There are two important differences in buying a home from a bank in a foreclosure and buying a home directly from the original owner. The first difference is the bank does not need to do a state required Seller’s Disclosure Statement. The purpose for this Seller’s Disclosure is to provide the buyer with a detailed background of the home that is filled out and then signed by the seller. The second difference is that the Bank typically has the buyer sign a detailed addendum to the purchase contract stating the buyer is purchasing the home “as is.” There is no accountability for the bank after you close.
I recently had a buyer put a bank foreclosure under contract at a huge discount on the price. This foreclosure had no utilities on at the time we put the home under contract. Even with a flashlight, it was difficult to view the entire basement area.
When we did the home inspection, it turned out there was a significant amount of mold throughout the basement area. Based on the health concerns this mold represented to their family, the buyers immediately terminated the contract.
Even though the buyer was able to get a full refund on their earnest money, the emotional attachment was difficult to overcome. The kids had already selected their bedrooms and they were in the process of picking the paint color for their rooms. They were heartbroken.
The solution? I am now offering to my buyers a FREE ($379 value) Pre-Home Inspection Report to provide the buyers a general inspection of the home PRIOR to making an offer on the property. Why not have peace of mind that you are making the right decision before making a big investment on a home. This special promotion also applies when you list a home with me. Why not get an idea what the buyer’s home inspection might uncover before you put your home on the market?
Please call me for more details: Laura Andersen, Georgia Elite Realty – Cell (678) 462-1191.
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