Buying a Foreclosure? Consider the Condition of the Roof
If you are thinking of buying a foreclosure it is safe to say that saving money is on your mind. Along with this, you probably know that you are going to have to spend some on repairs. Of course, how much depends on many factors including what is wrong. If there is a major problem with the roof, you can expect a lot of money to be coming out of somebody’s pocket.
When you buy a foreclosure “As Is” you do not have the chance to bring in a roof inspector. Instead, you are taking a big risk. If something is wrong, you will be paying for it.
On the other hand, if a property has to pass FHA or VA appraisal you may be able to exercise other options. Some banks will pay for the cost of repairs – this is the best scenario. Another that may work for you is having the cost of the roof repairs rolled into your loan.
A foreclosure can be a great investment, but it is important that you learn as much as you can about the condition of the roof before buying.
