Foreclosure Facts Report From Americas Home Place:
Rip Off Artists Come Out Of the Woodwork During Any Stress To The Economy
For today’s home buyers, one result of the recession has been attempting surplus of foreclosed used homes that often sell for less than market rates. These homes may seem like a bargain to buyers who are used to the inflated prices of a few years ago. But comparing a new custom home to a foreclosure on price alone is a mistake.
In conversations with customers and potential customers of
Americas Home Place, complaints abound about their experiences with foreclosure properties. Among those who had experience with foreclosures, many cited encountering legal issues, title problems, and issues with taxes and other liabilities.
There was a common thread in the foreclosure stories reaching
Americas Home Place. Problems with foreclosure properties usually begin occurring as soon as the new buyer moves in. They include, but do not seem limited to:
- Legal issues. Before buying a foreclosed home you will have to do thorough research — or hire a title company or lawyer — to make sure there aren’t any additional financial or legal liabilities attached to the home.
- Tax problems: There are often liens on the foreclosed property for unpaid taxes. These are the responsibility of the new buyer.
- Home owners’ association dues: Often these have gone unpaid and are not discovered to be the responsibility of the new buyer until the deal is done.
- Property liens for other loans: A foreclosed home often has been put up as collateral on other loans that weren’t paid.
- Rip Off Artists Often Thrive on Foreclosures: During every economic downturn there are rip off artists who seek to profit by making foreclosures sound better than they are.
The bottom-line? When you opt to buy a foreclosed home, you could become liable for thousands of dollars of debt you weren’t aware were attached to the foreclosed home. The really scary part? It doesn’t stop there.
What Is The Dollar Value On Your Peace Of Mind?
As soon as you take ownership of a foreclosed home, anything that breaks or any problems that arise are your responsibility. This could cost you lots of time and money that you may not have budgeted for.
Foreclosed homes also often haven’t been taken care of by former owners who knew they were going to lose the home. In some cases vandals, thieves or even the owners have damaged the home, removed appliances or torn apart walls to remove copper pipes that are valuable as scrap metal.
A foreclosed home might often have been sitting vacant for months or years, and if it wasn’t properly secured, there could be significant damage from water, mold, weather or pest infestations. In this regard, there was again a common thread among foreclosure horror stories reported to
Americas Home Place: Problems of a structural nature cost the buyers thousands of dollars and a lot of time to restore the deteriorated foreclosed home back to a livable condition.
If you build a new custom home with Americas Home Place, problems occurring from maintenance and structure won’t be an issue because you will have brand new appliances and systems of your own choosing. And, as should be the case with any reputable builder, even if something does go wrong in the first year, your new home new home warranty should guarantee repair or replacement.
Also when you build a new custom home with
Americas Home Place, complaints about dealing with someone else’s design preferences are non-existent. This is because you built your new custom home from a plan you chose from our 100 plans available and customized to your own unique needs and desires. Unlike those who bought a foreclosure or otherwise distressed used home, you will not be spending money and time tearing down paneling, repainting walls, or replacing outdated flooring. Your preferences are included as the home is built, and they are there waiting for you the day you unpack your boxes.
A Custom Home Builder You Can Trust
Building your new custom home with Americas Homer Place is a lot like doing business with a neighbor whom you’ve known for years and can trust implicitly. That’s because we are.
Our custom home building centers are located in the cities and towns where we build our homes. We employ local craftsman to build our homes, so chances are you will know the people who are working on your home.
We are very proud of the fact that 3 out of 5 customers who build a new custom home with us make the following recommendation to their friends and neighbors: “Choose Americas Home Place.”