Winter Is Creating Problems For Sale of Foreclosed Houses

Posted on December 30, 2008
Filed Under Foreclosure Homes | Leave a Comment

Winter is cold and harsh and is particularly so this year as it is creating problems for the sale of repossessed houses. Pipes have burst, roofs are covered with snow and inspection costs are high.

Realtor Scott Ficek is an experienced line in his field but this is the first time that in the course of an inspection he came across the first frozen waterbed. The previous owner of the foreclosed house had gone away leaving behind his furniture. But the heat had been turned off. This had caused the jumbo-sized double bed to become a slab of ice – a veritable waterbed!
The example of the waterbed is symptomatic of what is happening right across the country this winter. Water heaters have exploded, the pathways are covered with hard snow and ice and the indoor temperature cold and forbidding. In the Twin Cities market foreclosed units are growing in number. Before 2008 draws to a close it is apprehended that 18,000 houses will be foreclosed upon – an increase by a third from 2007. Half the number of houses sitting on the shop shelves waiting to be sold came from the foreclosure category in November this year.

Realtor Kimberly Koehler of Exit Three Rivers Realty carries around with her a snow shovel because it is only is it difficult to gain access into the house it is even more difficult to gauge the condition of the cement works. During summer she had successfully organized bus tours of foreclosed houses but in winter it is a different scenario. The greatest problem is snow lying on the roofs because here again the condition of the roof becomes impossible to evaluate. The same holds true for houses that are not in foreclosure but in the case of the latter there is no disclosure statement for guidance.
Once inside the inspector can find out if the house has been properly ‘winterized’ – shutting off supply of water after draining pipes and emptying the water heaters. Plumbers engaged in the work puts anti-freeze down sinks, toilets and basins. Water is drained out from radiators and boilers.

Thus those dealing with the sale of foreclosed properties must get the house properly ‘winterized’ to allow for proper inspection. The cost is heavy and anything from $100 to $300 is charged to find out if proper anti-winter preparations have been made. The question about who will foot the bill – the buyer, the seller or the negotiator is a matter of negotiation.

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