Blog About Group Fox Realty

RealtyTrac reported that over two million properties in the United States went into foreclosure in 2010. California headed the pack with over 67,000 foreclosed properties, then Florida with over 21,000, Arizona over 15,000, and Texas over 14,000. Vermont was on the bottom of the list, with only 21 foreclosed properties.

Perhaps you are considering purchasing a foreclosed property, which can seem like a financial opportunity to a prospective buyer. Foreclosed properties, however, can present serious problems, many of which can have a negative impact on your financial stability and even your health.

Leaks

The electricity, water, and heat and/or air conditioning are often shut off in foreclosed properties. If the pipes weren't completely drained first, there could be concealed damage to the pipes due to freezing. Then when the water is turned back on, a minor leak in a wall or ceiling cavity can develop into a major mold problem.

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