The year was 1972 and I was working as a brick mason for my dad and his brother’s commercial masonry company. My dad’s brother (my uncle) had a lot of affluent friends in the community, and among them was a vice-president of a large lending institution, and we will call him Mr. Holloway.
Mr. Holloway’s lending institution had financed several homes over a short period of time that had been abandoned by the buyers and his company became stuck with these houses. The reason all of these houses had been abandoned was because shortly after these houses were purchased, major structural problems were discovered. In all of the cases the structural problems were going to be very expensive to repair, so the buyers just turned the houses back over to the lending institution. This left the lending institution stuck with a house that needed major work, and usually what happened was the house would be sold at an auction for a big loss to the lending institution.
This is how my home inspection career started.
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