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