Foreclosed Homes Jacksonville – Client Review

Buying a foreclosed home in the Jacksonville, FL area is a great way to save money if you are buying a home. I specialize in performing foreclosure home inspections and nearly 1/2 of my business comes from foreclosed homes. When the bank sells a foreclosed home there is a clause in the contract that states the home will be sold “AS IS”, meaning no repairs will be done. Many buyers think “Well I’m buying the home as is, I guess a home inspection isn’t really necessary.” Many other people think “Since I’m buying this home AS IS, I better know what I’m getting myself into and get a home inspection.”

Here is what most people DON’T know. When the banks foreclose on a home, they know nothing of physical condition of the home. Therefore they don’t need to disclose anything about the home. If a buyer comes along and has a home inspection and that person sends a copy to the bank, the bank then has knowledge of the actual condition of home. Once they have this knowledge they are required BY LAW to disclose these conditions to future buyers.

What this means to you, is that a thorough and detailed home inspection report containing pictures of the defects is a the most valuable tool you can have when buying a foreclosed home. Why? Because if the bank refuses to make repairs and you walk away from the deal, the bank will have to disclose what they know about the home to any new potential buyers. These buyers will most likely make a lower priced offer based on the condition of the home. The bank already has you under contract and doesn’t want to let the deal fall through. In my experience most banks will make major repairs or re-negotiate the price of the home. If they don’t, you can walk away from that property and get your deposit back.

Whether your buying the home to live in or your an investor, a thorough detailed home inspection performed by a full time, qualified  home inspector experienced in foreclosures is your secret weapon when purchasing a foreclosed home.

If you are buying a foreclosure or a regular resale give me a CALL 904-891-6309.

Home Inspection Jacksonville FL

Home Inspector Jacksonville FL

Photo by respres

What Do The Myth Busters Know About Home Inspections?

Every home I have inspected has had a water heater. Most people don’t know that your water heater can actually be very dangerous. One of the items checked during the home inspections is the Temperature Pressure Relief (TPR) Valve. It is usually located on the top or the side of the water heater, and has a little tag on it.  There are 2 common defects I usually find with the TPR valve. The first is there is no discharge pipe (see picture on right)  to prevent someone from being burnt in the event of an overtemp or over pressurized tank. The second is an obstruction of the TPR valve which could lead to an explosion like in this video from the “Myth Busters”. I have always wondered what it would look like if a water heater were to explode. Pretty scarry! Go check your water heater now. If you have any questions go ahead and give us a call. 904-891-6309.

 Photo by Goddard Video and Multimedia