Foreclosure in 75068>Question Details

Nikki, Home Buyer in Dallas, TX

How can i locate the 10 year structural warranty details for a foreclosed property built two years.?

Asked by Nikki, Dallas, TX Tue Jan 20, 2009

I am planning to buy a bank owned property that is about two years old. How can I find out deatils about the 10 year structural warranty, that the builder provides. The builder who built this house may not be in business currently.

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Answers

2
Hi Nikki,
You buy foreclosures as-is, where-is. No builder warranties. Many of the foreclosed properties with foundation issues will be purchased by people who are familiar with or have experienced foundation repairs at some point in the past. They don't have the fear of it that others do. They know what it entails, what fees to expect, and know who they want to do the work. The factor that repair into the offer on the home. The bank isn't going to do any repairs to the property. They haven't even visited the property. It is up to the Buyer's agent to inform them of the condition in which they are finding the home as a point of discussion for why they are offering less-than-list.
Ronda Wise Allen, C.P.M., Realtor
C21 Judge Fite Fine Homes & Estates
at The Shops at Starwood
Web Reference: http://www.rondaallen.net
0 votes Thank Flag Link Wed Jan 28, 2009
NIkki,

Unfortunately a foreclosure voids all warranties on a home. Your Realtor should have told you that. You can buy a home warranty aka residential service contract and that will cover appliances etc. but not the foundation.

Naima
214-289-8555
Naima@Sumner-Realty.com
Web Reference: http://www.SumnerRealty.com
0 votes Thank Flag Link Tue Jan 20, 2009
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