Due to an over abundance of risky
sub-prime lending practices and collapse of much of the real estate
market a huge number of foreclosures are on the market. This is
because some people bought houses they could not afford. They walked
away from the properties or were forced out by the lenders who then
got stuck with the properties. The lenders want to resell these
properties but many of them are in very bad condition because they
were often owned by persons who were incapable of maintaining the
property in a safe and reasonable manner.
Often the utilities such as electrical
and water are turned off at these foreclosed properties and often
access to the properties is inhibited or limited in some way. Buying
one of these properties is a risky preposition. Some people who
consider them selves house flippers or want to be house flippers buy
the properties, then they make minor cosmetic changes then push the
house back on to the market with minor and often incomplete repairs.
May they buyer beware!
I have a flat fee for some
foreclosure inspections that is paid upfront by the potential buyer.
In order to lower the expense of the inspection a verbal report only
is given. If the buyer wants a written report the price will be
higher. Buyers are encouraged to take notes during the review
period. Since there may be no actual written contact or may be only
an auction offering, a written report may not help with financial
bargaining with a third party.
I
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