|
Foreclosed Properties:
You want to get a great deal, so you’re looking to the foreclosure market. Considering the over-abundance of these properties, it’s tempting to jump on the bandwagon and buy. And it may pay off as a long-term investment. But, like any other major purchase, you should know as much as you can about a property before you buy it, which is why getting a home inspection is absolutely essential and necessary.
Unfortunately, many buyers are advised that getting a home inspection is of no value as a bargaining tool, since banks don’t negotiate on “as is” properties. As an added disincentive, banks selling properties “as is” have no legal responsibility for any lurking major defects. While advice to forgo a home inspection as a means to negotiate on the price may be logical, it is startlingly counter-intuitive. Would you buy a car without knowing whether it has an engine? The same premise holds true for a house, regardless of whether you intend to live in it, or fix it and sell it. The home inspection could uncover significant damage that the bank may or may not be willing to pay for. In this case, your putting yourself at risk should you decide to forgo the home inspection.
The previous owners, long before they stopped making mortgage payments, most likely deferred necessary home maintenance. Moisture intrusion leading to leaks, damaged heating and cooling equipment, and plumbing and electrical problems are just a few of the major problems commonly found by home inspectors in foreclosed properties. Former owners, in retaliation against their mortgage holder, may have intentionally vandalized their own properties, taking with them anything they could pry up or unscrew, leaving behind damage the next home owner will have to pay for.
You should always get a home inspection before buying a home, especially when you’re buying a bank-owned foreclosure. Because the home has never been occupied by the current owner (the bank), they can not provide you with the customary disclosures you would receive if you purchased a home from Mr. and Mrs. Jones. Make your offer contingent on getting a home inspection. Ask the bank how much time you have after your initial offer to have a home inspection performed, and schedule one immediately. If it goes well, you’ll enter into the deal with peace of mind and a better idea of what repairs you’ll have to deal with. That alone is worth the price of a home inspection. If the home inspection reveals the need for costly repairs, you can back out of the deal and save tens or even hundreds of thousands of dollars.
To schedule your inspection, or for information about Home Inspections,
call (717) 583-2914 today
© 2010 Home Inspect Inc.
|
