The typical abandoned home often comes with a lot of surprises. It’s important to keep a range of items on hand when inspecting these properties in order to stay safe and to efficiently analyze the value of these properties. These include:
–Bring bug spray that will keep fleas, ticks, mosquitoes, spiders and other vermin at bay while you investigate the house. Broken windows, standing water, stagnant pools, and dusty rooms all are breeding grounds for flying critters.
–Bring a flashlight. Most abandoned houses no longer have the power on.
–Wear closed toe shoes or work boots, gloves, and face mask. There may well be glass, dead animals, garbage or other debris on the floors and you want to avoid being cut or breathing decaying matter.
–Hand sanitizer-will allow you to check cupboards, open doors and still be able to keep your hands clean.
–Ladder-A ladder could give you the opportunity to see if the roof is in tact and to see if the attic has been adequately insulated.
–Cordless screwdriver-can help to get you in to boarded up properties.
–Tape measure-to determine the dimensions of rooms and to measure the house as a whole. Quite often the dimensions provided on an assessor’s report or an Agent’s listing are inaccurate.
–Digital camera-take pictures of every room, and particularly focus on things that should be repaired.
–Calculator-will help you add up repair costs so you can make an accurate offer.
–Purchase paperwork-In many communities the best short sale and REO deals go quickly. Make sure you are prepared to make an offer on the spot if you encounter a property that will make you a good profit.
Prior to visiting the property, do a little homework to make sure this is a deal you want to pursue. Check out comps for the area and know what you are prepared to offer, less a deduction for condition. The repair figures will be determined at the walk-through.
The delays that have been plaguing the short sale and foreclosure marketplace have led to properties that are in poorer condition than ever before. If you come prepared to look at these abandoned properties with the proper equipment in order to stay safe and to evaluate the situation dispassionately, you will find some incredible deals that will yield high profits. These abandoned properties are often the ones that banks are most anxious to get off the books, and they are the ones that communities want to see rehabilitated or removed from blighted neighborhoods.