Property Damage
Bankruptcy and Foreclosed homes are usually sold “as is” and at a discount. If there’s damage to the home or repairs needed, the new owner is responsible for those repairs. While the bankruptcy or foreclosed home is sold at a huge discount, “as-is” condition can be pretty grim. These homes are often poorly maintained. After all, if the owner can’t make the mortgage payments, they are likely falling behind on paying for regular upkeep as well, not to mention major repairs. In addition, some folks who are facing bankruptcy or forced into foreclosure are embittered, and they take out their frustrations on their home before the bank repossesses. This often involves removing appliances and fixtures and sometimes even outright vandalism.
