Structural Issues in a NYC Foreclosure

Structural Issues in a NYC Foreclosure

When it comes to purchasing a foreclosed property, there are significant positives and possible major negatives. Foreclosures in NYC can come at a great deal, often much better than non-foreclosure prices on the market. For that reason, New York City foreclosures are very popular. Before trying to snap up that foreclosure, assess the damage inside of the building to tell if it will just take a cosmetic fix or it will require a lot more construction to repair.

Cosmetic Damages

Though cosmetic damage can often be a turn off to buyers, a good eye can spot a great deal with those looking for a great investment. Cosmetic damages can range from the home needed spackling due to holes in the wall, paint chipping off the home, and even broken granite and trashed counters. As a wide rule of thumb, issues that do not involve the ceiling, walls, and floors might be cosmetic. These damages can add up, but if you can catch a foreclosed property with only cosmetic damage, you may get a great deal in the city. One way to research the foreclosed market is to contact a reputable real estate company. A company, like Premier Real Estate NYC is a type of real estate company that works with you from A-Z.

Major Damage

Major damage will include cracks in the walls and floors, leaking ceilings, and ruined plumbing. Also, be careful of an old foreclosure or a short sale in NYC, Brooklyn foreclosures, which have traces of lead paint or asbestos insulation. Structural and plumbing damage can mean tens of thousands in repair costs. Have your property in question checked by a qualified home inspector to determine if you have found a gem or a dud on the market. You always need to do your due diligence when looking at short sales in Brooklyn, or foreclosures in NYC.