Gwinnett County Foreclosure Inspectors - REO
Atlanta Foreclosure Inspectors - Getting the Best Foreclosed Home Inspection Possible
REO Foreclosure Inspectors Atlanta Gwinnett Buckhead Cumming
It's no longer sustainable to simply buy a foreclosed property and hope for the best. Times are increasingly tough and every dollar counts these days. Investors and home buyers alike are using every advantage they can find to maximize profits and minimize risk in the highly competitive market of real estate investment.
It turns out that banks and lenders have a trick up their sleeves when inspecting and making repairs to foreclosed homes. These institutions are the ones that have all the foreclosures in their physical inventory. They can afford to cut corners, make bad or uninformed decisions the least - because their actions ultimately effects possibly hundreds of properties or even more.
The most important tools banks and lending institutions have immediate access to are high quality REO Foreclosure Inspectors and REO Contractors to perform the necessary repairs to their inventory of foreclosed homes. REO inspectors and contractors provide high quality, low cost services within a relatively short time.
However, not all REO companies are the same. It's important to find an REO company who has a favorable history of serving lenders for years and enjoys excellent long term relationships with them.
When risking tens and hundreds of thousands of dollars on foreclosure properties, it's vital to minimize risk by taking advantage of the same resources that lending institutions use. The inspection report will be extremely reliable and the repairs will be performed professionally at minimal cost, and backed by a transferable warranty by the REO company that actually did the work.
Tips for Buying Distressed or Foreclosed Homes
Buyers Of Foreclosures In Atlanta, North Georgia Need To Check For These Common Problems Before Purchasing:
To many unknowledgeable home buyers and investors, the Atlanta bank foreclosures may seem like a steal. Sure, they may be “fixer-uppers” but they are selling for thousands of dollars below other homes in the neighborhood. Brion Grant, past president of the American Society of Home Inspectors, in a recent interview stated some of these foreclosed homes may conceal some rather unpleasant surprises from leaky pipes in the walls to wild animals taking up refuge in the attic.
Remember, foreclosed homes in Atlanta are sold “as is!”
These microscopic organisms thrive on moisture. In muggy Southern climates, mold can inhabit any home. But in a vacant, uncared for home, it can spread like wildfire. In some cases, a slow drip of water inside a wall can cause a massive mold infestation and damage will be unseen by the untrained eye. That’s why home inspectors are so careful to check for leaks, small holes and possible water seepage. In Atlanta foreclosures, mold is the number one issue.
VANDALISM & BREAK-INS
A vacant foreclosure in Atlanta, GA is an invitation for vandals to help themselves to things such as air conditioner units, appliances, even faucets and light fixtures. Copper piping and electrical wiring are desirable commodities. Anything that can be resold is up for grabs.
Property damage is often visible.
Sometimes the previous homeowner has destroyed the home in anger and frustration. Other times, neighborhood kids will have smashed in windows or used the home for parties. Most Atlanta foreclosures have had their utilities shut off, thus the alarm system is inoperable. Vagrants will take up residence to get out of the weather.
A rarity is the homeowner who has left the home in pristine condition, even vacuuming the floors on their way out. If an Atlanta bank foreclosure stays on the market long, more than likely it won’t remain that way.
Homeowners going through foreclosure are strapped for cash. Often times, they have removed anything of value. Any upgrades added to the property will now be gone. In many cases, so will appliances, ceiling fans, window dressings, even laminate wood or tile flooring and sound systems have been known to disappear before the key is handed over to the bank. The mentality of the person being foreclosed on is that they paid for them, why should they leave it all for someone else?
Home inspectors report toilets, spa tubs and kitchen cabinets have been ripped out of Atlanta foreclosures. The former owner may also leave behind trash and junk they didn’t want. Beat up furniture, rusty grills, car parts, and smelly garbage in the pantry can greet the first potential buyer or inspector. The new buyer will have to pick up the costs of removal and replacement.
Vagrants are not the only ones who seek shelter. A home void of human smells and sounds can be a beacon to snakes, raccoons, rats and even large mammals such as panthers, wild boars or feral cats. The American Society of Home Inspectors have heard every horror story imaginable. It is quite normal to find hives of bees or swarms of bats in the attic. Skunks can inhabit the ventilation system and squirrels the air ducts.
Insects infestation is the most common. Fleas nestle in the carpet in such great numbers that they can turn your legs black when you walk across the room. Fire ants and termites may be rampant. Cockroaches may have taken over in the kitchen and bath looking for water sources. Moths can eat any drapes, carpeting, or even wall paper.
If a home owner is struggling to make their monthly mortgage payments they are not likely to shell out money on HVAC maintenance, or roof repair or replacement. More often than not, repairs of any type stopped months before the payments did. Even simple things such as changing HVAC filters go by the wayside. Gutters have not been cleaned and debris has not been cleared off the roof. It is possible such neglect will mean thousands of dollars in needed repairs.
It is possible the lending institution has already made some clean-up and repairs, but many do not have the time or the crew to do so. The Atlanta home foreclosure market is growing steadily and banks may have dozens foreclosures on their hands. The best option for the potential metro Atlanta foreclosure buyer is to invest in a professional home inspector who will thoroughly examine every nook and cranny of the home. A professional home inspection may not eliminate every surprise, but it can give the Atlanta home foreclosure buyer a better idea of how much money they will need to set aside for repairs and clean-up.
The key to determining whether the foreclosure in Atlanta, GA your considering purchasing is a “money pit” or a “real steal” is a quality home inspection.
Don’t settle for a cheap inspector when buying a foreclosure in Atlanta, GA or your biggest purchase could turn into your worst nightmare.