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Inspector for Foreclosures Will Save You from Loss

September 9th, 2009

An inspector for foreclosures will save you from losing your investment or purchase money in an overpriced foreclosure property that needs costly repairs.

Oftentimes home buyers are excited by the lower prices of foreclosure homes, making them sign a purchase contract immediately without putting in a house-inspection contingency clause or buy at a foreclosure auction without seeing the interiors of the house.

Some homebuyers also visit foreclosure houses and get attracted by the finishes or designs of the house without examining the more important features of a house such as the structure and foundation.

According to many house inspectors, they have inspected a lot of foreclosure properties and many of these need costly repairs. They said that some defects are not immediately apparent and that homebuyers discover them only when they have already bought the house and have moved in.

Several of these defects, they said, are intentional damages made by previous occupants who were probably angry at their lenders for foreclosing on them without giving them any chance of saving their homes.

Among the defects discovered after move-in are blocked water drainage lines because of poured concrete, dishwashers disconnected from the drain lines, water heaters replaced with old devices and missing plumbing or electrical fixtures.

With these kinds of defects, you really need an inspector for foreclosures because this kind of inspector already knows what to look for. If a good house inspector discovers a major repair expense, such as a roof damaged by hail or plumbing systems and drainage lines blocked by concrete, you can ask the bank to repair it before you buy.

Banks usually approve the repairs of major defects if they do not want to make disclosures that could sharply lower selling prices. Many lenders now however, especially those with large numbers of REOs, usually just cut the prices for foreclosure homes with major defects to get rid of them. They would rather leave repairs to investors in foreclosure properties.

When choosing house inspectors, ask their experiences in the foreclosure sector and choose someone backed with referrals and certification from reputable individuals and associations.

Lastly, choose an inspector for foreclosures who has a background in home building or repair contracting. Since he knows the home building process, he can perform a more thorough foreclosure home inspection.

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