Buyer Beware: Bank Owned Property

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Bank Owned Property: Burst Water Pipes
Caveat emptor is Latin for "let the buyer beware” because the principle has been around for centuries.  Bank owned, investor-owned, (aka REO Property or “Real Estate Owned”), For Sale by Owner and absentee investor-owned property for sale often present “sweat equity” opportunities for buyers plus they are often listed at a discount price.  Although the price may be right, buyers need to be extra careful when buying them for two reasons.  As a certified home inspection company, Home Detective can help. Disclosure Requirements are Different Bank owned, investor-owned, (aka REO Property or “Real Estate Owned”), For Sale by Owner and absentee investor-owned property for sale are almost always sold “as-is” without a “Seller’s Disclosure Statement.”  Sellers that live in a home when they are selling it must report by law issues they have had with it.  But, with an “as-is” sale, the buyer is holding the seller harmless for any known/unknown issues with the property.  This makes it critical the buyer’s inspection be a rigorous one. Bank Owned Property is Often Vacant The picture for this blog is a bank owned property that went on the market in late fall.  Like this year, it can get cold fast.  The property was not winterized.  After the buyer’s offer was accepted, they ordered a buyer’s home inspection and found that the water pipes burst.  The main point here is, assuming the bank cleaned up the water damage and put it back on the market “as-is,” a different buyer might not know to look for visible signs of mold or other collateral damage issues.  This is why a rigorous inspection is necessary to ensure peace of mind when purchasing a bank owned property. I don’t want to discourage buyers in any way from considering buying a bank owned, investor-owned, (aka REO Property or “Real Estate Owned”), For Sale by Owner or absentee investor-owned property for sale.  They can be and often are excellent opportunities for the right buyer(s).   But do a thorough inspection with a certified inspector.  Home Detective is certified by over 4 leading trade organizations as a home inspection expert, such as the Midwest Association of Home Inspectors (MAHI)American Home Inspection Training (AHIT)American Society of Home Inspectors (ASHI), and the International Association of Certified Home Inspectors (InterNACHI). To schedule a home inspection, contact Reed today online or call (763) 434-3155.  All of our homes inspections come with a 90 Day Warranty with very affordable options for an 18 month extended warranty.  Home Inspection Brainerd | Certified Home Inspector Brainerd | Buyers Home Inspection Brainerd | Home Inspection Warranty St. Michael | Home Inspection for Sellers St. Michael
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Need a Back Up Home Inspector this Week?

Free 90 Day Home Inspection Warranty.  Call Home Detective if your “go to” home inspector is booked up or not Pre-listing Home Inspection St. Michael, Buyers Home Inspection St. Michael, Certified Home Inspector Brainerd, Home Inspection for Sellers Brainerdexceeding your expectations.  Short notice requests are welcome!  We are veteran owned and certified home inspectors by the International Association of Certified Home Inspectors (InterNACHI) and are members of the Midwest Association of Home Inspectors (MAHI). To schedule a home inspection, contact Reed today online or call (763) 434-3155.  All of our homes inspections come with a 90 Day Warranty with very affordable options for an 18 month extended warranty.  Home Inspection Warranty Brainerd | Home Inspection Brainerd | Certified Home Inspector St. Michael | Home Inspection for Sellers St. Michael |Pre-listing Home Inspection St. Michael | Buyers Home Inspection St. Michael | Certified Home Inspector Brainerd | Home Inspection for Sellers Brainerd | Pre-listing Home Inspection Brainerd | Buyers Home Inspection Brainerd | Home Inspection Warranty St. Michael | Home Inspection St. Michael
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Starkist Tuna Can for Junction Box

