VACANT, DISTRESSED HOMES - A Home Buying Opportunity Today, But One Fraught with Danger!
MANY VACATED HOMES, WHOSE OWNERS LEFT DUE TO FORECLOSURE, MAY CONTAIN LATENT DEFECTS, EXPENSIVE TO REPAIR!
Vacant bank-foreclosed properties. Short-sale properties, not yet bank owned, but whose owners may have left because they owe more on their mortgage than their home is worth today.
Many of these properties are deeply discounted, and represent a real bargain to a prospective home buyer. But these vacant homes might conceal latent defects that could be costly or time-consuming to repair once the new owner closes on his purchase.
Syndicated Chicago Tribune Reporter Lew Sichelman, in a story from last Friday's Trib, quoted Bill Richardson, a Professional Home Inspector and President of the American Society of Home Inspectors, as saying that vacant homes, neglected because they are not occupied, often have many of the usual old-home issues greatly magnified.
Many of these homes, according to Richardson, may have leaky valves, pipes, or inoperative kitchen appliances. Others have mold growth. Still others have become havens for squatters, or vandals, or thieves, who damage or strip remaining appliances or systems - anything with residual value.
Further, many of these properties are strictly as-is. The buyer is purchasing the property with no guarantee of the condition of any system, and no estimate for repair.
We've had several of our Buyer Clients purchase distressed, vacant properties this year. Or advice is one of caution, to make sure the bargain-hunting buyers know what they might be getting themselves in for, and that they have the financial resources and trades expertise necessary to bring the house up to snuff.
DEAN MOSS & DEAN'S TEAM CHICAGO
