A New Reason for Caveat Emptor in Getting That Bargain on your Dream House?

Below is a link to a recent article from the Sarasota Herald Tribune about a relatively new "threat" that is turning up in some newer Florida homes. Chinese Drywall. During the boom years for builders demand for drywall to build new homes far outstripped available US manufactured supply and a number of builders or their subs ended up sourcing drywall made in China. Now it seems to be outgassing something that may be causing pipes and wiring behind the walls to discolor and corrode. Yet the builders say it does not pose any threat to human inhabitants.  I am not a scientist but my own perspective is, if it will corrode copper pipe, I'd just as soon not inhale it!

OK to WHY do I now wrap this around Foreclosures and Short Sales. Well in both Short Sales and Foreclosures you almost always HAVE to buy the home "As-Is" with a right to inspect. If you're buying a resale house right now built in say 2005 to even today (the Tribune article says the product is still sitting on shelves in the US and may be being sold or installed) then you MAY want to try to ascertain if this was used. But in the case of at least Foreclosures, because the bank never "lived" in the house, you always have to buy the house without receiving ANY Seller's Property Disclosure. And even in the short sales, where you're likely to get a disclosure, the  lender, if they approve the sale, will make ALL parties sign what I euphemistically call the "Hold Harmless from Hell" where they make everyone state and restate that the seller is NOT going to be responsible for ANYTHING post the inspection - that you as a buyer release them etc etc etc.

If you're buying a resale home built prior to 2005 it's probably not an issue but if you find yourself looking at a home that is a "distress" buy and it is in that date range, perhaps a call to the builder to ask what THEY know about this issue from their other homes or their subs might be warranted.

In any event, let this be another reason why you never ever purchase ANY home without getting inspections from a reputable inspector  - let the Buyer beware!

http://www.heraldtribune.com/article/20090201/ARTICLE/902010371

- Mike W.