Common Foreclosure Cleanout ProblemsWhat any seasoned and successful real estate property investor knows is that the money is made at the buy. In other words, unless you purchase the property at a substantial discount, you are highly likely to lose money in the end, just break-even, or make too little for too much effort. The reason is because rehabilitation is often more extensive than many laypeople suppose. It’s important to know what’s in-store when you buy a foreclosed property.
The most important thing to understand before jumping into the foreclosure market is that these properties were given up by owners who couldn’t afford the payments anymore. In these cases, the house is often poorly maintained – after all, if the owner can’t make the payments, he or she is likely falling behind on paying for regular upkeep as well. In addition, some people who are forced into foreclosure are embittered by their situations and take out their frustrations on their home before the bank repossesses. This often involves removing appliances and fixtures, and sometimes even outright vandalism. —Investopedia.comIt’s very common to find a messy garage, need total attic cleanout, and be littered with plain old junk garbage. All of this, not to mention the need to pull out appliances, fixtures, replace systems, and so much more. So, let’s take a look at some of the most common foreclosure cleanout problems real estate property owners are quite likely to face:
- Furniture. Old furniture left behind is something that can be a big deal to deal with. When furniture is left in a foreclosure, it’s usually in bad condition, so it can’t be sold or even donated. That means you’ll have to dispose of it as dictated by local ordinances, which is going to be both time-consuming and costly.
- Appliances. Like furniture, when appliances are left in a foreclosed property, their condition is typically very poor. It’s most likely the appliances no longer work, have been vandalized, or are just too outdated to keep. Also like furniture, you’ll find getting rid of household appliances is no simple matter.
- Junk garbage. Personal possessions and more can be found strewn throughout the house, and can be quite unpleasant to cleanup. Needless to say, junk garbage must go and it’s often a nasty affair to get rid of it.
- Electronic waste. Because of the materials used to manufacture electronics, these must be sorted to recycle. As in the case of appliances and furniture, electronic waste disposal is at-best problematic, unfortunately.
- Construction materials. Foreclosures are notorious for being damaged by the former occupants and can also be vandalized by trespassers. Depending on the type and amount of construction material, this can present a challenge to dispose of properly.