Make sure there are no unexpected surprises. MSN details how one family in Virginia found out one day
before closing their property that there was a second, unpaid mortgage — forcing them to live in their boss’s
basement for two months until the house was finally able to close.
According to Banker and Tradesman, foreclosures take an average of 60 days to sell, while short sales take
about 90. Often, the homes can be left abandoned for months before they get to this point. For this reason, it’s
important to inspect the home closely before buying it. Vandalism, burst pipes, and mold can all be problems that
happen when property has been left alone for an extended period of time.
Many sales through banks will not have any information from the previous homeowners. This means you
might be on your own to realize the air conditioning needed a repair, or the kitchen door is warped and won’t fit
its frame. If you’re working with a buyer’s agent, they may be able to obtain past disclosures. Otherwise, see if
you can get a home inspection.