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If you are looking for a property in foreclosure, either as a potential investment or a value on your primary dwelling, the Lethbridge foreclosure listings have quite a few attractive homes. If you are new to real estate investments, there are some factors in the process that you want to make sure you are aware of. Knowing these will prepare you for a process that can be lucrative for you, if you know how to manage it.
Things to check before Buying a Foreclosure in Lethbridge
1. Check for any liens on the home.
A home that has gone through a foreclosure is no longer anyone’s family home, and it has lost its emotional value. Instead, it’s one asset of a list of many that belong to the bank, which means that an asset manager is just waiting for an offer that is at or over a certain number. This means that the seller has no emotional attachment to the property, and it also means that there could be some issues with other liens. For example, some cities place liens on properties if they have to take over maintenance of the lawn in order to keep the property in code. Utilities, contractors, homeowner’s associations and other entities to whom the original owner might owe money can also file liens against the property. You don’t want to emerge from a foreclosure auction with a home that now has five other liens outstanding, so enlist a title officer to help you investigate any possible liens on the home you are considering.
2. Take a look at the home’s exterior and foundation.
If a homeowner doesn’t have the money to pay his mortgage on time, he also doesn’t have the funds on hand to make necessary repairs to the foundation, roof or other structural areas. That means that when you are shopping for a foreclosure home, you might well have some major repair bills on your hands after you move in. You’ll definitely want to hire a professional home inspector to take a look at the property, and that report might end up recommending that you secure a foundation report as well. Knowing this information ahead of time will help you make an informed offer on the home.
3. Consider paying for a sewer inspection.
If you’re looking at a Lethbridge foreclosure that is more than 20 years old, sewer inspection can be a real lifesaver, particularly if the neighborhood has a lot of old trees. As the root system grows, it can break sewer lines along the way. Also, in some older neighborhoods, your sewer line may lack a proper connection to the city’s system. Clogs and rot can also damage the quality of your sewer system. A savvy real estate investor or potential homeowner can make a lot of money by buying a foreclosure, improving it and reselling it. The Lethbridge market has plenty of opportunities for the right purchaser. Contact one of the customer service specialists at Amansad Financial to get connected with the best home for your needs.