Housemaster, a home inspection franchisor, reports there are abundant opportunities for qualified homebuyers in the current real estate market - triggered by a 28% rise in foreclosure activity from last year. While President Obama's $75 billion loan modification and refinancing Homeowner Affordability and Stability Plan will help as many as 4 million struggling homeowners, it won't save everyone from foreclosure resulting in prime deals for qualified homebuyers.
There are many great deals to be had in the current environment, it is important to note that proper preparation is key to successfully navigating the foreclosure market. Working through the intricate foreclosure market will be less difficult for consumers that properly prepare for the process.
While lower asking prices draw potential buyers to these homes, each property has its own challenges that can come from abuse, neglect or deferred maintenance on the part of the previous owner. Consumers must do their homework to help them know whether a property is truly a ‘good deal.'"
A home inspection by a qualified home inspector can provide buyers with a comprehensive education on the home they are considering. Education is the key when buying a foreclosed property as it helps the buyer understand their options allowing them to get the best house for reduced costs and helps to avoid making potentially devastating financial mistakes.
According to a recent study conducted by HouseMaster, there are five main physical conditions that are typically found in a foreclosed property. They are: Moisture-related problems; defective gaskets, valves and hoses that are leaking or have the potential to cause destruction; vandalism, especially if the property has been vacant; insect and rodent infestations and blocked or damaged waste and sewer lines.
While now is a great time to buy for first time home owners however, property inspections are very critical in making the right investment and avoiding costly headaches down the road."
For more information, visit www.housemaster.com.
And thank you for making me Your Orange County Real Estate Connection.
Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors