Statewide numbers from Florida as per Herald-Tribune.

  • 150,000 residential properties in Florida have been repossessed, and are owned, by banks.
  • 371,000 foreclosure cases are open in courts.
  • 530,000 residential mortgage loans are at least 90 days past due and in default.
  • 265,000 homeowners have not made a mortgage payment in more than two years.
  • 1 million residences are in some form “distressed,” whether in foreclosure, owned by banks or in default.
  • 46% of mortgages “under water” - in other words, the debt exceeds the current market value of the residential property.
  • 809, the average number of days to process a foreclosure in Florida.

It’s easy to understand why so-called short sales, in which owners and mortgage holders sell at steep losses, are viewed as advantageous options and positive movements in the total market. They are also good for the inspection industry. And finally, homeowners in financial peril are overcoming the psychological hurdles - and coming to terms with the financial implications of - short sales.

Foreclosed properties and short sales have been over 95% of my business since 2007. Those figures are no surprise in this area.

I can’t quite figure out how this is good for the inspection industry as these homes are usually trashed and are twice as hard to document than an average home.
It has been awhile since I had to do one, but last week I had to do one and now, I know why I charge more… which still wasn’t enough!

Fortunately, both of todays inspections are occupied conventional deals.:mrgreen:

The only good for it is volume and buyer distrust. Volume is obvious. The banks don’t want to keep these properties.

These kind of deals represent more than 90% of my HI’s. The banks don’t provide the disclosure statements that we would normally see. The make the buyer sign some serious documents regarding disclosure. Even experienced home buyer with construction backgrounds, decide they want the home inspected.

These type of inspections are 90-95% of my business also. We will be here a while and it will be different when we get back to occupied residences.
BTW- DBPR site= 5,591 inspectors listed.

Count on that number dropping come renewal time, there is about 3,000 more inspectors then are needed or can be supported.

I’ll quote Dennis Bonner,

“Just more guys making me look good!” :mrgreen:

I do about 5% short sales or Repos…