Buyers Beware! Things to look for in foreclosed homes-Part 1

hi there my name is David Dettman now what we're doing today is we're going to put a series of videos together here are video clips rather in this series of things to look for when buying a foreclosed home this is kind of a buyers beware video if you would and there are some common things to watch out for so you in buying a foreclosed home you have to understand that the people that were losing these homes had nothing to lose by taking certain items items from the home that you wouldn't maybe necessarily take from the hall now this is not meant to be a replacement of an inspection we strongly strongly believe that you should get a home inspection on any home that you buy but there are some things to watch out for when buying a foreclosed home and I'm going to take you through some worst-case scenarios and some things to keep an eye out for to see if they're there or if they're missing for instance an a/c unit the outside a/c unit very commonly is gone in a foreclosed home because the owner had nothing to lose he knew he was losing the house to the bank but the owner holds title to the property until the foreclosure is all the way through so it's his right to sell that item if he wants to so sometimes so carefully unscrew it sometimes oh you know cut the wires and take it with them and sell it to the highest bidder and pocket the money in other cases it might be that there was vandalism done by the owner himself out of anger because he was losing the home so he did certain things to the house to damage certain things so that's what we're going to show you is what to keep an eye out for now since I just mentioned the a/c unit let's start with the outside a/c unit now they come in many shapes and sizes and this is what they should look like a hundred percent intact you want to make sure that the lines are connected here and you want to watch where maybe somebody has taken it and cut the line or crimped the line sometimes they're angry and they might have taken a pair of pliers or something and crimp this line here or sliced it here so it loses pressure or possibly over here where it goes into the house now also on the inside here one thing you want to watch for is to make sure that everything is inside sometimes they've taken the thing apart and it may look like it's whole you wanna make sure that the copper coils are inside copper coils are the things that go it looks like a radiator if you know what a car radiator looks like so make sure that that's there this kit this one's all bolted together so in this case 100% of it is here okay now let's go take a look at the well equipment now your typical well here right he's going to look like this it's going to have a submersible pump down inside the well so I make sure that she's bolted down tight because if they took the submersible pump they'll be open where they could have taken it out you also make sure none of these wires are cut or tubes are cut here so in this case this is 100% intact if you can see how that appears here's your outside well equipment if you can see we've got here the large white container on the right is the holding tank for the water we've got two pressure tanks one behind the other there sometimes you'll have just one sometimes you'll have two and these run it here this right here is your water softener and then this right here so the salt goes into sometimes there's an additional pump up there as well to watch out for so this is a system where all the components are here on this particular well set up now garage and what I'm going to talk to you about here is the water here okay first of all I will make sure that their water heater is still there and that's still connected this particular water heater comes with a pressure painting on the top some emperor should make some dope just because you don't see one doesn't mean it's incorrectly installed just depends on that particular home and what it needed in order to get set up so make sure this power line right here is intact and not cut now these are not color missing here and of course if the tank is there some homes are going to have what's called instant hot water that's a box about this big it's bolted on the wall in place of that in that instantly gives you help on if you out of the house they're really really neat little marks that's for the nice and more energy-efficient if all you see is a very wire coming out of the wall and nothing there it's just that somebody took something so this would now here is our electrical box okay and you want to make sure that all this is intact here did somebody didn't rip this apart up here and the panel is out and then you want to open it up and look make sure you've got all your breakers here I've seen in some cases where the owner or builder whoever at the house before took several of the breakers out with it or in some cases the front was missing and the wires were cut as you can see everything is 100% intact here so keep an eye open on that as well now this is the air handler but those are there from up north you're used to being called the furnace down here in Florida it's an air handler now there is an electric heating coil inside so we only have a few days turn the heat up this is primarily for the flow of air throughout the house for the air-conditioning system but also those heat your home now you want to make sure this is here there are also cases where this is been missing completely out of the house so an originally inspection this looks like it's here it's intact but I want to zoom the camera back here so watch this so we start to see some problems in this home here some telltale signs right away come into view up here the ceiling has been coddled so I'm going to find out why upon a little bit further inspection we noticed by zooming down that there's something that seems to be cut right here at the base of the ear handler I'll tell you what this is this is the copper tubing here that ran out to the AC unit on the outside of the house so if you look a little bit further you're going to see as we back up and hand the camera a little bit you can see fragments on the ground here from where that line that was up the EEC outside has been cut so he used to run up in that hole there off to the EC on just an inspection on the outside you may remember that that line looked like is 100% intact when in fact up in the attic it has been cut and cut here as well so that's an item that's going to need repair now we want to find out what's really going on in that attic up there because that's rip down we have to look for any other signs of damage as well so let's take a look up in the attic and see if there's anything else wrong okay here we are in the attic now one of the things we want to look for is did anybody else do damage well we already know that the copper tube is cut so that brings to mind that they cut anything else like maybe some wires so we're going to take the camera here in this light and you can see we can see quite a bit up here in this attic okay and we can see where the wires are intact here but we're going to come over here if you notice we've got a bunch of wires that are cut right there so what we're going to do is continue to pan to the right here and we're going to be coming up to is the top of the electrical box now I'm going to zoom in here so you can see what I'm seeing and what you see here are all the wires that are coming out of that electrical panel in the garage that appears to be fine they're all cut straight across all right do you see what I'm seeing there every single one of these is a nice clean cut now what this is is a simple sign of a builder was just about ready to sell a house and he was angry because of what the market was doing so he came up here to cut wires so he sliced those off right there as you can see went over here about five feet away slice those up and he actually went back here a little ways you can't see so much and cut some wires back there so what you need to do is the inspection in the Attic to make sure that if you see something like those cut over there that then cut them and how far they cut them and what more damage they do we can see right here there's the electrical cable for the air handler cut but over here all the other wires seem to be intact right so that's just something to watch for so let's go back down all right now I do want to tell you that we just have electrician here and this particular property when you see stuff like this this should not scare you there's a reason the properties are priced the way they up and these are problem properties if you want a brand new house you would go buy a grand new hops we're looming this from what is a brand new house but its prices bakery Boca is going to have a couple of problems just so you know the electrician that we just had here said that he can take apart that box rewire everything up through their junction box everything off properly up to code and the total bill will be somewhere between you

Channel: Dave Dettmann

Views: 87,050

Rating: 4.6307693 out of 5

Keywords: REO's, Dave Dettmann, The Gator Group, Buyer Beware

Id: 7WVmiHLIg4g

Length: 10min 0sec (600 seconds)

Published: Sat Apr 25 2009