Foreclosure Inspections

There are a lot of foreclosed homes out there. Many of these properties can be gotten for a discount. Most are sold "as-is." The owner (the bank) won't fix anything found in an inspection.

So why have an inspection?

Simple. Know what you're getting into.

Homes and condos need you to turn on the faucets, flush the toilets and run the water heater on a regular basis. They need the windows to be opened from time to time to get the air circulated throughout the house. Most importantly, they need someone to be there if something has gone wrong. If the foreclosure process is complete and the property is bank owned (REO) the home will be vacant and usually boarded up with no ongoing maintenance.

Things deteriorate and deterioration is an ongoing process; it does not stop just because a property is vacant. To make matters worse, the previous owners knew they were going into foreclosure and probably did not take as good of care as their house as they should have. Some people faced with foreclosure actually do damage to the property before they are forced to leave.

While the property you want to buy may not look as bad as the one in the picture, it may have defects that are not obvious to the untrained eye that can cost you more than the "savings" you are getting.

A good home inspector can find the defects with the house and help you make an informed buying decision. Even if it is sold "as-is" you have the right to know if the foreclosure you are buying is a good deal or a money pit.

Remember a few hundred dollars for foresight is worth way more than thousands after the fact.