Monday, April 4, 2011

Short Sales and Foreclosures

April's issue of MONEY magazine states that if you're in the market for a home, you'll almost certainly be looking at distressed properties ("short sales" and bank foreclosures). And, distressed homes are likely to be a significant part of the market for years. The magazine's advice? Even before you make an offer on a foreclosure, get a complete home inspection of the property. The house may be in worse condition than you expect. And, a distressed-property specialist is quoted as saying, "The buyer has to be twice as diligent."

You'll have leverage if you can prove that the property's condition justifies a lower price. New information on the current condition of the house could affect the property's appraised value and you'll be armed with a written inspection report, photos, and a summary page of suggested repairs. Plus, you don't want to be surprised to discover that the previous owners angrily ripped out flooring, appliances, and copper pipes. The magazine goes on to suggest that, after your offer is accepted, you have some "specialty" inspections done on the property, including a mold test. The bank may still be willing to fix problems at this point.

Make a thorough inspection by Complete Home Inspection a part of your home-buying process, particularly if a distressed property is involved. That's the best way to get peace of mind throughout the process.

Whole house inspections, condo inspections, radon testing, mold testing and more, we do it all for you. Call today to schedule your Complete Home Inspection, 913-268-0222. Or send us an E-mail through