Housing prices are at their lowest in more than a decade, inventories are high, analysts are predicting a new wave of foreclosures and the government is offering two substantial tax credits for which many homebuyers qualify.
But bargain buyers beware, warns Vince Mastronardi, whose property preservation business has been busy preparing foreclosed homes for sale.
”Buyers need to educate themselves about the potential pitfallsof purchasing distressed property," says Mastronardi, president of On-Site Specialty Cleaning & Restoration. "It's not so much what damage occurred but the source of that damage and how long before the problem was addressed." From PR Newswire.