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Buying Foreclosures: Deal or No Deal?


Buyers and potential investors often look to foreclosure sales to find real estate bargains. But newcomers to this market could find some unpleasant surprises if they go blind. To get the best deal when buying foreclosures, all homes should be thoroughly inspected by a professional inspector before sealing the deal. Why inspect can not be negotiated? Foreclosure homes are usually “as is” sales. This means that buyers can not negotiate the cost of needed repairs as they can do in a traditional home buying. Buyers need to absorb the repair costs themselves and consider this aspect in its bid in an auction. Why get a professional home inspection on a lot of foreclosure? Too foreclosure buyers than many people think they’re getting a deal when, in fact, could be homeowners with substantial and costly defects. The repair of these important issues could exceed the savings made in buying foreclosed properties. Sellers at foreclosure auctions are generally not required to disclose defects. However, buyers can be enforced by inspection of the property to get a professional before the auction that will provide valuable information about the condition of the house. A professional inspector will review the major components, visible and accessible from the house and provide a detailed written assessment of each item. The report shall include a detailed factual information that allows customers to make informed decisions. If the inspections prior to the auction property are not permitted at the foreclosure sale, buyers will have to weigh this risk carefully. Knowledge is power Even with an influx of new foreclosure properties due to the sub prime mortgage mess, the market for foreclosure can be competitive, and is often dominated by experienced real estate investors. More than ever, buyers need to know what they are buying to reduce the possibility of making a costly mistake. Armed with adequate information to make offers and find the best home at the best deal. After all, a business is not a bargain if it costs more than expected on the line. Remember, buying foreclosed properties can be a risky business, so be sure to consult the necessary professionals, including a certified inspector, certificate of origin, to address questions on specific topics. As the saying goes, a ounce of prevention is worth a pound of cure it. About Housemaster Housemaster is the oldest and most respected inspection system startup franchise in North America. Founded in the late 1970s, Housemaster has grown to more than 350 offices, whose inspectors have collectively performed nearly 2-million home inspections. Homebuyers, home sellers and real estate professionals rely on Nibi ® Housemaster of trained inspectors to have a truly objective perspective on the condition of each property. For more information, visit http://www. housemaster. com.

R.L. Fielding has been a freelance writer for 10 years, offering her expertise and skills to a variety of major organizations in the education, pharmaceuticals and healthcare, financial services, and manufacturing industries. She lives in New Jersey with her dog and two cats and enjoys rock climbing and ornamental gardening.


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