Hunting For Foreclosures??? Keep this in Mind if the property is located in a cold climate

As temperatures drop in the area it reminds me of shopping for foreclosures homes last winter with buyers. We would see these bright orange and green stickers in the kitchen and bathroom stating the home had been winterized. Often times it was done in late fall or occasionally in the middle of winter.

Either way keep one thing in mind... always assume the pipes are frozen. As I discussed with a buyer this evening, rarely is a home winterized immediately after the heat is turned off. Generally it is 30-60 days after a bank takes back a home in foreclosure before it is winterized.

I hate to say it but many times even if they are winterized early enough they are not done properly as was the case for one of my buyers last November. They were purchasing a home that had hot water heat. On our initial visit there was no evidence of frozen pipes but after the offer was signed and we had temps below 0 for a week all of a sudden several pipes in the basement burst.

In that case there was $8,500 worth of damage to the heating and water system Fortunately for my buyer the Seller (and in this case the buyers lender) reluctantly agreed to cover the repairs. The moral of the story always assume the pipes are frozen and get a competent inspection even if the home claims to be winterized.

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Jules Yates is an Associate Broker at Exit Realty Paramount in Traverse City, MI. To Learn More about Jules and to learn why he joined Exit Realty visit www.WhyIChoseExit.com. Have you considered a career change or considered making the switch to EXIT REALTY, if so let Jules sponsor you into an office (anywhere in the US or Canada) and he will personally help you build your business to new heights.