| Buyers and would-be investors often look to | | | | A professional home inspector will review the major, |
| foreclosure sales to find real estate bargains. But | | | | visible and accessible components of the home and |
| newcomers to this market could find some unpleasant | | | | provide a detailed written report rating each element. |
| surprises if they go in blind. To get the best deal when | | | | The report should objectively include information in a |
| buying foreclosures, all homes should be thoroughly | | | | detailed manner that allows the client to make |
| inspected by a professional home inspector before | | | | informed decisions. If pre-auction property inspections |
| sealing the deal. | | | | are not permitted at the foreclosure sale, buyers will |
| Why inspect if you can’t negotiate? | | | | need to weigh that risk carefully. |
| Foreclosure homes are usually “as-is” sales. This | | | | Knowledge is Power |
| means that buyers cannot negotiate for the cost of | | | | Even with a significant influx of newly foreclosed |
| needed repairs, as they may do in a traditional home | | | | properties due to the sub prime mortgage mess, the |
| purchase. Buyers must absorb repair costs | | | | foreclosure market can be competitive, and it is often |
| themselves and consider this in their purchase offer at | | | | dominated by experienced real estate investors. More |
| auction. So why get a professional home inspection on | | | | than ever, buyers need to know what they are buying |
| a foreclosure property? | | | | to reduce the possibility of making a very costly |
| Too many foreclosure buyers think they’re getting | | | | mistake. Armed with the right information you can |
| a deal when, in fact, they might be purchasing a | | | | make informed bids and find the best home at the |
| property with substantial and costly defects. The repair | | | | best deal. After all, a bargain isn’t a bargain if it |
| of these major issues could exceed the savings | | | | costs more than expected down the line. |
| gained in buying a foreclosed property. | | | | Remember, buying foreclosed properties can be a |
| Sellers at foreclosure auctions are not usually obligated | | | | risky business, so be certain to consult with needed |
| to disclose defects. But buyers can empower | | | | professionals, including a reputable, certified home |
| themselves by getting a professional property | | | | inspector, to address questions about specific issues. |
| inspection before the auction that will provide valuable | | | | As the saying goes, an ounce of prevention is worth a |
| insights about the condition of the home. | | | | pound of cure. |