During this down economy it is common to see numerous vacant properties in various stages of decay. The real estate meltdown has provided pathway for the current economic mess we find ourselves in today.
Experts agree the current economic downturn is a result of real estate bubble bursting. Finger can be pointed at various “professionals” failure, including unethical lenders, appraisers, real estate sales and yes unethical home inspectors. The governments attempt to correct these deficiencies’ and prevent new similar concerns have created new concerns for the buyers of these properties.
Foreclosed property sales can present an opportunity to purchase a property at a good price, it can also present a highway for financial disaster.
These homes are in a foreclosed state due to financial difficulties of the former owners, meaning they could not or would not make the mortgage payments. This also likely means the former owners could not or did not maintain the home adequately, and the home is likely to have some “problems”
This does not mean you should not buy a distressed property, but it does mean you need a team of professionals to assist you to reduce the risk of purchasing the dreaded
“MONEY PIT”
A good, ethical real estate agent working in you behalf is a very valuable tool when negotiating to purchase a distressed property. Recommend interviewing several agents before committing to working with one agent.
A qualified independent real estate appraiser is extremely valuable in determining the true value of the property. Most professionals agree, the new regulations for appraisers, lenders are forced to use, are very problematic. The extra monies spent for your own appraisal are very well spent.
A good title company and title insurance are essential when purchasing these properties, most of these properties are sold ”as is”, meaning buyer beware, there will be no sellers disclosure, the former owners are likely to be the only persons who know the true conditions of the property and the former owners are no longer in this picture.
The attempt to learn the true conditions of the property is of course the primary concern when purchasing any property.
A2Z Home Inspections provides the home inspection and report needed to address the conditions in these properties. The A2Z Home Inspection report will provide information including photos of conditions to help make those critical decisions. The report can be delivered in digital format to allow forwarding the complete report to the lenders holding the mortgage on the properties. The full digital report with photos has proven valuable in relaying crucial information about the property, and has been proven to be beneficial in negotiations of the defective conditions.
Be sure to make your offer to purchase contingent on the satisfactory findings of the home inspection. A2Z Home Inspections include the wood destroying insect inspection at no additional cost.
See the sample of an actual A2Z Home Inspections report on this web site, and call, e-mail or text 574-581-0255 to schedule the home inspection on the property of your interest.