Buying a Foreclosure Home in Charlotte, NC Caveat Emptor

When it comes to buying a foreclosure homein Charlotte NC, the onus is on the buyer to find out about the quality or condition of the property purchased, unless protected by warranty. In other words, the buyer takes upon himself the risk of quality.

A home in foreclosure is still a large investment and should be purchased smartly with both eyes open. Brandon T. Johnson, president of GTJ Consulting in Roseville, Michigan and who oversees foreclosed homes for a number of lenders, Realtors and Freddie Mac, says that "buyers often make the mistake of 'assuming' that everything is working properly in the home."

He strongly recommends getting a private inspection done on any foreclosure property you are considering, especially if it's been vacant for awhile. Johnson says the terms "as is" shouldn't scare buyers off as long as they know what it means, so they don't get burned.

Foreclosure homesin Charlotte, NC can come loaded with surprise expenses and it's up to the buyer to cognizant of these risks. In some instances you can physically see there is a problem, other times not.

Buyers can avoid hidden problems such as major plumbing issues or water damage by having a private inspection done.

Here are a few things to watch out for when buying a Charlotte foreclosure property:

• Check for signs of soot damage caused by a malfunctioning furnace or possible fire, such as black cobwebs, greasy grayish residue on walls and/or a strong oily odor.
• Check sub-flooring for stains that could be a result of mold.
• Check air quality and have surface testing done for moisture and mold (musty odor, peeling or discolored paint, swelling in walls or ceilings).
• Check for cracks and leaks caused by fixtures (toilets, sinks, etc.) removed improperly or ripped out by the previous owners.
• Check for fungus/mold growth in cabinets and built-ins caused by water damage.
• Check for blocked drains or pipes that can cause future problems and where sewage backup may already be present.

The bottom line is that foreclosure properties are sold in "as is" condition, which equals risk. A private inspection can prevent further damage and at the very least, can affect your negotiating power for a better price!