Wacky Home Inspection Finds #1 Every week we stumble upon some interesting discoveries.  In this picture, the homeowner used a Starkist Tuna as a junction box of sorts. We can help buyers uncover these kinds of hazards and help sellers with a pre-listing home inspection.  We are all Do-it-Yourselfers in some sense, otherwise there would be no use for hardware stores.  But, DIY’ers often overlook code requirements for the practical.  We get it and can help both buyers with peace of mind and sellers identify inspection obstacles to a smooth closing. To schedule a home inspection, contact Reed today online or call (763) 434-3155.  All of our homes inspections come with a 90 Day Warranty.  Buyers Home Inspection Brainerd | Certified Home Inspector Otsego | Pre-Listing Home Inspection Garrison | Home Inspection for Sellers Maple Grove
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Relatives are Often Not Good Home Inspectors

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Relatives are well-meaning but not a Certified Home Inspector
We all have them, well-meaning, a jack of all trades, a relative or close friend that is as excited as you are to be buying a home and they want to do your home inspection.  Home Detective doesn’t mind if they come with you, but for peace of mind, it is better to hire a professional to conduct your home inspection.  Home Detective is certified by over 4 leading trade organizations as a home inspection expert, with rigorous knowledge and experience requirements that a jack of all trades can’t possibly offer, such as the Midwest Association of Home Inspectors (MAHI)American Home Inspection Training (AHIT)American Society of Home Inspectors (ASHI), and the International Association of Certified Home Inspectors (InterNACHI) Does your Relative offer a Free 90 Day Home Inspection Warranty, Appliances Included? These certifications along with years of experience will ensure you have peace of mind after you purchase your home.  In addition to our credentials, Home Detective offers a Free 90 Day Warranty-Appliances Included for all the home inspections we do with the option for an 18 month extended warranty. To schedule your home inspection today or for more information, contact Reed at (763) 434-3155.   Buyers Home Inspection Brainerd | Buyers Home Inspection Rogers | Certified Home Inspector Brainerd | Certified Home Inspector Rogers | Home Inspection Brainerd | Home Inspection for Sellers Rogers | Home Inspection Rogers | Home Inspector Rogers | Radon Inspection Brainerd | Radon Inspection Rogers | Radon Inspection St. Michael | Radon Inspector Rogers | Radon Inspector Brainerd | Radon Inspector St. Michael
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This Old House: 18 Month Extended Home Warranty

With a Home Detective home inspection, you already get a FREE 90 Day Home Warranty, but for added peace of mind, you can extend it for 18 months.  Seller’s selling old homes, buyers buying old homes love this option.  It often makes deals happen that seemed lost.  The extra warranty protection is offered based on square footage, so a less than 1500 sq. ft. would cost just $395.   See sq. ft. chart below: Less Than 1,500 sq ft ($395) 1,501  -  2,500 sq ft ($475) 2,501  -  3,000 sq ft ($515) 3,001  -  4,000 sq ft ($560) 4,001  -  5,000 sq ft ($755) 5,001  -  6,000 sq ft ($965) 6,001  -  9,999 sq ft (0.16 per sq ft) More Than 10,000 sq ft (0.19 per sq ft) To learn more about our 18 month extended home program details, click here. To schedule your home inspection today or for more information, contact Reed at (763) 434-3155.
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Pre-Listing Home Inspection with Free 90 Day Warranty

Attention Sellers:  Help Facilitate a Quick Sale by Removing Buyer's Concerns. Sellers have control by simply taking a buyer's concerns off the table with a pre-listing home inspection.   Home Detective takes this a step further and offers a Free 90 Day Warranty with every home inspection we do.  In this sellers’ market, we have heard from agents that pre-listing home inspections often help generate multiple offers, especially if you are selling an older home.  We have also heard multiple offers often leads to sales above the listing price. To schedule your pre-listing home inspection today or for more information, contact Reed at (763) 434-3155. https://youtu.be/cavegEn-Fys
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Every Buyer’s Inspection Gets Free 90 Day Warranty

