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FORECLOSED PROPERTIES MAY NOT BE YOUR BEST BET!
Posted by V.K. [Mel] Melhado P.A. on Friday, July 3rd, 2009 at 7:55am.
We have talked previously about some of the pitfalls in purchasing foreclosed properties and more and more we stand by our attitude that they are not the great deals that people perceive them to be. Backing up our contention was a recent article in the Naples Daily News about foreclosed properties being stripped clean.
Recently I was in a property in the community of Berkshire Lakes and viewed a single family home that literally sadly had everything taken out of it. Not only had the appliances been removed, but the former owner had removed sinks, vanities, toilets, molding and more. Even the switch plates had been taken.
The home was a complete disaster and coupled with the fact that it did not have a pool, abutted Radio Road and had the air off for well over a year it was apparant to me that the money that it would take to restore it to its former glory would not be worth the effort, and if you tried it, you would be substantially in the hole compared to current market conditions.
It is just another example that you need to be extemely careful when considering such properties!
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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