Preparing to Look at and Show Foreclosure Property
- Pull Comps so you know what the REAL value is
- ASK the listing agent for the property inspection report
- Know your TOTAL Pre-Qual $$$ amount (including rehab)
- ** Print your FREE 1-Hour Consultation Certificate from 203k Services **
- ** Print and READ the HUD Consultant Report **
Walking Through the Property:
- Look around for obvious safety issues
- Check the light switches for power
- Walk thru the 1st floor first
- Observe condition of floors, then ceilings, windows and doors
- Are there signs of water leaks on the top floor?
- Go to the basement WITH a flashlight
What to Look for in the Basement:
- Note any signs of water at baseboards, doors and door trim
- Is there a sump pump and does it looks like it can work?
- How big (or small) is the furnace? Gas? Oil? Electric?
- Look at the electric panel for loose wires, missing breakers
- Look for cracks in the walls, peeling, chipping or flaking on walls
- What does the floor look like?
Take Some Photos:
- Exterior—front and rear (roof, siding, gutters too)
- Furnace and hot water heater
- Electric Panel and service cable (open the panel door)
- Kitchen and Baths
- Take photos of anything else you find concerning (not too close up)
Getting Help to Prepare Your Offer: (Buyers and Realtors)
- Request a Photo Template by email
- Email a copy of the Full Listing printout and Public Record
- Email your total Pre-qual $$$ AND desired rehab budget
- Email a list of your concerns about the property
- Email a list of DESIRED repairs to the property
- Email the above to: vsimone@203kServices.com
By sending us the above information along with your contact information, you will receive a FREE 1-Hour Consultation to plan your purchase strategy and rehab budget. While a site visit and Feasibility Report is the best and most complete way to get prepared, sending the above information and receiving a FREE 1-Hour Consultation will help you make better decisions about buying any Distressed Property.
Looking at Foreclosure property can be the most rewarding and often the BEST way to help you get the best deal, but you will need some help for sure - a good team that includes a Realtor-Lender-Contractor-Consultant and usually having a Consultant early in the process helps make the process move with less stress.
Visit 203kServices.com for more information and tools to help you understand how to use the FHA 203k rehab loan program to make better offers and help you buy a home in today's market.
** Send an email to request your FREE 1-Hour Consultation and a copy of the "HUD Consultant Report" **
Don't let all the "bad news' and distressed-looking property discourage you from taking advantage of the best buying opportunity and lowest interest rates in generations!
Happy House Hunting!
HUD 203k Consultant
Read Part I in this series.
Read Part II in this series.