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17 January, 22:57

What makes buying a foreclosed property risky? Write at least two reasons

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  1. 18 January, 02:16
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    Answer: see explanation below.

    Explanation: Two reasons that make buying a foreclosed property risky:

    1. Lack of cleanliness: Properties which are bank-owned are sometimes very dirty because of the long period of time spent sitting empty, neglect by the previous owner, or occupancy by random people. When a house has been locked up without air circulating for months, the dirt that has accumulated can cause the entire building to smell.

    2. Water damage: A burst pipe that leaks (especially under the kitchen sink) can lead to a mold problem. Also, a leaky roof can lead to serious water damage, especially with no one on ground to take cater to these issues as they occur.

    Small problems can easily turn into big problems, and big problems will turn into disasters.
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