Sunday, February 22, 2009

Foreclosed Homes - Not So Great!!!

by D. Babbs

Give people enough incentive, and they might take a risk on a home, says Brion Grant, president of the American Society of Home Inspectors (ASHI). His organization just released a study that sought to find out just how interested people might be in snatching up one of the rapidly growing number of foreclosed homes on the market, and found that two-thirds of Americans said they would consider buying a foreclosed home, even though only 2% had ever done so. Cheap houses abound, Grant said, as banks seek to unload the backlog of foreclosed houses.

Sun Belt states like California, Arizona and Nevada top the foreclosure lists, but even in Wisconsin, Madison real-estate agent Jennifer Lutzke said the number of foreclosures she's trying to sell has tripled in the past couple of years. To unload all these unwanted homes, she said, some banks have begun to change their deals. Many formerly allowed prospective buyers to pull an offer off the table if a home inspection found a major defect. Now, a few are switching to as-is deals, no longer allowing offers to be rescinded. "They want [the houses] off their books," she said.

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