subject: Buying a Repo Home? Inspect it First [print this page] Buying a Repo Home? Inspect it First Buying a Repo Home? Inspect it First
For those buying a house it is best to thoroughly inspect it this is more so urgent in the case of repo homes. By foreclosure is meant all the stages of the process. It is not possible to inspect those bought at foreclosure auctions but when one decides on a short sale or bank repossessed unit, an inspection is a must.
Tom Jansson of National Association of Certified Home Inspectors (Chicago) said while the rules of inspection are more or less the same generally, when buying a foreclosed house it is necessary to look more carefully into things like seeping water and burst out pipes.
He said that usually the banks are failing to maintain the repossessed houses and they just run to seed due to long months of neglect. For instance repo homes in Chicago it is vital to get the house winterized more so if it has been lying vacant to avoid the bursting of pipes and water seepage.
Jansson explained that the neglect has exacerbated the problems that would not have been in the case with non-foreclosed houses. If the roof leaks then it turns out to be really bad.
He further informed that many houses had been built during the time of the housing boom that were not constructed properly. When many years of neglect is added then the problems can become really serious like damage to the structure.
Regarding inspection it is important to choose a licensed inspector. This can be easily checked by going online. It is also convenient to take the help of a person connected with NACHI or American Society of Home Inspectors. They are generally serious about dedication to their line of work and also they keep themselves updated.
Many foreclosures are up for sale on an as is' basis where inspection is not possible. Jansson suggests one should try to put in a request and hope for an affirmative answer. Any owner who is serious about selling in this buyer's market generally will not make any fuss about granting permission.
The law bars the inspector from saying if the client should or should not buy the house their suggestions are invaluable regarding the amount of work that requires to be attended to. However it has to be kept in mind that the inspector only gives advice about what is visible. They do not have x-ray eyes quipped Jansson.
