If you plan to buy a house in foreclosure, sooner or later you’re going to personally inspect it. But before you do, read the following, from the just-published 3rd Edition of Buying Real Estate Foreclosures, by attorney Melissa S. Kollen-Rice:
“When you are inspecting vacant properties as part of your preliminary preparations for bidding, never enter a vacant house carrying a lighted cigarette. There may be a gas leak that no one is aware of, since no one lives there, and a lighted cigarette could cause an explosion of life-threatening proportions.”
Also, she warns, the previous owner of the property may have left home (i.e., been forced out) under less-than-friendly circumstances and may hate the lender and anyone who deals with the lender. She gives two actual examples of this:
1. The previous owner of a two-story house cut a hole in the middle of the living room floor on the second story and covered up the hole with a throw rug. If anyone stepped on the rug, he or she would have taken a fast trip to the first floor.
2. When a contractor went out to a house to inspect it and prepare an estimate, he opened the back door to enter the house and an axe swung down. Luckily, he had quick reflexes and avoided having his skull sliced open.
Also, Kollen-Rice warns, beware of vacant houses that may be infested with fleas. “Bring insect repellent and wear protective clothing, or at least put rubber bands around the bottom of your pants legs.”
