Buying a foreclosure home can be like snagging a jewel for a song. But as with acquiring a used car, it’s the engine that counts, not the rust-proof paint job. That is precisely where a professional home inspection comes in handy.

Buying a house in foreclosure certainly can be complex. The home may have been abandoned, uninhabited, or even perhaps trashed. Another crucial difference between a regular house and a foreclosure home is that the latter is usually sold in an “as-is” condition. That means no one did anything prior to handing over the keys.

Therefore, how do you conduct a home inspection when the house being bought is in the foreclosure category? Let us take you through it in this blog.

Why Home Inspection Is Even More Important For A Foreclosure

Buying a foreclosed home is not usually a good idea, as it comes with many problems. In most cases, the previous owners were experiencing some form of financial difficulties and let the properties go. Presumably, the necessity of maintaining mortgage payments must not have been felt, or it was not being given much attention.

Some houses might have been unoccupied for half a year or more. Mold, water damage, and pest infestations are some of the issues that can go unnoticed if a house is vacant or not maintained regularly.

The properties under foreclosure are sold for 20-30% less than their market value. Affordable for you, but be prepared that you will likely get many years of deferred maintenance. Here’s what you can do to safeguard your interests.

Step 1: Choose The Right Home Inspector

Not all home inspectors are the same. In fact, when investing in a foreclosure property, it is crucial to seek the services of someone who understands foreclosures.

Search for a licensed inspector with proper credentials from bodies such as the American Society of Home Inspectors or the National Association of Certified Home Inspectors. You should ask whether they have inspected foreclosure homes before.

Also, read their customer reviews or ask for recommendations from friends and family. You need someone who is efficient, not someone who takes 45 minutes to complete the work.

Step 2: Prepare Yourself Mentally (and Emotionally)

Stepping into a home that has been foreclosed may not be very impressive. Chipped paint, cracked washbowls, wobbly doors, it is all imaginable and very real. But don’t panic.

The expectation from the inspection is to reveal the positive and negative aspects. That knowledge is your power. Use it to the best of your advantage.

Step 3: Do A Pre-Inspection Walkthrough

It is also necessary to visit the home on your own before the official inspection (if possible). Make sure you bring your flashlights for this one, old clothes too maybe, and of course notepads. Look for obvious issues:

Stains on the ceiling or the wall.
Signs of mold or mildew
Rodent droppings or insect nests.
Cracks in walls or foundation.
Strange smells (mold or sewage).

While it will not replace real professional inspection, it allows for better questions to be asked when the inspector arrives.

Step 4: Understand What The Inspection Covers

The following are some of the important inspection essentials when buying a foreclosure home:

Roof and attic condition.
Foundation and structural integrity.
Electrical systems.
Plumbing.
HVAC systems.
Appliances (if any are included).
Evidence of leaks or some form of water seepage.
Any signs of pest infestation.

These homes are sold as-is; thus, you must determine what could be fixed and what you can overlook.

Step 5: Ask About Specialized Inspections

It is important to note that some problems are not easily detectable during a general inspection. Based on the findings of the inspector, it is possible to have specialized inspections for the following:

Water damage restoration – This should be done, especially if there are signs of mold or the room smells bad.
Pest infestation – This is more rampant in vacant or poorly maintained houses.
Sewer line inspection – Big issues can be lurking beneath the surface.
Radon Testing – A hazard in many regions of the United States.

Although it may cost extra, it creates a chance of saving thousands of dollars in the future.

Step 6: If You Can, Attend The Inspection

It is also important to be present physically when the inspection takes place. It’s a learning experience. You can ask questions, observe the issues firsthand, and realize what kind of repairs might be required.

An inspector’s report is full of details, sometimes complicated to understand. Being present makes it possible to draw a link between what is written and the reality on the ground.

Step 7: Review The Inspection Report Thoroughly

You will be provided with an inspection report at the end of the session. Please take some time to review it. Emphasize the important issues, especially those that can be crucial for safety or living comfort.

Ensure you understand everything your home inspector tells you about your home. Subsequently, if necessary, look for bids from contractors for repairs and get a rough idea of what it will cost, then go shopping.

Utilizing the Report

That is where buying a foreclosure house is different from other homes. In most cases, there isn’t much you can do to convince the bank or the seller to correct things. But you can:

Go back to your clients and negotiate a new offer price.
Determine whether the home is worth the investment.
Planning and budgeting for any repair work.

To this extent, even if it is a fixer-upper home, you know what you are getting yourself into, which goes a long way in the entire process.

Final Thoughts

Buying a foreclosure home is not necessarily a bad idea if the prospective buyer is aware of exactly what they are buying. A proper home inspection prepares you for the worst; you never know what you will likely encounter.

Think of it like this: You would never enter into an agreement with a business without consulting some type of attorney. So why would you purchase a house, probably your most significant investment or asset, without getting an expert opinion, especially if it is a foreclosed property?

A little effort in the beginning may help avoid many problems in the future. In a time when every cent must be accounted for, peace of mind is worth more than the expense.

A good inspector can help ensure the best deal when buying a foreclosure home. Contact the BrickKicker for a comprehensive inspection. We tackle the real problem areas that other people often overlook, especially in foreclosure and similar cases.

Don’t let that foreclosed house become an unsafe and unhappy home for your family. Get in touch with The BrickKicker to schedule your home inspection today before someone else gets your dream property.

How To Prepare For An Inspection When Buying A Foreclosure Home