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Vacated homes are foreclosed, forlorn FORECLOSURES IN AREA
Foreclosures often left in bad condition
BY BILL FREEHLING
Date published: 8/2/2008
BY BILL FREEHLING
Here is what a prospective buyer would encounter while touring one foreclosed home in Spotsylvania County:
A tree lay on the roof and blocked the front entrance. It was unclear how long the tree, which apparently was hit by lightning, had been on the vacant home.
After maneuvering around the tree to get inside the front door, the visitor immediately smells mildew. There's mold in the refrigerator and water damage in the basement. It's difficult to take the smell for long.
A reporter and photographer with The Free Lance-Star recently visited this home on condition that the exact location not be disclosed.
Realtors say that house, which is under contract, is in worse shape than most foreclosures. But inspectors say it's not uncommon to find significant damage, and many require thousands of dollars of repairs before they're move-in ready.
"It's mind-boggling," said Joel Webber, who has run the Stafford County-based Old Dominion Home Inspection Services since 1998. "It's sad to see it."
Webber said the vast majority of his inspections these days are on homes in foreclosure. Many area residents have lost the pricey homes purchased during the peak of the housing boom a couple of years ago.
Webber said some of the foreclosure homes are in good shape. He said in the past, the biggest problem in foreclosure homes was holes in the wall and other signs of homeowners angry about losing the house.
But he said that's not the case these days. Rather the most common problem, he said, is mildew. Between 25 percent and 50 percent of the foreclosure homes he inspects have mildew, and another 10 percent have mold.
In many of those cases, the banks turned off the electricity after reacquiring the houses. Rain floods the basement, and the sump pump isn't able to remove the water. There's no air conditioning. Houses are sometimes on the market for months in this condition. That's all a recipe for mold and mildew.
Webber questioned why the banks wouldn't take better care of the homes if they're trying to sell them.
Suzy Stone, a Realtor with Century 21 AdVenture in Spotsylvania, said some banks do fix up the homes. But she said most buyers of foreclosures know there will be some problems. Many of the buyers are investors. They buy them on the cheap, sink in some money for repairs and flip them.
| A recent search on RealtyTrac.com turned up the following number of foreclosures for these area localities. They are in various stages of the foreclosure process, including pre- and post-auction.
Caroline
210
Culpeper
395
Fauquier
362
Fredericksburg
87
King George
104
Loudoun
2,589
Louisa
223
Orange
273
Prince William
6,169
Spotsylvania
1,111
Stafford
1,014
Westmoreland
31
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Date published: 8/2/2008
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