Vandalism is an issue when it comes to buying foreclosure. It is common that houses found in chaos conditions. Accessories like sinks, toilet, and shower stall could all be cleared out. What is more headache-causing is when you find holes and stains made by purpose of vandalism as those damages sometimes could be irreversible.
This kind of case has become more frequent recently with the rapid increasing foreclosure activities across the country. Souring about losing their home, the ex house owners take appliances or punch holes at the wall. Or sometimes the previous occupants just trash the house. Things can be messier when years of poor maintenance of the house pile on.
Around 50% of foreclosed properties have damages, according to a survey done by Campbell Communications, a Washington marketing and research organization. Sometime from the look of a property, people can tell that it is foreclosed. It is indeed very saddening to see nice houses become such condition.
It can be understood that the sour feeling inside the house owner. Losing their home is really devastating and sometime the depression turns into hatred where they will start thinking that they are not treated fairly by the bank and as a result owner start damaging the house, having in mind "if I cannot have it, nobody could".
It is indeed an emotional thing to go through for house owner.
Fixing the vandalized house is time consuming. Banks and loan owners will not eager to fix it anyway. Involving trash removal, painting, renovation and etc, buying this kind of foreclosure is really not as attractive as REO where properties are well prepared to move in. However, from the point of view of real estate investor, these properties can be good deals. Depending on the structure and location of the properties, sometime the foreclosed house can be turned into high profitable item.
This is because for most of the cases, the houses could be repaired and back into its original shape, sometime better with a minimum amount of investment. Form there, the foreclosure real estate could be sold again for a higher price. It is about making second tier money when you succeed in the selling. If you were asking for this kind of deal, do remember to have house inspection first so that you can give a more accurate offer.
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