Alamo’s Timothy Powers Cautions Homebuyers About Foreclosed Homes
Are you getting a better deal on a foreclosed home? According to Alamo businessman Timothy Powers, thirty-eight percent of people believe you are. But real estate expert Timothy Powers of Alamo cautions that homebuyers should be careful when considering purchasing a foreclosure. It may not be as straightforward as the buyer expects.
Initially, a foreclosure seems like a great deal, Alamo’s Timothy Powers says. Often foreclosures are listed at a fraction of the price of regular homes, and Alamo resident Timothy Powers concedes that they can be. However, as a twenty-year veteran of the real estate business & mortgage business, Timothy Powers of Alamo has seen more than his fair share of issues with foreclosures. In fact, for the last three years, he has focused on foreclosures, and what he saw prompted him to open East Bay Foreclosure Support, which provides foreclosure support for military families and families going through major illnesses.
With foreclosures, Timothy Powers of Alamo warns, banks often do not fall under the same laws about “disclosure” as other properties. You are usually buying the house “as is,” which means you are walking into a house without knowing anything about the history. Problems could include structural problems with the house, issues with the area, and any number of other problems you’ll learn about only after you move in, Alamo’s Timothy Powers cautions.
We’ve all heard horror stories about foreclosure homes, Timothy Powers of Alamo remarks. The angry owner who drives his car through the garage before vacating the premises. The missing furnace and kitchen appliances. Timothy Powers of Alamo says this is called “foreclosure rage,” and isn’t always quite so dramatic. According to Alamo resident Timothy Powers, usually this can be as simple as removing all the light bulbs. At the very least, Timothy Powers of Alamo advises, you should be prepared to have the carpets professionally cleaned and paint the walls. Alamo’s Timothy Powers points out that these little things are traditionally done by a homeowner before putting a house on the market. When a house goes into foreclosure, Timothy Powers of Alamo says, the bank takes it over with the sole interest of selling it to recoup its loss.
If you’re thinking about buying a foreclosed home, Timothy Powers of Alamo recommends speaking to neighbors first to learn about the property and the neighborhood. Do a title check, Alamo’s Timothy Powers says, and determine the cost of repairs before putting a contract on the house. If you factor those costs into the purchase price, you’ll avoid many surprises.
After suffering personal loss in his family, Timothy Powers, Alamo real estate expert, wanted to help others. Alamo’s Timothy Powers founded East Bay Foreclosure Support in order to assist military families and families suffering from illness in dealing with foreclosure.