Buying a Foreclosed Property? Please be careful!

When a buyer considers buying a home where there is a person selling their home to the new buyer, the seller is required to fill out a Seller's Disclosure noting all that they know about the home. There is disclosure.

When a buyer is considering a Bank Owned Home or REO, there is no seller disclosure. The Bank says I don't know; I never lived there. I don't know.

The person that lost the home to the bank in a foreclosure may have been really mad and could have done something to the home that is not easily observable - flush cement down the pluming, flood the house and turn the heat up as high as they can and laugh about the moisture issues the bank will now have to deal with. It is really criminal what some disgruntled home owners have done.

So...as the new potential home buyer, it is ALWAYS a good idea to get a thorough home inspection with a reputable home inspection company with the water and electricity turned on. The Bank should turn the utilities on for the home inspection, however occassionally the buyer will have to fit this bill.

You have to exhibit a lot of wisdom in buying a home.

Sometimes a great deal is not such a great deal for the new buyer, but a great deal for the seller. Protect yourself, please, by paying for a home inspection. This is a buyer's expense. With a termite inspection the cost of a home inspection should be $425 approximately, depending on the square footage of the house.

Please let me know if there are any questions I can answer for you.

Looking forward to hearing from you.

Warmly,
Stephanie LeFew
Tampa Real Estate done Right
www.TampaHomeBuy.com
Tampa Home Buy Realty
813-991-1355 office
813-624-3332 cellular
stephanie@tampahomebuy.com