Buying A Foreclosure Home, From The Home Inspectors Perspective

By
Home Inspector with Selman Home Inspections, Inc. 10299

Buying A Foreclosure Home, From The Home Inspectors Perspective

Part 2 - Buying A Home From The Home Inspectors Perspective, Foreclosed Homes

Today, with foreclosures on homes at an all time high, those in the market for a home often consider buying a home that has been foreclosed on. The idea for the buyer is to buy a home at a substantially lower price than a property would go for as a normal home on the market today. In other words, the buyer's money will buy more home for less. However, from the perspective of a Professional Home Inspector, there are many things to consider before buying a foreclosure.

Over the coarse of time when a home owner becomes in financial distress, home maintenance is often among the first things to stop. Home maintenance is expensive. And when someone is in financial distress and facing foreclosure, home maintenance usually stops in an attempt to save money by the current owner. The lack of maintenance may cause many defects some of which including:

  • Foundation problems from inconsistent watering
  • Tree limbs and shrubbery causing damage to the roof and exterior structure
  • Rain gutters filled with debris
  • Damaged or missing appliances
  • Damaged or missing HVAC components
  • Damaged floor coverings
  • Damaged interior wall paint and texture
  • Missing and damaged doors and door hardware
  • Broken glass in windows
  • Plumbing and vent issues
  • Fireplace and chimney damage
  • Damaged or missing light fixtures and other electrical devices
Let's face it. Foreclosure is not a pleasant thing for someone to go through. Often, through no fault of their own, the home becomes neglected. Sometimes, the property is severely damaged when an angry owner moves out. What ever the reason, homes in foreclosure may have significant defects.
 
Because of the possible condition of a foreclosed home, a home buyer should consider the costs associated with returning the property to a good condition. While a foreclosed home may come at a discounted price, the cost of repairs may make up the difference for any potential savings in purchase price.
 
A Professional Home Inspection, particularly from an inspector who's report comes with a "Report Summary", will prove its worth the inspection cost when considering the purchase of a foreclosed home. Most inspectors charge a base fee for a home inspection regardless of the type of sale or condition of the property. Reputable, certified, licensed home inspections should cost between $275 and up depending on the square footage of the structure. 
 
If you are considering buying a foreclosed home, be sure to hire a Professional Home Inspector to provide you with a report of the property condition. The property condition and anticipated repair costs should help you decide if buying a foreclosure is right for you. 
 
Also, if you are considering the purchase of a foreclosed home, be certain you can afford the needed repairs and upgrades as well as the current estimated home maintenance and the monthly mortgage payment. The ongoing costs of home maintenance coupled with repair needs and the mortgage payment should be considered. 
Posted by


David Selman
Certified Master Home Inspector
Lic.# 10299
WDI #660910
FHA/HUD # F537 
Septic Cert #113423
Phone: 469-371-3228 
Email: david@SelmanHomeInspections.com

"Accurate Investment Protection You Can Trust"

Websites: 

Dallas Home Inspection

 

close

Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Larry Lawfer 09/03/2010 09:13 AM
Topic:
Home Buying
Location:
Texas Dallas County
Groups:
Dallas Real Estate
Free Real Estate Tips and Information
Frisco Texas Real Estate
Investment Property (USA)
Texas Real Estate
Tags:
buying a foreclosed home

Spam prevention
Show All Comments
Ambassador
645,988
Larry Lawfer
YourStories Realty Group powered by Castles Unlimited® - Newton, MA
"I listen for a living." It's all about you.

There are several of your recent posts that should be features.  On my part I think I will just re-blog it on my blog.  Thanks David for your depth of insight and willingness to share.

Sep 03, 2010 09:16 AM #1
Rainer
75,504
David Selman
Selman Home Inspections, Inc. - Dallas, TX
Certified Master Home Inspector

Larry - Thank you for your compliments on my work. When I am not actually on a home inspection, I work to promote not only my company, but the inspection industry as a whole. Let me know how I can be of service to you.

Sep 03, 2010 09:59 AM #2
Rainmaker
619,762
Tracy Lee Parker
RE/MAX Dallas Suburbs/PLATINUM PROPERTIES & MANAGEMENT - Royse City, TX
Buy*Sell*Lease

David, some buyers just can't afford all the repairs. Great list here.

Sep 03, 2010 10:53 AM #3
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
75,504

David Selman

Certified Master Home Inspector
Ask me a question
*
*
*
*

Additional Information