Get inside and begin Inspecting the Interiors of the Foreclosures!
Remember on the inside of homes, the two rooms in a house that are the first to appeal to Women, who believe it or not are the “real” buyers in a house purchasing situation, don’t let any husband fool you! Those two rooms are the Kitchen and Bathroom. So Inspect these first when assessing whether a Foreclosed home you are viewing is worthy of investment in order to re-sell.
Let’s briefly review what to look for in these areas:
Kitchen- While inspecting the interior here, look at the Cupboards, Check them out, are they newer or original, will they need paint, restoration, replacement or just cleaning or maybe new hardware, flooring, examine it’s condition, Light fixtures, faucets, drains, check them for leakage under the sink and in the level below, if your partner is your wife, ask her what it would take for her to say, she likes this kitchen? Are there GFCI plugs at all counters and especially near water?
Bathroom(s)- check flooring, has it been saturated, will it need a new subfloor, is toilet still there, (believe it or not, previous owners have sometimes taken and sold these), bathtub or shower, how are the walls, are they tile?, or insert, condition of caulk, staining etc, many you see may be absolutely atrocious, yet what will it take to get it to a condition where you or your wife or your children would be very comfortable using it? Also like the kitchen, check for GFCI Plugs.
Bedrooms- Check flooring, walls, ceilings fixtures, closets, What needs to be replaced? Check also for a heat source, if you are in northern climates, FHA won’t count a room as livable space or even a bedroom if it does not have a heat source and/or a closet.
Living and/or Dining Room- Again check walls, flooring, and paint, what needs to be done to make it RTMI.
BASEMENTS/Crawl Spaces- Check for any sign of Water in either, Look at the Electrical Service, is it circuit breakers or ceramic fuses, if ceramic, It may have to be upgraded, check the furnace, is it newer, older, high efficiency, etc., check the outside and inside, you may find a date to determine it’s age, do the same with the water heater, although this is probably the cheapest of any fix in the basement of crawlspace.
Then after inspecting, go Home, add it up and guesstimate what it would cost to bring this home up to RTMI condition.
Inspecting the Interior of a Foreclosure (Free Video)