Buying a Foreclosure? Frequently Asked Questions (That I Can’t Answer)

If you were a fly on the wall for one of my typical showings at a foreclosed home you may hear the following conversation (or a variation thereof):

Buyer: Lacey, how long has the house been empty?

Me: I’m sorry but I have no way of knowing that based on the information in the MLS. I can see if the listing agent knows but there is a pretty good possibility they have never even spoken with the previous occupants.

Buyer: OK…. When was the kitchen remodeled?

Me: Unfortunately we do not have access to that information because the seller of this home is a bank and they have never occupied the property.

Buyer: (sighs) OK….

Other questions I (sometimes) cannot answer:

What is this?

Why is this here?

What were they thinking?

How old is the roof?

How old is the pool equipment?

When was this carpet put in?

Did anyone die in here?

"Lacey, why is this here?"

If I had a dollar for every time I was asked questions like these while showing property I would make enough of a living so that I would not have to actually sell real estate anymore.

To ease your frustration while looking (and mine, lol) here are some things to remember when looking at foreclosures:

• The seller is a bank (or other institution) and they have never seen the home, let alone have any first-hand knowledge of intricacies of when/why certain improvements were done to the home.

• The seller, listing agent and myself will (usually) not know the age of any appliances or other systems such as roofs, windows, heaters, air conditioners and pool equipment.

• How long the house has been vacant is not something that is disclosed by the seller, and the listing agent is not required to know exactly how long the home has been vacant. They may know- but they are not required to know.

• Since the seller has never occupied the home, they will have no knowledge of any deaths on the property

• Experience helps me to explain why oddities in homes are there and what they even are- but many times it is just a guess on my part. Sometimes I am shrugging my shoulders and scratching my head right along with you.

"Lacey, what is this?"

You are probably wondering right about now what the lesson is here? It is very simple- if you are buying a foreclosure it is imperative you exercise your inspection rights. Get everything looked at and or inspected by a qualified professional so you can move in with confidence and not unanswered questions. If you are in the Modesto/Central Valley Area and are looking for a qualified home inspector, check out Welcome Home Services, a FREE full-service referral source for home buyers and sellers offered by PMZ Real Estate. To begin your search for foreclosed homes in the Modesto area, click HERE.