Use extra care when buying bank owned homes

Hey everybody, John Herman, Property Up.

I am in a bank owned property right now.  The bank did a lot of work on this house to make it look nice,  but not as much work as they should have and I want to point some things out while I’m in here.

This property is listed at about $150,000,  it’s on Seminole drive in Algonquin.  They put in new cabinets and new appliances, they put in quartz, which is pretty nice.

The thing you can’t see is the level of the floors. The floors are a little bit off on every floor in every room.

Let’s go into the bath, and you can see they updated toilets and sinks. Over here they put in this nice new bay window.  There are some new doors, new hinges, new carpet and other cosmetic updates.

So it gets a little more interesting in here in this living room area, the floors are starting to get a little more slanted, and you can start to see the gaps in between the trim and the floor.  I pay attention to that stuff and I just want you guys to see that that is something to watch there.

It gets even more interesting over here. This appears to be an addition on the side of the house and  you could call this  the Harry Potter room, because the angle is amazing.  I just want too show you this, on the level of the floor, watch this roll,  (bottle rolls across floor).  It’s pretty amazing how unlevel this floor is and what I want to do is show you what it looks like outside and the reason for that. It’s quite interesting.

So now I’m outside and I want to show you why this room is sinking, and it’s beyond me how they got away with this.  If you look here under the bushes, you will see the foundation underneath, is missing!  So the bottom is actually gone from under the house. I don’t know if they had this on special footings or what they did in the past,   it’s not working.

So  the point of this video is, you just want to make sure you’re being pretty careful when you’re buying a bank owned property because a lot of the time they may put on some finishing touches to sell it, but there are issues that you may not see that are going to cost you a lot of money.    I just wanted to make sure that you understand that and hopefully you found this video helpful.