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Inspecting Foreclosed Properties

By
Home Inspector with Pacific Crest Inspections

foreclosed

Inspecting bank owned homes can be a challenge. Most have been vacate for a time and many don't have utilities on. For the buyer a home inspection can alleviate some of the uncertainty but a home inspection does have it limitations especially during winter and the utilities are off. Fortunately in the Anacortes, Bellingham, Burlington or Mount Vernon, Wa we do not have the deep freezes that other parts of the country have but it does get cold here. Regardless of whether the home has been "winterized" if the home has gotten below freezing you are going to have some damage. There is no way to get all the water out of the plumbing or appliances and when it turns to ice it will cause damage. This is a case of "Buyer Beware" so we do our best to describe the limitations of a visual inspection to our clients. So even if you have an inspection, there maybe latent damage that does not turn up until later.  Your best bet is to reserve money for repairs. Buyers can also mitigate some risk by buying a 1 year warranty on the home.

 

Rick Bunzel, CRI
Pacific Crest Inspections

WA Licensed Home Inspector #312
ASHI Certified #249557
NAHI
Member of the Year 2008
NPSAR Affiliate of the Year 2006-2007
WWW.PacCrestInspections.com
360-588-6956
Fax 360-588-6965

Comments(2)

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Nick Snow
North Port, FL

Great points Rick, I would only add that the clients should be willing to put a few hundred dollars more into their inspection in order to get the gas/electricity/water turned back on, or to get a few gallons of propane put into the tank. Sure, it's a gamble and if the buyers decide to back out of the deal they have to pay to get the home winterized again, but if they do allow their home inspector to do a full and complete job they can potentially put themselves in a better negotiating position with the sellers. Instead of a surprise dead furnace, they can get the bank to drop their price enough or to provide funds for a new one, for example.

 

What's a few hundred dollars compared to having to buy a new furnace out of pocket, after signing on the line for a new home?

Feb 01, 2010 03:44 PM
Rick Bunzel
Pacific Crest Inspections - Anacortes, WA

Nick,

 

Absolutely agree. When your spending more than a hundred thousand, a couple of hundred dollars is small compared to the potential costs of broken pipes, no heat and bad wiring.

 

//Rick

Feb 01, 2010 04:18 PM