Today’s real estate market obviously presents some complex situations. However, there are some great opportunities for those savvy buyers willing to consider purchasing a foreclosure or a pre-foreclosure short sale. However, there are some landmines to avoid in this area as well. Foreclosure or pre-foreclosure properties are often also distressed, neglected or even abused properties. These homes are often presented “as-is” with no sellers disclosure from the former or current occupant. Sometimes they are occupied, sometimes not. Sometimes they are heated, the water supply is on, the electricity and gas are on, and sometimes not. For all these reasons and more, it is vitally important to have an experienced, thorough home inspector in your corner working only for you. I have personally inspected many of these properties not only in this downturn but in the previous downturn as well. I also have personally purchased, renovated, and/or sold foreclosed properties over the years and I am intimately familiar with what it takes to have a successful experience with these opportunities.
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