Foreclosures make up a large part of the market these days. When buying a house, I always recommend you have an inspection. They usually cost around $350 (depending on the inspector you use) for the average 3 bedroom/2 bath home and are well worth the money. The inspector will go over the house from the roof to the foundation and let you know (in a written report with pictures) all his/her comments on the property. Here are a few things to think about when you are inspecting a foreclosed property.
Foreclosure inspections take longer than normal resale inspections. Foreclosures are owned by a company/bank that more than likely has never seen the property so there are no disclosures to help the inspector know areas to pay special attention to or answers to questions that arise. So, it will take longer to ferret out all the concerns of the house. Be sure to allow plenty of time for this inspection.
Utilities are almost always an issue. An inspector cannot do a full inspection without all the utilities being turned on. With foreclosed properties the utilities are always turned off and will need to be turned back on so you can truly test the house.
Vacant homes may have squatters. Please be aware of this even when looking at properties before you decide which one to purchase. I have been in several homes with signs of squatters and even one with the squatter himself in the house. It is frightening and potentially dangerous so PLEASE be careful. If you find yourself in this sort of situation please call the listing agent and the police.
Make the inspector aware of any concerns you have. The more eyes the better. Inspectors are well trained but still only human. Point out any concerns you have to help make sure the inspector doesn't miss anything. Also, ask the inspector for help on how to fix the concerns you have. Many problems you encounter will be do-it-yourself easy fixes and he/she can point you in the right direction on those. Sometimes you find larger problems and then the inspector can guide you to the right professional on those issue as well.
The inspector may consider an abbreviated structural inspection. If for some reason the inspector cannot do a full inspection an abbreviated structural inspection may be a better option. This looks at the structure of the house but doesn't test utilities. There is usually a cost savings with this sort of inspection.
Make sure you are working with an experienced and certified home inspector. Many people are very handy but that doesn't make them an expert. Be sure you are working with an inspector who is a member of ASHI (American Society of Home Inspectors) or GAHI (Georgia Association of Home Inspectors).
Good Luck!
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