With an upsurge of distressed properties on the Ocala Real Estate market, more potential buyers are taking a second look at purchasing homes that are being sold at a discount due to pre-foreclosure, foreclosure/bank owned or at auction. A numerous amount of these properties may have had long periods with little to no maintenance, damage from previous tenants or other hidden issues that potential home buyers must be wary of. We highly suggest to not purchase a home without hiring an inspector to look it over first, especially a vacant distressed property. The Shultz Team would like to offer some tips and useful information on some of the problems that can occur. There are some tell-tale signs you may keep a sharp eye out for during your viewing stage – issues which may cause a buyer significant and costly problems:

• Poor subdivision conditions. There may be too many homes for sale on the market in the immediate area. Another sign – are any of the houses boarded up? Keep an eye on the surrounding homes or neighborhood. These other properties will speak volumes about your possible future investment.
• Poor exterior condition. Outdoor maintenance on a home is often very telling of what lies beneath. If the house you are looking at has landscaping in poor condition, broken gutters or hanging soffits – what else could be wrong? If the property owner is having difficulty making their mortgage payments, they are not going to spend additional money to maintain a home they will be selling at a loss anyway.
  
• Foundation issues. Another major consideration for a new home buyer is foundation damage. Survey the property for proper grading, if there are slopes and wash-outs, a future retaining wall or additional drainage may be a future cost. The grade should not go over the foundation level, this can cause water accumulation and wood rot from being pushed up against the building materials not suited for being in contact with soil and/or mulch. Check for cracks in the slab bigger than 1/3 of an inch. These may be signs of major structural issues.
  
• Offensive or strange odors. A home that is emitting strong smells outside and/or inside almost always indicate a problem. This could be an issue with mildew/mold, animal carcass, cigarette smoke, pet odors, chemical spills and general uncleanliness (filters not being changed out regularly, clogged drains, undisposed-of items left behind from tenants, etc). Investigate further, and if you do end up putting an offer in, be sure to point this out to your home inspector to address while at the property.
  
• Faulty electrical systems. Watch out for lights flickering and check the temperature of face plates for heat. This could mean poor, damaged or faulty wiring.
• Condensation or fogged-up windows. Windows with condensation droplets, fog or water in between the double-paned windows can signify trouble lurking.
• Ceiling and drywall stains. Keep your eyes peeled for sagging drywall and stains either on the ceiling, walls, baseboards or cabinets – which usually indicate water damage, mildew or mold. An inspector must check for leaks and mold. You also may want to consider getting a specialized roof inspector in addition to your standard home inspection as well.
  
• Vandalism. Vacant properties have been a hot-spot for stolen fixtures, appliances, lighting, carpeting, etc. If you are putting an offer in the home, be sure to compare it to the listing information provided by the selling agent. You may find missing items since the property had been originally listed. If you opt not to get a home inspection you run the risk of moving in not realizing you don’t have an outside air conditioning unit, well pump, appliances, etc. Foreclosure and/or distressed property contracts are always in As-Is condition – be sure you know exactly what you are purchasing, it is up to the buyer to perform their due diligence in any real estate transaction.
  
• Pests and rodents. Look for possible pest infestation during your preview. You can keep an eye out for pest elimination, damage (such as chewing/nesting) and/or foul animal odors.

Feel free to check out our Ocala Buyer Information Page with more helpful buyer tips, buyer reports and personal real estate assistance. View our write-up on the $8,000 buyer tax credit as well! Call us toll free at any time, we are more than happy to be of service to you.

For more detailed statistics or a free market analysis, please call or e-mail us. Info@TheShultzTeam.com or call us direct at 352-291-1276.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.