Matt Kaplan of Long Island, NY: Offers Tips On Buying a Foreclosed Home

A foreclosed home or short sale may look like a great deal, but without a proper inspection beforehand, buyers could end up getting a raw deal.

"It can be scary," says Matthew Kaplan, owner of Housemaster Home Inspection. "Because you think you are getting a great deal, and then you start putting money into the home and now you are spending money -- more than the house is really worth."

Kaplan says there are many things to look for: one of the most common problems to check for is moisture.

"When buying these types of homes you have to look out for water damage like roof leaks, water penetration at the foundation, burst pipes and also wood-destroying insects that could cause damage to the structure, and the moisture can all lead to mold contamination," advises Kaplan. The key is to bring in a licensed professional to assess any possible damage, and then bring in a contractor who can figure out what it will all cost to do the repairs.

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