Winterized Properties

Even though warm weather is almost upon us, REO companies will keep their properties winterized into April. Some companies will keep them winterized year round. A property is winterized to help prevent freeze damage to the plumbing system during the winter months.

Since it can cost approximately $250 to dewinterize and rewinterize the property it is important to know up front who is responsible for the dewinterization/ rewinterization. Some companies will dewinterize the home for the home inspection and the appraisal, then rewinterize the property through closing. It then will be the buyer's responsibility to dewinterize the home after closing.

Other companies put this expense on the buyer for the home inspection and then expect them to rewinterize the property after the inspection. They will even hold the buyer responsible for any damages that occur prior to closing if they do not rewinterize the property.

Before placing an offer on a REO proper try, make sure you or your agent asks who will be responsible for the dewinterizing/ rewinterizing. This could be an added cost you were not prepared for.