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Foreclosure properties are excellent investment opportunities for homebuyers looking for an excellent deal on their next home. If you are thinking of purchasing a foreclosure, it is important to recognize some inevitable complications in the process rather than the traditional process of buying a home. Continue reading to discover some of the most common mistakes made during the foreclosure buying process. 

Failing to check on whether or not the home is winterized

When purchasing a foreclosure, be sure to check to see if the property is winterized. With this, it is important to ensure that the pipes are in good condition for the coldest months of the year. Cracked pipes caused by freezing temperatures can leave your home vulnerable to mold by causing leaks. 

Failing to factor repairs into a budget

Before any real estate transaction, it is always a good idea to create a budget. Many people go wrong in this step by failing to factor repair and maintenance costs into their offer on a foreclosure. In this, it is essential to first calculate what you will need to spend to make the home livable. Failing to take this step seriously could lead you toward buying a home that you cannot afford. 

Failing to research how long the home has been vacant

Before you submit an offer on a foreclosure, investigate and learn as much as you can about the property. One crucial detail to consider is how long the home has been vacant. The reason for this is because the longer a home has been empty the more repairs you can generally expect. For instance, if a home has been vacant for an extended period, you should not be surprised if there are issues with plumbing (poor drainage and seals) or if you have an insect problem. 

Failing to request a private inspection

Did you know that the majority of banks allow for home inspections? In many cases, they even encourage it. A thorough inspection will detect damage and potential issues that would affect the value of the property. 

Failing to consider the surrounding neighborhood

It is important to put significant consideration into the neighborhood before you purchase a home. As you research a foreclosure, do your research on the area to see if there are other foreclosures in the area affecting the market.

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