Being new at this I wanted to just throw this out there & get a little feedback. I bought my first foreclosure at the sheriffs auction today. I looked at the house before hand by just peeking in windows to see what it looked like. Could not get inside. Being it was a quad level I could see down in the lower level and noticed that all the drywall had been removed from the ceiling and was very dirty. Main level wasn't too bad. I made a call to the local water & sewer utility to see about any delinquent bills, which there were some, but the lady I talked to said that there was an unusual amount of water usage in March and that the water had been turned off at the street so it looked like there must have been some kind of water leak. My thought was that there is a hot tub sitting right next to the house & they didn't properly drain it or something and it froze up causing the pipe to burst inside. This house has been sitting empty for quite a while. Apparently someone noticed this happened & attempted to clean up the mess. My concern now is whether this damaged the furnace or water heater & I won't know that until I can get inside which won't be until confirmation of the sheriffs sale in about a month. I'm excited about getting my first property but scared at the same time for what this might entail. The other investors at the sale who were bidding against me seemed to think it was more serious & quit their bidding @ $92,200. I bid $92,300 & got it. ARV is $140,000. I think there's still enough room in there even if it did need a new furnace or something but I still have fears about this. Have any others of you had any fears like this and is there anything I can do during my waiting period to alleviate some of these fears?
There's nothing to do but wait. And drive by at least once a day and keep an eye out.
Don't make trouble for yourself by creatively entering the house (even though you paid for it). If you are going to play the trustee sale game, this is the hardest part...
A preliminary title search would have revealed any outstanding utility liens. You probably could have made the call in advance to the utility as well.
I did call the utility before the sale just didn't think the damage was to the extent some of others thought it was and won't actually know till I can get a plumber in there. And I wasn't planning on entering before my time just wondering what others do to alleviate their fears.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.