The buyers filed for bankruptcy and the house was repossessed. They left the home the day after their daughter was born, just three months after moving in. The house briefly went back on the market. Now owned by the bank, it was listed at $114,900 a year later. The property has since been taken off the market while the bank decides what to do with it. The moral of the story is to get a home inspection. These buyers were attracted by the price. They waived their right to get a home inspection before purchasing their new home. It seems the real issue was the agent cared more about selling the home than about his clients.
HOME-BUYER PLAGUES
Don't get me wrong, home inspectors can miss things. For instance, on another deal, the previous homeowner supposedly installed and tested the new sump pump in the basement; it was not working when the new owners moved in. Unfortunately, the basement flooded. To make matters worse, the sun room was filled with termites, costing the couple $2,000 in repairs. After the termites were eradicated, they discovered the sun room was entirely covered in mold due to the cracked, worn-out caulking around the windows. Know your home inspectors, or at least have a seasoned realtor on your side. A better home inspector would have been able to see the signs of termites and mold. The sump pump should have also been checked by the inspector, but it could have failed after the inspection.
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