Hiring a home inspector should be common practice whenever you buy a home, but some buyers are more inclined to do so than others. When it comes to buying a foreclosed property, though, Central Florida home inspections are not only possible but even more essential.
Can I Hire a Home Inspector for a Foreclosed Property?
Foreclosed homes generally instill a sense of foreboding in buyers as they think about all the potential problems the home may hide. However, these homes are much different from regular properties that are put on the market, so hiring a home inspector may not seem possible.
Unlike most things involved with buying a home, the answer to this question is straightforward: yes, you can get a home inspection on foreclosed properties. In fact, due to the many risks that come with buying foreclosed properties, home inspections are heavily recommended.
Foreclosed homes may be real estate owned (REO) properties or federally owned properties. Banks may also own foreclosed homes. No matter who owns the property, it is always recommended that potential buyers hire a home inspector before making an offer.
Who Is Responsible for the Home Inspection?
Buyers are always responsible for any inspections and repairs on foreclosed homes. While this may seem unfair, it’s important to remember that foreclosed homes sell at a very discounted price, so you won’t be spending nearly as much as you would if you bought something from the regular housing market.
For tax-foreclosed properties, you won’t be able to bring a home inspector to the property until after the home goes to auction. On the other hand, many real estate brokers and federal agencies will have different regulations and may allow you to bring out a home inspector before the sale.
Know What You’re Getting Into
Home inspections allow you to prepare yourself for what may await you after a sale. You’ll get insider knowledge on the property’s condition and most major repair concerns. As most foreclosed properties are in poor condition, you should never expect a property to be completely free of repairs.
Most of the time, foreclosed homes come with a lot of work. Even if they look pretty good on the outside, there will likely be damage that you didn’t notice or severe safety hazards that only a professional may see: improper electrical wiring, for example, or major pest problems in the walls.
Foreclosed properties sell at a low price but come with expensive repairs. While many buyers may think they’re getting a great deal, they don’t realize just how much work lies ahead of them. Home inspections will help give you a clearer idea and prepare you for what needs to be done.
Understand the Risks
Foreclosed homes may be physically unsafe to live in. It is likely that you’ll need to complete many repairs before you can safely move into your new home. This can be frustrating for those who need a place to live now, but it’s important to understand that moving in before the home is safe comes with a lot of risks.
The previous occupants may have intentionally destroyed the home before leaving or neglected it. You should anticipate broken windows, water damage, torn-out electrical wires, and more.
Foreclosed properties come with a lot of risks and unknown factors, but a home inspection can prepare you for the worst. Even if a home looks like it’s in decent condition, home inspectors will reveal any concerns you should have and highlight what areas of the home will need the most repairs. If nothing else, hiring a home inspector can save you from purchasing a home that will cost you more in repairs than it’s actually worth.