What to Do with Foreclosure AppliancesIf the appliances are in good condition, but outdated, you’re still in luck. Discovering working kitchen appliances and other appliances, like a washer and dryer set, is unusual. Generally, the previous occupants take whatever they can or purposely damage what’s left behind. As the nearby quote points out, if a homeowner doesn’t have the money to pay the mortgage, he or she would not have the money for routine maintenance.
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… —InvestopediaFor instance, if the home contains outdoor features, like an old wood deck, chances are excellent it is in a state of disrepair and might have to be completely removed. In addition, the furniture left behind probably won’t be in salvageable condition, so you’ll have to get rid of it. However, foreclosure appliances are different; and, depending on the condition, you have some choices. Here are some helpful tips on what to do with foreclosure appliances:
- Sell the appliances. If the appliances are in working condition and still look decent, you can just sell them and use the money to offset the purchase of new appliances. You can sell them as a deeply discounted package deal or sell them individually.
- Donate the foreclosure appliances. There are many charities which would welcome used appliances, provided they are in good working condition. Call around your local area, contacting charities to learn if the appliances can be donated.
- Repair and refurbish the appliances. If you plan to rent the foreclosure property to generate an income stream, you can have the appliances repaired and refurbished for the tenants to use. You can also have the appliances repaired and refurbished to sell along with the home if you’re going to flip the property.
- Keep them for use elsewhere for yourself. You also have the option to keep the appliances to use for yourself in a vacation home or elsewhere. Another option is to give them away to a family member or friend in need of appliances.