BPG Launches Inspection-Warranty Product for Foreclosures
Buyer’s Protection Group has created a new product that combines the services of both a professional home inspection with a 12-month home warranty.
The “buyer’s bundle” provides greater protection and savings for buyers of bank-owned, foreclosure, or short-sell properties. The product is currently being offered in 14 states and 25 major housing markets.
By signing up for the product, a homebuyer receives a detailed report of their property condition, a 90-day guarantee on major items inspected, a 12-month home warranty and $100 in savings.
“It’s a smart choice for consumers buying bank-owned or short-sell properties,” said Pat Schaffhauser, who heads the product development group at BPG. “Buyers receive a more comprehensive understanding of the home’s condition plus extended protection for major system or appliance failures—both from a single trusted advisor and with significant savings. The warranty also provides coverage for unknown pre-existing conditions, which is especially attractive on vacant properties.”
Of the 83,000 transactions the company handled over the last year, BPG said approximately 60% involved vacant properties.
During its inspections, BPG uses data from its inspections to establish protocols that finds common problems in the vacant properties that other inspectors do not discover. These problems include moisture intrusion and related mold issues due to lack of maintenance and degradation of plumbing and other mechanical equipment.
“Vacant or distressed properties can be a great value,” said Revell Fraser, president and CEO of BPG. “However, our data indicate these properties can pose unique challenges to homebuyers, further highlighting the need for a professional inspection and extended home warranty.”