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Buying a Foreclosed Home in Sumter, SC Part 3 - Home Inspections
Buying a Foreclosed Home in Sumter, SC Part 3
Home Inspections
 
Last week the posts were about making the offer and then accepting the counter offer from Fannie Mae.  Moving forward in the buying process is the ten days inspection period.  During this inspection period, the buyer may have the property inspected for any of the types of inspections listed below.  Since this is a foreclosure the buyer is responsible for all the inspection costs. 
 
·     Termites and other Wood Infestations – very important in South Carolina and required by most lenders.  For an investor, just a great idea before you close on the house and realize the termites have been snacking on the wood.
·        Licensed Home Inspector – The home inspector will look at structural components, electrical system, plumbing systems, appliances, heat and air system, safety hazards and other miscellaneous items. 
·        Appraisals- will be required if financing the property with a mortgage.  If you are paying cash, either an appraisal or knowing the market in the area.  Yes, a real estate agent can help but they are not the final word the way an appraiser would be. 
·       Survey – review of the plat ... more

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