Bank owned homes in the Phoenix real estate market are a bit of a gamble. The previous owners are long gone so they aren’t available to tell you the history of the home. In some cases, they might have taken out their frustrations on the house, like it was the home’s fault.
The listing agent doesn’t know the home’s history. The bank doesn’t know it either. What you need is the real estate equivalent of an archaeologist – someone who can come in, look at current condition and facts and make a best-effort determination at the past.
Enter the home inspector.
Yesterday morning I was at a bank owned home that my buyers had found in Peoria. The inspection report for this 30-year-old home will run a little longer than many others as there a number of small things that need to be done – strike plates on doors, light bulbs to be changed, cosmetic damage to be repaired.
But the good news – in fact, the great news given this home is bank owned?
- No apparent structural issues
- No apparent plumbing issues
- No apparent electrical issues
- No apparent roof issues
- No apparent heating/cooling issues
Considering the condition the home could have been in, it’s the best case scenario you can find on a bank owned home.
[tags]Phoenix real estate, bank owned homes, REO properties[/tags]