For a couple hundred dollars, an inspection can either save you thousands on unforeseen repairs, or give you peace of mind. Either one is invaluable
Cleveland, OH (PRWEB) February 4, 2009
According to RealtyTrac, an online marketplace for foreclosed properties, overall foreclosure activity continues to register at a high level compared to last year. When these properties fail to sell at auction, they revert back to bank ownership, becoming what's known as a Real Estate Owned (REO) property. Investors, and buyers with cash and solid credit scores, are grabbing up great deals as banks slash purchase prices to sell quickly and recover part of their investment. Unfortunately, many of these prospectors fail to obtain a property or home inspection before signing on the line.
"REO properties are sold in 'as-is' condition - the condition the house was in when it was repossessed. Any savings on the purchase price can easily be offset by unforeseen repairs on defects not apparent to an untrained eye," states Kylene Golubski, Vice President of Business Planning and Development for Inspect-It 1st. "In the worst cases, repair costs can escalate to the point where a buyer will fail to recover a return on their investment."
Since many homeowners who go into foreclosure are struggling financially, they often are unable to afford home repairs. When the bank takes ownership, it does so without knowing the condition. Concerns can range from minor cosmetic details, such as missing faucet fixtures, to costly and unsafe conditions such as missing seismic strapping or compromised electrical connections.
According to Golubski, the home buying process can require "a lot of money and accurate information regarding the condition of its systems and components is required to make a smart decision." Golubski urges buyers to consider the benefits of a home inspection. "For a couple hundred dollars, an inspection can either save you thousands on unforeseen repairs, or give you peace of mind. Either one is invaluable," states Golubski.
Inspect-It 1st® is a rapidly growing franchise system of home inspectors and a subsidiary of Merrymeeting, Inc. (MMI), a Cleveland-based investment firm specializing in the acquisition and development of franchise brands. Each franchise is independently owned and operated. MMI currently operates six franchise systems with more than 1,700 franchised locations worldwide. To learn more, please visit http://www.inspectit1st.com or http://www.merrymtg.com.