Have you ever watched Muhammad Ali fight. We all know he is one of the greatest fighters in the world. His unique boxing style and over expressed confidence made him a global icon on the 60s. Some say no one else would ever be like him and others say he was just another overrated boxer. But something can’t be argued is that fact he had a brutal punch. One that if landed precisely can end a fight in the blink of an eye. On July 9 I experience a brutal home inspection one that could’ve ended the real estate sale in a blink of an eye. It couldve shattered dreams and forfeit buyers escrow deposit.
The home must of been inhabitable with an order for demolition right?. Wrong ! You couldn’t be farther from the truth.
If you have been in the market for Miami Foreclosure you’ve noticed most foreclosure homes need repairs. Some need new bathrooms others need new kitchen and most need both. According to a recent survey the average repair cost of foreclosure range from 8500 to 15000 dollars.
What was the repaired estimated that almost prevented the buyer from buying?
The Repaired estimate was for a whooping $250 dollars. Yikes!!! Isn’t that a lot of Money?
It wasn’t an ordinary inspection the buyer qualified and applied for the city program called NSP. The OCED ( office of community and Economic development) administers federal and state funding that supports the development of viable neighborhoods. Before the city grants this money it needs to send city inspector to assure the property is habitable the inspection is called (HQS).
I meant inspector on the home and I did mention that this must have been the best foreclosure home I ever seen. It was in great condition bathrooms, kitchen, appliances and roof were all in standard condition. He quickly took out this form and began his inspection. After 30 minutes and surprised outcome he noted the failed inspection. He gave me his outline that consists of painting wall, fixing valves, smoke detectors ,air filter, G.I.F system for bathroom and kitchen, and light fixture.
Starring with disleif , shocked and barely able to speak i ask:
“ Mr. inspector these are items that can be done after the closing takes place. Why would buyer fix any of these items before closing? Shouldnt we be more concern on major expenses such as roof, appliances, electric, plumbing, A/C, and windows?
“Homes needs to pass inspection and it hasn’t. The repairs must be done prior to closing or else city wont fund. If buyer needs to repair before closing that’s what buyer needs to do. Please call my office and reschedule when repairs have been made.”
Inspector was called 2 days later after buyer repaired all items and we received a pass inspection. Thankfully we were able to recover from what could’ve been a brutal inspection. If you are a first time home buyer first look into the NSP (click here for NSP package)and second be advise some repairs might be needed to the home that must be done before closing. Since this expense is not a lending requirement seller is not obligated to be responsible for it.
Looking for a Foreclosure home in Miami ? Would you like more information on the NSP program? Dont hesitate and start your home search today!! To contact us please call 305 726-6229 or email: Mdelgado@globalmarketrealty.com
First time homebuyers beware of home inspection.
Have you ever watched Muhammad Ali fight. We all know he is one of the greatest fighters in the world. His unique boxing style and over expressed confidence made him a global icon on the 60s. Some say no one else would ever be like him and others say he was just another overrated boxer. But something can’t be argued is that fact he had a brutal punch. One that if landed precisely can end a fight in the blink of an eye. On July 9 I experience a brutal home inspection one that could’ve ended the real estate sale in a blink of an eye. It couldve shattered dreams and forfeit buyers escrow deposit.
The home must of been inhabitable with an order for demolition right?. Wrong ! You couldn’t be farther from the truth.
If you have been in the market for Miami Foreclosure you’ve noticed most foreclosure homes need repairs. Some need new bathrooms others need new kitchen and most need both. According to a recent survey the average repair cost of foreclosure range from 8500 to 15000 dollars.
What was the repaired estimated that almost prevented the buyer from buying?
The Repaired estimate was for a whooping $250 dollars. Yikes!!! Isn’t that a lot of Money?
It wasn’t an ordinary inspection the buyer qualified and applied for the city program called NSP. The OCED ( office of community and Economic development) administers federal and state funding that supports the development of viable neighborhoods. Before the city grants this money it needs to send city inspector to assure the property is habitable the inspection is called (HQS).
I meant inspector on the home and I did mention that this must have been the best foreclosure home I ever seen. It was in great condition bathrooms, kitchen, appliances and roof were all in standard condition. He quickly took out this form and began his inspection. After 30 minutes and surprised outcome he noted the failed inspection. He gave me his outline that consists of painting wall, fixing valves, smoke detectors ,air filter, G.I.F system for bathroom and kitchen, and light fixture.
Starring with disleif , shocked and barely able to speak i ask:
“ Mr. inspector these are items that can be done after the closing takes place. Why would buyer fix any of these items before closing? Shouldnt we be more concern on major expenses such as roof, appliances, electric, plumbing, A/C, and windows?
“Homes needs to pass inspection and it hasn’t. The repairs must be done prior to closing or else city wont fund. If buyer needs to repair before closing that’s what buyer needs to do. Please call my office and reschedule when repairs have been made.”
Inspector was called 2 days later after buyer repaired all items and we received a pass inspection. Thankfully we were able to recover from what could’ve been a brutal inspection. If you are a first time home buyer first look into the NSP (click here for NSP package)and second be advise some repairs might be needed to the home that must be done before closing. Since this expense is not a lending requirement seller is not obligated to be responsible for it.
Looking for a Foreclosure home in Miami ? Would you like more information on the NSP program? Dont hesitate and start your home search today!! To contact us please call 305 726-6229 or email: Mdelgado@globalmarketrealty.com
Read also