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A Way to Protect Your Foreclosure Investment

May 29th, 2009

Buying foreclosure properties at pre foreclosure or foreclosure auctions carry lots of risks because most of the foreclosed homes sold are not inspected prior to the sale. That is why a house inspection is a must to reduce your risk of making an expensive investment mistake.

Any veteran foreclosure investor and homebuyer would advise you to have a house inspection before closing on a deal to purchase a foreclosure home. This is because repossessed homes may have unforeseen structural damages.

Remember, previous owners of these foreclosed houses do not want to leave their properties but were forced to vacate them because they were evicted due to nonpayment of mortgages. In their frustration, they may intentionally neglect to fix some problems because they know that they are going to be forced out of their properties. Or, they will take out their frustration on their homes by sabotaging the heating system, plumbing or electrical.

A house inspection will give you peace of mind that what you are acquiring is worth the money that you have paid for. A professional home inspector may be able to spot unforeseen structural damages, plumbing, heating and electrical system problems.

There are various ways to find a certified home inspector who can help you spot potential structural problems in the distressed property that you are planning to buy. You can ask help from your relatives, friends, mortgage professionals, real estate professionals or your lawyer on where to hire a professional home inspector.

Or you can consult the Web site of the American Society of Home Inspectors (ASHI), the industry organization that develops standards for the house inspection industry.

When planning to hire a good home inspector, make sure that he is ASHI-certified. Ask the home inspector about how he operates and makes his inspection.

Do not limit your choices. Interview as many potential candidates as you can to help you make an informed choice. Check all their references, specialties and work experiences. Do not choose a home inspector because he quoted the lowest price.

A house inspection is the best way to ensure your financial security in foreclosure investing. And hiring a qualified home inspector can make a big difference in making your foreclosure investing venture a success.

Home Inspection

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