Alaska Foreclosure Listings: Knowing When to Walk Away
by Dan Wolf
on Wednesday, January 15th, 2014 at 10:31am.
When you find Alaska foreclosure listings that you love and want to pursue, keep in mind this common problems that could cost you a lot of money.
Unless you are an experienced investor, buying a home based on Alaska foreclosure listings only and not physically seeing the property, is not a good idea.
Buying an Alaska foreclosure can be risky, but there are some risks that you have to walk away from.
Here are some of the deal breaking problems that we have seen when helping our clients buy Alaska foreclosed homes.
Common Problems with Alaska Foreclosure Listings
1. Mold. Mold love water. Mold love humidity... mold love houses. If you walk into a foreclosed home with mold from ceiling to floor beware. Mold affects all homes, including Alaska. Although they are not all as drastic as the whole wall, it could be hidden behind a wall. And once you find mold there is probably a reason it is there, like leaky pipes or faulty sewage. Once mold takes over the drywall there is normally no hope and you will have to replace the entire wall.
2. Vandalism. Alaska foreclosed listings are public record and vandals could break in and steal air conditioning units to sell the copper, dishwashers and other large appliances. When homes are abandoned, vandals, and even the home owners, will deface the house. This includes trashing the house and punching holes in the walls.
3. Missing Amenities. Many of the original homeowners of Alaska foreclosed listings will take fixtures, ceiling fans, toilets, carpet and kitchen cabinets out of anger.
4. Wild Animals. When a home is empty is attracts wildlife and sometimes that wildlife will make Alaska foreclosed listings there home. Bears, snakes and wild boars have been known to take up shop in abandoned homes.
5. Maintenance Issues. Many times once a home owner finds out they will lose their home they stop caring. Many Alaska foreclosed listings have leaky roofs, broken appliances, dirty filters and more.
How to decide if it's worth it?
Well, many banks and lenders will spend the money and make major repairs before Alaska foreclosed listings are available for sale. To win you need to know as much as possible including how many repairs are needed and how much they will cost.
Once that is done you can assess the situation and make the right choice.