In regards to flooring, there are several things to look for when buying a bank–owned, Real Estate Owned (REO), or
foreclosed home, whether it is an apartment, house, or condo. In this article, we will discuss assessing floor damage with a
floor inspection, and determining the cost of fixing floors and replacing floors when buying a bank–owned or foreclosed
home.
Accessing Floor Damage with a Floor Inspection When Buying a Foreclosed or Bank–Owned Home
When buying a foreclosed or bank–owned house, apartment, or condo you should perform a thorough floor inspection to
determine the condition, whether it is hardwood, laminate, bamboo, carpet, vinyl, or any other type of flooring. You should
inspect not only the flooring, but also any underlayments, the subfloor, and floor joists, if possible. If you see any signs
of damage it should be assessed before making a purchase, and the cost to repair should be estimated and considered when
purchasing the foreclosed or bank–owned home.
Flooring damage could include water damage which is often tipped off by water stains, warping of hardwood, laminate, or
bamboo floor boards, mold and mildew, and so on. When water damage has occurred, you should hire a professional home
inspector to determine the source of the water damage and get to the root of the problem. In the case of water damaged
hardwood, laminate, bamboo, carpet and other absorbent floors, water damage will likely result in the need to replace
flooring.
Another tip–off to a possible flooring or subfloor problem when buying bank–owned or REO owned houses, condos,
and apartments is cracked grout lines. Don’t simply assume that only the grout is cracked. This could be a possible sign of
a cracked concrete subfloor beneath. If this is the case, you may consider hiring a professional who can properly assess the
damage and determine what caused it and how it can be fixed.
Replacing Flooring When Buying Bank–Owned or Foreclosed Homes
If you’ve decided that fixing floors in a foreclosed or bank–owned apartment, house, or condo is out of the question
due to water damage, or other irreparable damage, you will need to figure in the cost of replacing floors if you decide to
purchase the home. If this is the case, we recommend using our Flooring Estimator Tools to measure the floor space and
determine the exact amount of flooring that you need. Once you have chosen the new flooring to replace the old floors with,
you can input the cost into the flooring estimator tool, as well as the cost of installation, and the tool will calculate the
approximate cost of your total flooring replacement project including an adjustable waste factor.
If you decide that this project will be a do–it–yourself (DIY) flooring project, be sure to visit our floor
installation guides for tons of information on how to install hardwood, bamboo, carpet, laminate, vinyl, and other types of
flooring.
For more information on buying a foreclosed, bank–owned, or REO (real estate owned) home, visit HGTV’s FrontDoor
guide on How to Buy a Bank–Owned Property or Real Estate Owned home.
