*** ARTICLE OF THE WEEK–Buying a Vacant Home?***

In the past few months, I’ve been INSPECTING a lot of bank owned homes, Real Estate Owned (REO) and homes up for auction. Most of these properties are unoccupied. A lot of home owners don’t maintain their homes regularly. They tend to be lax about minor thing like changing the filter in the AC units and furnaces, fixing leaky pipes and doors and windows go unattended for years. These things are just neglected.

 

When a house is vacant due to foreclosure or a tax sale (auction), the problems are magnified. These types of properties are breeding grounds for squatters, vandals and thieves. Vandals will often spray paint the walls and siding (graffiti).  In most cases where windows are broken, squatters in the winter may start a fire in basements to stay warm. This is one of the main reasons vacant properties catch fire. The thieves do the most damage by ripping out pipes and electrical wiring for the copper. Sometimes the boiler is dismantled for parts and if the home has aluminum siding, that’s taken for its value. There may be times when the structural damage could be as much as $20-30K in repairs.

 

A house that’s been boarded up for some time does not get the proper ventilation in a humid climate or where the water is not turned off; mold can grow and not just behind walls but out in the open. This could be very costly and affect your health.

 

BOTTOM LINE…If your thinking about buying this type of property, hire a licensed HOME INSPECTOR to exam it before you put down your down payment. You won’t be sorry! 

 

For more information on this article, contact David @vahinspections.com.

***INSPECTION IS THE CURE***

It takes an innovative marketing plan to cause a home to sell. But to attract serious buyers it must also be priced fairly. Buyers are in search of their dream home. If priced reasonably they will purchase the home that best reflects their idea of that dream.   It’s the seller who is in charge of making it happen!

  

 Statistics show that buyers will reduce their offers as low as $2 for every $1 in uncompleted repairs. Sellers will not have to face these disappointing offers if attention is shown. The best method for improving buyers appeal is to have a home inspection done by a licensed home inspector. A qualified home inspector will find those hidden damages and then suggest needed repairs and cosmetic improvements. With this information the seller should plan their budget for repairs.

  

 After all repairs are completed, the seller should have their home inspector conduct a final walk through at no cost. (Make sure you negotiate the final walk through in advance.)   No one should see the home until it is in top marketable condition. Repairs that are not completed at the showing are an open invitation to a reduced price. When a buyer is disappointed, no explanation will bring the price back up. When selling, ask your real estate agent for advice and/or referral and then take action by getting a home inspection early in the selling process.

  

 If you need assistance on hiring a qualified or to view a copy of my sample report, visit www.vahinspections.com

 

*** RELIEF ***

For the first time, the government passed a home tax credit last year giving home buyers a reason to go from renting to owning. There are just a few requirements, 

 

  

 

 ·         You did not own a home in the last three years, and if so, you bought a primary residence in the United States last year after April 9th. 

 

  

 

 ·         You may claim a credit up to $7,500 on your 2008 tax return if you plan to buy a home this year. 

 

  

 

 You’re in luck…the government has increased the credit to $ 8,000 on a home purchased during the 2009 year.   While the initial credit for the 2008 required repayment in varying increments over 15 years at zero percent interest rate, the recently passed legislation eliminates the need for repayment entirely –putting  $8,000 cash in your pocket . 

 

  

 

0A While the size of the credit may still be renegotiated, it will be figured at a percentage of the homes cost, up to the current maximum of $8,000 with limitations relating to your household income level. 

 

  

 

 For household incomes above the limit, you may still claim the credit at a reduced percentage. This incentive combined with low rates, large inventories and affordable prices should put a home purchase well within your grasp. 

Getting Inspected Before You Buy Could Save You a Fortune

Knowing the “true condition” of a property before you buy it puts you in a better position to negotiate the costs and repairs prior to closing. These aren’t the types of problems you want to know about AFTER you buy the house!

As your home inspector, it’s my job to provide you with a thorough inspection, and to present you with a professional and impartial opinion as to the true condition of the property before you buy it…

That’s why it’s essential you hire an inspector that has the experience and the knowledge to know what to look for. This is not the time to leave one of your largest investments to chance.