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Forclosure Inspections
When most people think about buying a foreclosure, the immediate thought is that they will be getting a great deal on a property that they may not have received otherwise. Like any other home purchase, however, prospective buyers must be aware that foreclosed properties should always have an inspection conducted. The expense of an inspection seem like an unnecessary extra cost, but can save untold amounts in costly repairs and frustration. Lenders are not held to the same disclosure requirements as sellers, so it's imperative that buyers be aware of what that bargain price includes. Here is a quick list of areas and items in a home that should be checked:
*General Areas - Any inspector should inspect the home as a whole - good ones will provide an itemized report of critical versus non-critical repairs. A good inspector will also have a moisture meter on hand to determine the moisture levels in walls of the kitchen, bathrooms, laundry area, etc (where mold can grow), and note special areas of concern.
*Mold Inspection - This inspection can be another separate expense, depending on the type of company or professional you hire to do the general inspection, but is worth every penny. A mold inspection usually involves taking air and physical samples to determine the presence of mold, but can alert the buyer if costly mold remediation will need to take place.
*Radon - Radon is a toxic, tasteless gas that is unable to be smelled by the human nose. It has also been estimated to kill thousands of people each year, along with ranking as the second leading cause of lung cancer in the U.S. Buyers should use a technician or contractor that specializes in radon testing to avoid problems.
These are just a few areas of focus, but being a smart and involved buyer will allow you to truly reap the benefits of a foreclosed property. By ordering the proper inspections, buyers can almost guarantee themselves less surprises down the line.
As always, please feel free to contact me at 239-357-9558 with any of your Real Estate needs or questions. Rgds, Jay
