greater than you want to handle.