Re: Re[2]: Re: Real estate matters: Buying 'as is' means 'as ...

July 19, 2008

In a message dated 7/19/2008 7:26:28 A.M. Pacific Daylight Time,

glypella@... writes:

Since the banks do have their own inspectors, I think that they should

be held accountable for undisclosed mold or other things.

Barth

If you can prove they knew it and did not disclose it, that would be true

My best friend is a real estate broker that specializes in foreclosure

properties. She has a team that goes in and " trashes out " the places. They

are not

skilled labor. There is no one who does mold inspections that I am aware.

They note what they see and disclose based on that. She is so busy right

now, she can't see straight. She does not even go into most of the properties

she has listed, nor is she required to. Someone trashes them out. Someone

shows them to buyers. Someone does the paper work.

My point is, don't think the banks have some great professional system of

evaluating these properties before they are sold. Because they don't. With

all the foreclosures on the market, they and the real estate agencies they use,

are dancing as fast as they can to turn them over. If ever there was a time

in history for the saying " buyer beware " , it's now.

That is why I say I would NEVER buy a foreclosed property without doing

extensive due diligence on my own.

BTW, one of her employees who does trash outs got a lung infection about a

year ago and had to be put on Sporonox. His mother is another friend of mine.

We got him on it ASAP. He is doing great. Cleared it right up. That's

just proof of why early detection is so important. He doesn't do trash outs

anymore. And her employees that do, now wear masks.

Sharon

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