Many buyers turn to foreclosures as a way of purchasing a property at a very low cost. With so many of them available, it might seem like great idea. While buying a foreclosure can work out in your favor, there are some things to think about. For example, if you are looking to purchase a bank owned foreclosure, you might find that your real estate agent discourages you from having a home inspection done on it. Why is that?
The real estate agent might reason that this will not alter the price on a bank owned property seeing that it comes “as is”. However, this is not in your best interests. What if there is a major flaw with the property that will end up costing you thousands? Isn’t it best to find this out before you sign the contract? Think about the very nature of a bank foreclosure property, if the homeowner couldn’t afford the mortgage, how much maintenance do you think has been done on the place? It also happens that sometimes a homeowner will strip the house of anything worth having. In some cases, they even vandalize their own properties or leave behind tons of junk and rubbish. These are all things you will be responsible for.
When buying a bank owned foreclosure, it’s always in your best interests to have it inspected. A home inspector can discover major problems with a property that would be extremely hard to find otherwise which could end up saving you a fortune.
The real estate agent might reason that this will not alter the price on a bank owned property seeing that it comes “as is”. However, this is not in your best interests. What if there is a major flaw with the property that will end up costing you thousands? Isn’t it best to find this out before you sign the contract? Think about the very nature of a bank foreclosure property, if the homeowner couldn’t afford the mortgage, how much maintenance do you think has been done on the place? It also happens that sometimes a homeowner will strip the house of anything worth having. In some cases, they even vandalize their own properties or leave behind tons of junk and rubbish. These are all things you will be responsible for.
When buying a bank owned foreclosure, it’s always in your best interests to have it inspected. A home inspector can discover major problems with a property that would be extremely hard to find otherwise which could end up saving you a fortune.