foreclosure home with buckled floors, should we buy?

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kk
Posts: 1
Joined: Sat Mar 05, 2011 2:13 pm

foreclosure home with buckled floors, should we buy?

Post by kk » Sat Mar 05, 2011 2:22 pm

We have found a fannie mae foreclosure home that is a 1996 dutch built double wide that has been sitting on a foundation that has had standing water for a long time. The floors are buckled in humps and it still has standing water in the crawl space. The home is on 10 acres and we are wondering what it would take to fix the floor problems and what we need to consider in a rehab. Is electric also a concern and how easy is it to remediate mold on the underside of a manuf. home? Thank You

rmurray
Posts: 1086
Joined: Thu May 25, 2006 6:49 pm

Re: foreclosure home with buckled floors, should we buy?

Post by rmurray » Sat Mar 05, 2011 3:00 pm

Sounds like you need a professional home inspector to make a visit and develop a report for you. Mold can be tricky and expensive..Remember location is even more important than the home..Be sure it is great for you...

trmimo
Posts: 202
Joined: Tue Sep 12, 2006 9:54 am

Re: foreclosure home with buckled floors, should we buy?

Post by trmimo » Sun Mar 06, 2011 7:18 am

Short answer is no. Pre-owned homes abound these days at big discounts. Water causes a lot of damage, much of which is difficult to see.

David Oxhandler
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Joined: Tue Oct 02, 2007 8:37 am

Re: foreclosure home with buckled floors, should we buy?

Post by David Oxhandler » Sun Mar 06, 2011 9:30 am

Most banks can not or will not put any money into corrective measures. They have so many foreclosed homes to sell and so many more in the pipeline that it is impossible for them to consider repair work. For the most part foreclosures are sold "as is".

We are in the middle of the greatest buyers market since the Great Depression of the early 20th century. Existing home prices in most parts of the country have dropped down to price levels of 20 years ago... or lower.

There are too many foreclosure manufactured homes on the market today that are in good condition. Unless you are a renovator it is best to avoid those that will cost a pile of money to make livable.
David Oxhandler
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babygirl86
Posts: 4
Joined: Sun Mar 13, 2011 1:05 am

Re: foreclosure home with buckled floors, should we buy?

Post by babygirl86 » Fri Mar 18, 2011 12:58 am

I am no expert, but I grew up in and older (80s) mobile home and over time we had a lot of trouble with mold and leaky floors. It had really cheap plumbing and the leaks will never stop unless all of it is replaced. Right now the floors all over it are in terrible condition and my mom actually fell part of the way through a year or two back. My dad has fixed a lot of it but it is still really bad and my dad just fixed another leak today. We are about buy a new trailer and all of us move in, so hopefully their wavy floor days are over, but it was not fun! I am just here to warn you that it can be a major and SMELLY ordeal! and some mold is really bad for your health. I really believe my allergies have been tons better since I no longer live there, as I am allergic to mold and we had TONS of it. Unless you have a lot of time and money to fix it, I'd be wary of it. I can't say exactly how much it would cost, but you might have to replace plumbing as well as floors. Just be careful and probably talk to an expert! :)

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