CHESTERFIELD, VA (WWBT) – Six months ago Chesterfield County qualified for $500,000 to rehabilitate foreclosed homes. The requirements: the homes must be in the King Forest neighborhood- it has a high foreclosure rate and the repairs to each home should not be more than $45,000.
Today marks the second round of house shopping for Chesterfield County and its non-profit partner Southside Community Development. Armed with a county inspector three foreclosed homes are getting looked at from top to bottom.
"We're looking for leaks. We're looking for electrical hazards," said Jody Moncrief, an inspector with Chesterfield County.
Although there are more than 160 homes in foreclosure in Chesterfield, the major overhaul required for some means its slim pickings.
"We don't want the county to be a part of selling a house that's not safe or non-compliant," said Moncrief.
There is mold everywhere and the older the house, the more likely it is you're going to see it. County inspectors say mold covers about 40% of this house and because of the high costs to repair it; it can't make the list for rehabilitation.
Once four homes are on the list Southside Community Development will get them repaired. Each home must not exceed $45,000 in renovations. That, plus the purchase of the home will equal the sale price offered to first-time home buyers only.
"We have to have all of this completed on all four homes by the end of September," said Dianna Herndon with Southside Community Development.
Chesterfield already has construction teams in place. County departments like building permits and inspections will expedite the process. While it's only four foreclosed homes out of more than 160 the county says every little bit helps- especially when home values have dipped by nearly 5%.