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 Investing in Foreclosed Bank Owned Homes - Be Careful 

There are so many people taking advantage of today's Real Estate market, and as far as investing goes in bank owned foreclosed properties the banks are taking thirty, forty, even fifty cents on the dollar for some of these properties. I know as an investor in Real Estate myself that there are some really amazing deals out there to be had.  Watch out because with good deals there sometime come bigger problems. The bigger problems I'm  referring to are homes that have been stripped of appliances, lighting, and plumbing fixtures that have been removed and/or vandalized, and in some cases cabinets that have been ripped out. I have also found deeper issues such as internal electrical wiring that has been cut or torn out, as well as copper piping removed or cut.Most of these issues can be seen during a home inspection which enables you to take into consideration and evaluate what the replacement costs to you would be. With that said, there is another type of property out there that offers the lowest price available and those are the homes the banks took back during construction. This is a true can of worms because number one, if you want the home you are probably going to have to pay cash for it because no lender is going to loan on a home that hasn't had all the proper municipal inspection finals or Certificates of Occupancy. This is where BE CAREFUL has a lot of meaning because these properties can be a really good deal and maybe make you money down the road but there are several hurdles you will have to deal with. Have you ever dealt with a building inspector? the process can be challenging even under the best circumstances and you are going in basically blind and have no idea what you are dealing with. Here are just a few pertinent questions.

1) How long has the property been sitting 
2) When & what was the last inspection that was done 
3) Is it still the same inspector handeling the area 
4) Were there any issues with the previous inspector 
5) Who do we contact

These are just a few of the obvious questions, and this type of venture comes with a whole lot more. Trust me when I say that trying to get some of these questions answered from the Realtor or Lender are almost impossible and you certainly aren't going to get any answers from the previous homeowner. You may be able to get some answers from the builder if he was paid up to the point where the home was seized but I wouldn't count on it. My suggestion to you is to hire a consultant before wasting a lot of your precious time and money. 
GOOD ADVICE MAKES MONEY.














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                                                       Home Building, Getting It Right and Saving Money

Like most people you have heard the nightmare stories from family and friends about the home they built or the remodel they did and how things didn't go right .The project took far too long and ended up costing more then initially discussed. The owner blames the contractor, the contractor blames the owner and it’s the same old song and dance. So what’s the key thing that's usually missing in this scenario? That would be the communication between all parties involved.

As an owner builder you may look at the process and think how hard can it be, hire a guy to do this another to do that and it’s done right? most likely it’s not. There are so many things that can be overlooked or go wrong, and you may be surprised to learn that most people working in the trades simply just don’t care about quality nor do they care to work with other trades for the common good of the project. It takes someone to orchestrate, and someone with experience to get the job done right. You may be hiring an architect and/or building contractor and more often then not they can’t seem to get it right either, they simply don’t understand that it takes a team working together towards a common goal. The goal being making sure your project comes together as you envisioned it, on time, and on budget. As a building contractor we’ve built many custom homes for people and in most cases struggled through the process using plans and specifications that frankly just weren’t thought through completely. Nine out of ten times the building contractor doesn’t even see the plans until it is time to put the numbers together for the project. On average most people looking to build will hand off their plans to about three contractors for pricing before they make a decision. Now let’s assume the plans and specifications don’t have all the necessary information needed to price the job out correctly, these three contractors now have to call the architect and the customer to get their questions answered, or they don’t bother to ask any questions at all and the customer is left with the contractors interpretation of the plans. We have seen time and time again where the customer says, “I thought that was included” and the typical response from the contractor is, “it wasn’t on the plans”, and or “you didn’t ask for it. Or how about this one, the customer states to the contractor, “why didn’t you tell me I shouldn’t use this type of stone in my shower?” the typical response is usually I didn’t know, or you didn’t ask. So many times the architect will call out for materials in their specifications that they saw or read about in a magazine without understanding the application process, what it takes to be installed properly, or how it will adhere to the  other materials surrounding it. The point is, there is so much to know about building a home correctly, it takes years of actually working with the materials, and doing the installations to understand the what, when, and how. The bottom line is, if you’re thinking about building yourself or decide to hire someone to do the build, hire yourself a consultant first, most likely it will save you time, money, and more importantly your sanity.
http://EzineArticles.com/published 10/24/08