Eco-friendly, Energy-efficient Rehabs (aka Foreclosures) Getting Harder to Find

If you’ve been waiting for a good foreclosure deal to come along (perhaps one that you’re eyeing for an eco-friendly, green rehab!), you should take note of the changing market.  The good foreclosure deals, which make ideal candidates for an energy-retrofit, will be getting harder to find as we enter the Spring home buying season.

A foreclosed property is more likely to be a good rehab candidate because the owner (currently referred to as “Corporate Owned” in the listing jargon) has already had the home inspected (at least in most cases) and a professional Realtor has evaluated the condition of the house, the current market conditions, and priced the home at fair market value. So of if you make an offer at the listing price, you’re offer is almost guaranteed to be accepted. If you purchase such a property, you’re still within your rights to have a home inspection done, usually within 10 days of offer acceptance. The home inspection would be the ideal time to have an energy audit of the house completed. Then while waiting for your mortgage application to be approved, you can start applying for some of the very generous financial assistance programs offered to homeowners who make their home more energy efficient.

Peace!

-TMC

REALTOR� Magazine-Daily News-Foreclosure Bargains Getting Harder to Find.

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One response to this post.

  1. The other thing to keep in mind is the possibility that your local electric utility might pay all or part of the audit and other energy efficient upgrades. It’s called Demand Side Management and many US utilities are regulated to provide these services and rebates to their customers.

    Reply

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