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Phoenix Home Buyers Beware – What You Need to be Aware of Upfront with Flipped or Foreclosed Homes
We all know our Phoenix market is flooded with foreclosures and flipped homes. That’s no new news. But did you know that – now – more than ever it is critical to have a professional home inspection? And here is why….
This past few weeks my buyers have submitted offers on several ‘flipped homes’. Sure they looked real nice, all freshly painted with new flooring, some with new kitchens and clean as a whistle. But when it came time for the home inspection – well, that was a nightmare. Seriously I’ve been a real estate broker for over 24 years and these were the worst inspection results -ever. There were so many issues that were not obvious to the untrained eye. Here are a few of the issues – knowledge is power.
- Air conditoner: all the copper tubeing had been stolen. AC was disconnected and not functioning and needed replacement
- Gas meter had been condemned - Can you imagine that? That is a scary one in light of the gas explosions we’ve been hearing about on the news
- The master shower when turned on leaked through the wall and flooded the kitchen. Great – potential mold issues with this one. Who knows how long the water had been allowed to flow?
- Electrical box had several double tapped outlets and not enough power for today’s standards. House was built in 1954. System needed major overhaul.
- Water heater totally disconnected and the previous pipping was not anywhere near code – probably a home made job.
- Many windows in home were painted shut with no way of opening.
- Pool was as green as it comes.
- Landscaping was entirely dead
The list could go on but I’m sure you’re getting the picture loud and clear. When buying a Phoenix Area foreclosure be aware that the property comes “As -Is’. Get a home inspection! Just do it!
For further information on buying a foreclosure in the Phoenix Metro Area – give me a call 602-595-8900.
I’ve closed many of this type of transaction and I know how to represent your best interests.
Be sure you know the in’s and outs of buying a foreclosure – before you sign a contract.