Foreclosures
When buying real estate owned by a bank or government (REO), the procedure can and often is different from buying an owner occupied property.
A seller of REO generally knows nothing about the condition of the property, the neighborhood, and whether fixtures, systems and appliances are functional. They cannot tell you about the construction or the condition of any number of other things.
7 to 10 days to complete inspections guarantees one thing for the buyer. There is a very high risk for paying money for something not discovered during the due diligence period.
Contracts or sales agreements and all other documents are generally written in favor of the Seller and on top of all that the Seller does not allow enough time to complete all inspections that may be needed.
A contract between two parties and the language in the contract determines what is and in not permissible.
This article covers the home inspection process. Consult with your real estate agent or attorney regarding a title search, property appraisal, loan approval and other contractual obligations that may be required during a time called the "due diligence" period.
Before booking an inspection, make sure all utilities are on and all appliances are operating. The cost of connecting may be the buyer's responsibility. Check the wording in the sales contract.
Professional ASHI certified inspectors conduct inspections according to a published standard of practice by the American Society of Home Inspectors (ASHI).
Take some of the mystery out of buying a foreclosure. Hire Gerald Simmons to inspect the property and improvements. Please review Gerald's pre inspection agreement and a copy of his inspection report.
Call today 770-435-0151 or email This e-mail address is being protected from spambots. You need JavaScript enabled to view it
