1. HOME INSPECTION: Like any other investment, you need to understand what you’re getting yourself into before you release your hard earned money. Hire an Edmonton home inspector to determine the overall status of the property. A reliable home inspector will help you detect damages in the property, be it in the structure, plumbing, ventilation, etc. If the cost of repair will be higher than the purchase price, you’ll save yourself a lot of money and headache by walking away from purchasing it.
2. HISTORY: Some foreclosed properties don’t have Property Disclosure Statements. Without this important document, you will not know accurately any past repairs, or renovations done on the property. This makes it our first point ever more important.
3. LIENS: This needs to be settled as soon as possible. Most banks just leave their foreclosed properties idle and neglected. Some places monitor the maintenance of properties, if a foreclosed home for example has a lawn littered with trash a lien can be placed on the property. Before buying a foreclosed property, you and your title officer should investigate all liens and resolved all of it immediately.
4. LOCKS: Change all of it.
5. EXTRAVAGANT RESTORATION: That’s a little troublemaker right there. Expensive restorations can have expensive maintenance and repairs. Triple-check the condition of these restorations. Something that’s in a terrible/poor condition can burn your finance in the future.
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