For Sale By Owners take note

In todays tough economic times, many sellers are taking a stab at selling their home themselves, maybe to save some money on the commission that they will have to give up.  But many of those FSBO homes sit longer than homes marketed by a real estate agent. If you are a FSBO, there are some things that you can do to help.

To start with, A FSBO may want to invest in a Pre Sale home inspection.  This can help determine the true condition of the home and identify any problems that exist which may turn away buyers.  This Pre Sale Inspection will give you the opportunity to repair those issues before buyers start coming around.

Some other common tips are:
Price Accurately and be aware of your competition
Market aggressively with the various fore sale by owner sites out there
Make a good first impression of your house
Declutter the living space and fix up the interior
Create a backyard oasis that a potential buyer can envision themselves being in.

You can read a complete list of 101 tips for selling your home here.

Don't buy a distressed property without this....

With all of the distressed real estate available out in the marketplace(REO's, Short sales, etc) one might find it very tempting to jump in and try to snap up some bargain properties. Whether you are a seasoned real estate investor, or a newcomer to the field, caution must be taken when evaluating the property. Unless your intention is to completely tear down what you are buying, a complete home inspection is a requirement.

Many of these REO's and Short sales are advertised "As-Is". With this in mind you may say to yourself that there is no negotiating with the bank, so why bother with a home inspection. The answer is very simple. First off, a home inspection is not really meant to be a tool for negotiations on the property. It is indeed less of a negotiating tool with a foreclosure property. A home inspection will give the buyer a complete picture and understanding of the true condition of the property. For example, with today's conditions, many foreclosures sit empty for many, many months, sometimes even years. With the lack of maintenance on that home, numerous issues may certainly arise. Some common trouble spots found are:

Moisture intrusion and mold 

Termite damage in main beam

Non functioning mechanical system

Cracked or burst water pipes

Missing piping due to vandalism (cooper mainly)

Electrical issues

Structural damage

A recent foreclosure we inspected revealed a main bean that had been severely compromised due to termite damage and definitely needed to be replaced.

The bottom line is that just because a home is being sold "As Is", and the bank won't negotiate on its already low low price, doesn't mean that it is a bargain. Many of the foreclosed homes we walk into, have so much damage and repairs needed, that the buyers ultimately realize that its a project that will be to big, and much more costly than they could have even imagined. Buyer beware...do no forgo a home inspection...it may cost you much more that the inspection fee.

How's My House Home Inspections serves your full inspection needs for distressed properties. We work with out of state investors and serve as eyes and ears for those transaction.

Get the facts on foreclosures from the horses mouth

Not a horse literally, but from the mortgage giant Freddie Mac.  They may be blamed for a portion of the mortgage and real estate mess that this country is experiencing, but it seems they are stepping forward and putting together a series of You Tube videos to talk about the facts surrounding homeowners that have gone through a foreclosure or are in the process.  The series titled "Foreclosure fact from fiction" reveals some of the misconceptions surrounding foreclosure, such as, not being able to own a home again.  There may be some pearls here to help your clients.