Coming Out of The Real Estate Recession
Everyone knows that the failing real estate market has sent us into the deepest recession we have experienced in 50 years. Developers hired ghost pay rolling general contractors, real estate agents sold severely damaged and over priced properties, and mortgage lenders were lending any amount of money that you wanted on a handshake. The result, tons of poor quality homes and condominiums sold to unsuspecting buyers who now, cannot afford to pay to have the “home of their dreams” repaired. The money came fast and loose, the condos are doing the same thing.
When the real estate industry hit the wall and prices dropped contractors and developers scrambled like crazy to finish constructing their buildings while there were still a few buyers out there. These new homes and condominiums were completed in a dead heat as developers unloaded hundreds and thousands of units onto the unsuspecting public. It is many of those units, the ones that were really built in a hurry, that are now on the market awaiting your signed contract to purchase.
Today, now more than ever, it makes sense to get a tough, thorough and independent home inspection on new construction. If you think home owners have trouble with their homes and condos two years ago, Wait until you see what’s our for sale now. It’s the inverse of the “Crème de le Crème” and it isn’t pretty!