In the recent housing market crash, many homeowners found themselves in the situation of losing their homes. The end result is that there are still many homes that are in short sale or bank-owned status.
- A short sale means that the seller is trying to sell their home for less than they oow. They request that the mortgage company take a lesser offer and allow them to get out of a financially distressed situation. A short sale home is typically sold as-is, which means that as a buyer, you accept the home’s condition as it is when the purchase occurs and all repairs now become your problem.
- A bank-owned home is one that has been foreclosed by the bank and it stands empty now. Banks are not in the business of owning properties, nor are they interested in remodeling homes, so these homes sell as quickly as possible. A bank-owned home is also typically sold as-is, which means that not matter what problems exist with the home, those problems are yours to fix.
When you purchase a short sale or bank-owned property, you may not have the option to view the home before you buy it. If you do, however, it’s a really good idea to have an infrared inspection. It’s a crucial step and useful to protect your purchase, especially if you don’t have loads of extra cash lying around to fix the home.
The home improvement shows make a big deal about buying distressed properties and fixing them up, but if you notice, you’ll see that the remodelers are often putting tens of thousands of dollars into repairs that they don’t discover until they buy the home and start ripping out the walls and floors.
With an infrared home inspection, you’ll have a better idea whether the home is really worth buying and renovating because you’ll have evidence of:
- damaged and leaking pipes
- poorly installed heating and cooling ducts
- missing or damp insulation
- overheating electrical boxes
- unwanted critters
- and more
You can’t forget the big picture when it comes to purchasing a home, whether you’re buying it to flip or to live in. If it’s a good house with a good purchase price and you are not taking excessive risks – the infrared inspection will make that clear – then it’s likely worthwhile. The last thing you want to do when purchasing a home is find out that there are major issues hidden in the walls, attic, or under the floors. If your infrared home inspection reveals major flaws, you may have room for further negotiation and if you don’t, you can count yourself lucky not to have bought a lemon property.
Call Andrew MacDonald to schedule an infrared inspection for your short sale or bank-owned home. He’s helped thousands of homeowners understand whether a home in Algonquin, Palatine, or Hoffman Estates is really worth purchasing. Give him a call today at 888-852-8298 to schedule your infrared inspection today.