 
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Appliance Warranty Details Click Here
Attention Realtors®: Great Closing Gift Idea! No matter how thorough the inspection, issues come up after the sale from time to time with previously owned homes.  It’s not the inspector's fault, nor the agents or new homeowners.  That’s why Home Detective offers a FREE 90 Warranty with any home inspection we do.  Some buyers and agents have used it over the years, ALL with positive reviews.  Every party to the transaction leaves it with peace of mind.  Here are the details: MECHANICAL COVERAGE SUMMARY: Plumbing: Water lines, faucets, water heaters, drain lines, gas lines. Electrical: Main service panel, secondary service panel, and wiring. Appliances: Kitchen Appliances including and limited to oven, range, dishwasher, built-in microwave, trash compactor, and garbage disposal. Heating/Air (HVAC): Furnace, Air Conditioner, and Thermostats. STRUCTURAL COVERAGE SUMMARY: Poured Concrete & Block wall foundations. Floor joists, bottom & top plates, and wall members. Roof leak repair (does not include replacement of bad shingles), load-bearing walls, attached garage doors. COVERAGE TERMS: This service contract covers only those items specifically listed and excludes all others. This contract covers parts and labor only and does not cover consequential or secondary damages. This contract only covers those items that were confirmed to be in good working order at the time of inspection and excludes all others, regardless of their condition at the time of inspection or if they were repaired. This contract does not cover water damage, cosmetic repairs, or items that are inaccessible without the removal of drywall, concrete, or any other permanently installed covering. This is not a maintenance contract. In order for an item to be covered, it must be maintained in accordance with the manufacturer’s standards or be maintained within reasonable standards where no such standards exist. This contract excludes all appliances, climate control systems, and fixtures over 10 years old. This contract does not cover plumbing stoppages, regardless of reason. This contract does not cover well or septic systems or any related components. RWS is not responsible for upgrading failed systems to meet current codes or local ordinances. This contract does not cover chimneys, fireplaces, or brick failures of any kind. This contract does not cover cracking or scaling concrete. Roof repair is for leaks only, to rolled, composition, or asphalt shingle roof only, and is limited to the repair of the leak only. This contract does not cover pest damage, including that caused by any and all wood destroying insects and pests. All mechanical coverage is limited to those items within the home’s foundation and limited to an aggregate maximum of $500.00. All structural coverage is limited to issues within the home’s foundations and is limited to an aggregate maximum of $2000.00. RWS is not an insurer. Any damage caused by any peril is not covered by this contract, which includes but is not limited to; war, riot, civil commotion, earthquake, hurricane, any and all acts of god, or any other outside cause or neglect. All claims on this policy shall be made by the buyer of record only after they have taken possession of the home. This warranty and all related disputes shall be interpreted and enforced in accordance with the laws of Hamilton County in the State of Indiana without reference to, and regardless of, any applicable choice or conflicts of laws principles. All claims must be received within 90 days of the inspection or within 22 days of closing, whichever comes later. The coverage under this policy shall come after any and all other warranties in place. VALIDATING YOUR HOME WARRANTY: It is important that we have your information prior to any claims being made. Please be sure to validate your home warranty at http://90daywarrantyvalidation.com within 15 days of your inspection with your name, the address of the property, and your inspector’s name. CLAIMS PROCEDURES:
  1. Written Notification of claim must be received by RWS prior to the expiration of the policy (which is defined as noon, the 91st day after the inspection is completed). The following information must be contained in the claim: a. Your Name b. Your Inspector’s Name c. Your Full Address d. A Phone Number Where You Can Be Reached e. A Brief Description of the Claim f. Make, Model & Serial # for All Appliances
  2. An itemized repair estimate must be submitted for every approved claim, including the breakdown of parts & labor, as well as a specific cause for the failure in writing from a licensed or properly certified repair person. RWS reserves the right to request up to two (2) additional estimates. The estimate must include contact information for the repair person.
  3. A copy of your home inspection must be submitted with the repair estimate, or at least those pages pertaining to the affected items.
Claims will be processed after we are in receipt of items 1, 2, & 3. You will be contacted by an RWS representative within 72 hours of all items being submitted. Residential Warranty Services, Inc. P.O. Box 797 Carmel, IN 46082 800-544-8156 Fax 877-307-7056 90day@rwswarranty.com For more information, please don’t hesitate to contact Reed today at (763) 434-3155.
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