It’s a fantastic opportunity to buy now, if you’ve got some money set aside to invest in a home. There are a lot of empty properties out there, needing to be purchased, and sellers are very motivated these days. So if you decide on one of these properties, make sure to be on the lookout for flaws. You’re not Prince Charming, and all those houses out there aren’t going to be your Cinderella and automatically fit the glass slipper. There are going to be problems, especially with foreclosures that have been unoccupied for a while.
Be on the lookout for mold.
Before you sign your name on the dotted line, send your inspector on a witch hunt for mold. If he does find mold or fungus, it’s up to you and your real estate agent to at least try to convince the seller to fund remediation with a qualified mold remediation company. Even better if you can choose the contractor yourself–if you’re going to do the footwork to find someone who is legitimately qualified. You don’t want to get those repairs done by that guy who lives in his truck who’s gonna give you such a great deal. It won’t be such a great deal when it starts raining and you find out that leaky roof he neglected to fix has dissolved the plaster, your new ceiling has melted all over your floor and the mold is growing so fast behind the walls that you can hear it.