Foreclosed homes offer significant advantages in terms of cost, but they come with important caveats which home buyers should be well aware of. The large number of foreclosed properties in Las Vegas, Nevada ensures that houses of almost any price range and in almost any part of the city can be purchased at an extreme discount. But many of these properties have been left abandoned for months and have been subject to vandalism, rot, and structural decay. Banks simply do not have the staff or resources necessary to keep these homes occupied while they wait for sale.
Few people realize how quickly a property deteriorates when it is unoccupied. When humans move out, wild animals quickly move in, and many abandoned properties have become infested with rodents. Additionally, many small problems become large when left unattended. Slow leaks can become major floods when there is no one to shut off the water. Bad wiring can turn into a fire hazard when no one is there to replace it. There may also be other problems left by the former occupants, such as rotten food or damaged appliances.
It is therefore important for any potential foreclosed home buyer to have the property examined and appraised before making a purchase. Trained inspectors can find out if a house has serious structural problems or other unforeseen expenses. This can help a homebuyer avoid being stuck with expensive repairs or a house they can’t live in simply because the bank did not maintain the property.