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how do i know how much work or $ i would need to invest in a foreclose home?

  • July 23 2014 - Paterson
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Answers (6)

Is this a Sheriff Sale? Regards,
  • July 23 2014
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My rule of thumb is $10 - $25 per square foot, with $10 being paint and carpet and $25 being new fixtures and appliances.
  • July 23 2014
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Profile picture for Peter J Rogers
with a foreclosure you are entitled to have an inspection done by a home inspector and at that time it might be wise to bring along the contractor who will be doing the work. i sincerely home you are not jumping into this feet first without a contractor unless you are well versed in this type of operation. Most of the foreclosures in Paterson are pretty badly trashed.
  • July 23 2014
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You need to get inside, inspect the home and get a reputable contractor to estimate it for you. In most cases a good buyer broker who is WELL experienced with bank owned homes can guide you through this process. It is important to know what work is needed and what the costs will be before making an offer or bid
  • July 23 2014
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You could contact the listing agent or bank and schedule to have a home inspector check it out.  I have seen foreclosed homes which have been trashed by the exiting disgruntled former owners and I have also seen well taken care of and broom swept. 
  By having a home inspector and or a builder do a walk through it might be the best $400 or so you ever spend.  If you like what you see put in an offer.  
Good luck.
  • July 23 2014
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It would totally depend on the area and the condition of the home
  • July 23 2014
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