Joe Kendall, Realtor with Sandals Realty a Waterfront and Foreclosure Specialist writes, I would like to give my readers some examples of what mistakes are out there that can cost the home buyer a lot of money if all the information on a bank owned property is completed reviewed for its accuracy.
I was out looking at bank owned homes in Cape Coral with clients, I was also reviewing a couple homes for out of town buyers and I just wanted to explain why you need a buyers agent when buying bank owned REO Property. Bank owned property is sold in "as is " in "where is" terms. Meaning the seller is selling it in as is condition and makes no warranty to its condition.
Many Realtors that sell Bank Owned property have property management companies that go to the bank owned property and change the locks and take pictures for the listing. The listing agent of the bank owned property sometimes do not visit the property and lists the home off the taxes records in as is where is condition. Remember the Listing agent has a contract with the seller to work in the best interest of the seller. Now not all Realtors I know do this, but there are many companies that do.
Here are some examples of mistakes by the listing agent on bank owned property.
(1) A home was listed as having city water ( the inspection of the home showed this home was currently on well water )
(2) Another home was found to be on city water with an association fee of 360.00 per year for the water service. ( This home was listed as a home with a well with future assessments coming )
(3) This listing is a waterfront pool home on a freshwater lake. I called the listing agent and asked about a seawall? before going out to visit the property, the agent said I am not sure, I think so? We went to the property and the home was on a fresh water lake without a seawall. Not good for my homes buyers with two small dogs.
(4) The listing agent office told this buyer the home just needed a little TLC . When we arrived at the home it had been neglected to the point of needed major remodeling. truly could be called a tear down in many peoples eyes! y Yet in most cases, it is in the buyer eyes to TLC or what is major work. Every Home buyers eyes are different but I think everyone would of agreed on this one.
When buying bank owned property, it is very important to review all the known facts about the property before making an offer on a property.
You can search thousands of Foreclosures from my web site at here
I look forward to hearing from you.
Joe Kendall, Realtor Sandals Realty
Waterfront & Foreclosure Specialist
Phone 239-560-0726 Fax 239-236-0422
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