Okay, we all know that REO’s (repossessed homes) have been up over the past couple of years.    So what happens if the market is flooded with REO’s and many of the REO’s don’t sell? The homes are often become damaged.

We think about damage from pests, theft and vandalism but one of the biggest issues come from water.  Foreclosures happen when people can’t afford their bills any longer.  At some point, this means that electricity is shut off.  This means that furnaces, A/C, Dehumidifiers, and Sump pumps no longer work.  In Illinois, a majority of basements get some water or moisture that seeps through the walls.  Most keep water issues at bay with sump pumps.