With so many Foreclosures in and around Orange County, Sullivan County, and Ulster County NY it is important for buyers to proceed with caution. Even if a property says "As Is" a good home inspection will allow you to decide whether the house is worth the risk. Sometimes a lower price brings a higher cost in repairs later on. This series of articles will provide people interested in Bank Owned Homes with a good knowledge of potential pitfalls. Thanks to Michael Thornton for his expertise!
Call them what you want, Short Sales, REO's, Bank Owned Sales, Seems like it is taking
forever sales, every large community has them. With so many of these already in the mix of inventory and new ones being added on a daily basis, it can be difficult for the real estate professional and the buyer alike to make the decision as to whether to invest in one of these (providing the buyer is willing to wait) or go with a quicker transaction and purchase an existing non-bank owned property.
Should you choose to go the route of purchasing a bank owned property, it is highly recommend that you invest in a home inspection. This investment can not only enlighten you as to what is good with the property, but it can aslo inform you of some of the short comings that may need a little more "due dilligence" on you and your real estate advisors behalf.
In this series, I will take you on a journey through some bank owned real estate to give you an insite of what a professional inspector sees. Property inspecting is a unique disclipine and not all inspectors know what they are doing when it comes to inspecting these distressed properties. Experience and communication skills - both written and oral, are a real must when conveying the property conditions.© 2009 michael thornton | complete home inspections, inc. | brentwood, tn | 615.661.0297 | www.completehomeinspectionsonline.comHelping YOU Live YOUR American Dream...
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Paddy, Thanks for bringing attention to a great series by reblogging.
My pleasure Irene It is a great series.
Regardless of the type of listing, I always insist that my buyer-clients have a property inspection just so they know what it is that they're buying.