Buyer beware in Tampa's low-priced housing market (Sarasota: real estate, credit)

[bentlebee]

Buyer beware in Tampa's low-priced housing market

TAMPA - Home prices are lower than they have been in years, and there are plenty of properties to choose from. No doubt, it's a buyer's market.

But it's also a market to beware.

As buyers rush to find homes before the federal tax credit expires next month, experts say they should be cautious. About 60 percent of the homes on the market in Tampa Bay are distressed sales. In some cases, these properties can allow buyers to stretch their budgets even more, but there are potential pitfalls.

"People get dazzled by the price," said Maggie Beard, a real estate agent with Coldwell Banker. "Sometimes, they overlook things."

We asked experts for some advice for homebuyers to consider before closing the deal.


click on the link to read the rest of this very interesting and helpful article to avoid buying a disaster. Great job this Coldwell Banker agent is warning the public

[HughMcs]

How long has the "drywall" problem been going on? Is it just applicable to new homes constructed in the last few years?

[TampaKaren]

HughMcs, I have seen Chinese Drywall in renovated homes as well. A little known fact that is often omitted. And I don't believe there is an approved testing device. A company in Sarasota has developed one, but it's (obviously) expensive and not foolproof. I believe it works like an air quality meter. This said, the tainted drywall is extremely easy to detect in homes that have been sitting without utilities for a period of time. The smell is distinct and in addition to previously reported indicators, the discoloration (corrosion) of bathroom mirrors are a visual giveaway. Any of these items should warrant additional inspections.