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Excellence in Real Estate

Keep an open mind and get an inspection!

In today's market, we see properties in many different levels of upkeep. Bank-owned properties (REO-Real Estate Owned) range from looking like a war-zone, to just needing some cosmetic touch ups, to fresh paint, new carpet, and new appliances. It all depends on how they were turned over to the bank, and how the bank handles their inventory. In any case, the bank that owns the property has never seen it, and will not have any idea of it's true condition. They will require you waive the right to receive any property-condition disclosures (because they do not have any idea of what the condition is). It is very important that you know what you're buying. A certified home inspection is a great place to start. In some cases with REO's you as a buyer may be the one responsible for having the utilities turned on at a property in order to complete the inspections. Keep this in mind and be sure to check with your agent to see if this is the case for the property you are considering. Cosmetic issues like paint are sometimes easily remedied, but may have complications. For example, hot pink walls can be painted over, but you'll probably need primer and maybe still a couple coats of paint, and if the walls are 22' high, be sure to include an estimate for renting scaffolding!

Keep your finances and credit safe!

Once you are in contract on a property, be sure to resist the urge to go buy a house-full of furniture or that pretty new flat screen TV. Keep your finances and your credit rating safely guarded. Wait to make any purchases that aren't absolutely necessary until after you close escrow and the property records in your name. Don't open any new lines of credit, even cell phone companies will run your credit in order to establish service. Don't take the chance!

Shop around for homeowners insurance.

You will need to insure your property if you are purchasing a single family home, townhome, and in some cases even a condo. Shop around for insurance right in the beginning of the process, once you have an accepted offer, give the address to the insurance agent you have chosen so they can prepare a quote and an invoice. Proof of insurance is needed in order to get your loan paperwork through the final approval process. The lender wants to be sure that the property is protected against loss, since they have a major stake in it!