Foreclosure Property with Roof & Window Leak Issues

[Michael DePallo]

Hi all. We are interested in buying a foreclosure sight unseen to remodel and live in ourselves. Fortunately we were able to get into the property after chatting with the tenant (original owner’s grandson) for a bit. The major issue is that the house needs a new roof and windows. He said the roof was redone in 2007 but they did a shoddy job. The house has been neglected for years, so there is water damage in parts of the ceilings and walls from the windows. Obviously the roof and windows need to be replaced and the walls and ceilings affected need repair. We have this in the budget but my question is, could this be a big disaster getting into and should we avoid this property? Would appreciate any advice- auction ends tomorrow. Thanks.

[Jim K.]

You should not be buying foreclosures sight unseen as a primary residence unless you have an contractor/handyman network already in place and significant renovation experience under your belt. It's a recipe for disaster. You honestly don't know what's in there. You don't have a timeline, you don't have a way of coming up with a scope of work -- you're buying blind.