Investment Property - Buyer Beware

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Real Estate Agent with America's 1st Choice RH Realty Co., Inc.

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Recently articles have appeared in the Canton Repository regarding an investor who purchased distressed properties and sold them "sight unseen" to a buyer with dreams of becoming a land lord for several homes in the Canton area.  The press was rather negative with the buyer discovering that the homes he purchased were in poor condition even though they were advertised as having been made livable.  In some cases the city had condemned and demolished some of the problems.

The investor got some bad press in this matter but the lack of common sense also contributed to the buyer's problems.  Making a purchase without inspecting the property beforehand is like buying the "Brooklyn Bridge" from a street vendor.

For more information you can go to the Canton Repository web site and locate information under their Real Estate news.

The lesson to be learned here is that whether you are an owner occupant or an investor wishing to purchase income property you need to do your due diligence and check out properties before making the decision to buy.  It is wise to have a home inspector go through the home(s) and evaluate them for the cost of repairs and provide you with a useful report that will help you make your decision to purchase (or not to purchase).

http://www.JonWHome.com

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Comments 1 New Comment

Rainmaker
516,377
Ken 360.609.0226 Vancouver Homes for Sales
Ken's Home Team at Keller Williams

nice article, people need to use an agent to help them with the purchase, I have a friend that purchased a rental (a friend) and did not use an agent, they knew how to purchase a home, they did not get an inspection (owner said they just had one done and had everything fixed) now they are in court on a lawsuit.   HUmmmmmmm, so i wounder if they saved enough money on the purchase to pay for the lawyers.....

February 08, 2010 08:25 AM
Rainer
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Jon Wnoroski

Summit County Realtor
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