| 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 | | | | provide a detailed written report rating each element. |
| unpleasant surprises if they go in blind. To get the | | | | The report should objectively include information in a |
| best deal when buying foreclosures, all homes should | | | | detailed manner that allows the client to make |
| be thoroughly inspected by a professional home | | | | informed decisions. If pre-auction property inspections |
| inspector before 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 |
| themselves and consider this in their purchase offer | | | | often dominated by experienced real estate |
| at auction. So why get a professional home | | | | investors. More than ever, buyers need to know |
| inspection on a foreclosure property? | | | | what they are buying to reduce the possibility of |
| Too many foreclosure buyers think they're getting a | | | | making a very costly mistake. Armed with the right |
| deal when, in fact, they might be purchasing a | | | | information you can make informed bids and find the |
| property with substantial and costly defects. The | | | | best home at the best deal. After all, a bargain isn't a |
| repair of these major issues could exceed the | | | | bargain if it costs more than expected down the line. |
| savings gained in buying a foreclosed property. | | | | Remember, buying foreclosed properties can be a |
| Sellers at foreclosure auctions are not usually | | | | risky business, so be certain to consult with needed |
| obligated to disclose defects. But buyers can | | | | professionals, including a reputable, certified home |
| empower themselves by getting a professional | | | | inspector, to address questions about specific issues. |
| property inspection before the auction that will | | | | As the saying goes, an ounce of prevention is worth |
| provide valuable insights about the condition of the | | | | a pound of cure. |
| home. | | | | |