listing agent: PITFALLS OF BUYING REO PROPERTIES
- 07/09/08 11:54 AM
In California, foreclosure sales are specifically made exempt from the statutory transfer disclosure requirement. Therefore, it’s anyone’s guess as to what problems may be inherent in the REO property one is purchasing. Thus it is all the more incumbent upon the buyer to obtain as many inspections as possible, including a general home inspection, a termite inspection, a foundation inspection (if indicated by either the termite or the home inspection), and a roof inspection. All these inspections could cost between $1,000 and $1,500 but they’re well worth the advance cost considering the possibility of what may be revealed by them. It’s … (0 comments)
Los Gatos CA R/E (zip 95032); I sell condos, luxury homes, horse property, subdivisions, new homes; I specialize in first-time homebuyers and sophisticated investors.
In California, foreclosure sales are specifically made exempt from the statutory transfer disclosure requirement. Therefore, it’s anyone’s guess as to what problems may be inherent in the REO property one is purchasing. Thus it is all the more incumbent upon the buyer to obtain as many inspections as possible, including a general home inspection, a termite inspection, a foundation inspection (if indicated by either the termite or the home inspection), and a roof inspection. All these inspections could cost between $1,000 and $1,500 but they’re well worth the advance cost considering the possibility of what may be revealed by them. It’s … (0 comments)
;)
;)
