Foreclosure - First try failure

[Sean Julian]

I met with a realtor and contractor today for a look at a foreclosure. The outside looked worn but repairable. Then we went inside and found active termite damage, ruined ceilings, mold, and a 6-7 foot crack in the floor in the kitchen. The house was designed as a 1 bedroom 2 bath and someone in the past converted one of the two car garages into a room to make it a 2 bed 2 bath. To quote the contractor “only take on this project if they give you the house for free.”

Was this normal? Should I have been better prepared for a near teardown with a foreclosure or was this a one off?

Thanks for the help!

[Ron S.]

i would not call that experience a failure. Most people don't get to look inside of a foreclosure before making a decision. You got lucky if you ask me.