You’ve been searching for months and have come across a sweet deal on a foreclosed home. Now the question is, will that sweet deal be accompanied by a higher cost to you as the potential home buyer? There is risk in buying a repossessed property, short sale, or a home offered at a bargain price. Sometimes, because of the homes condition, you can be assuming some unforeseen risks, and potential costs. Repossessed and short sale homes are often abandoned and neglected, leaving them with a high potential for unforeseen problems. I’ve inspected many foreclosed homes where the previous owner takes out their frustration on the home. Fixing these woes can cost far more than the financial savings from purchasing a distressed property. There may also be hidden defects such as mold or radon that could affect your family's health and safety.
Still, it is possible to get a dream deal on a distressed home. Before you sign on the dotted line, be sure to have a thorough home inspection by a professional so you can reduce these potential risks and financial costs. A home inspector can help you identify potential problems in the home you're considering buying so you know in advance what you're getting into -- and what you should walk away from. I like to tell my clients that we do home inspections to protect you from safety, health, and money pit issues.
Home buyers are not the only ones who can benefit from a home inspection. If you are considering selling your home, having it inspected before you list it with a realtor may help sell your home in less time and for more money. Having your home pre-inspected allows you to be in control. You know what needs to be addressed, and can resolve them on your schedule, typically at a lower cost than if you had to get it done before closing.
A home inspector can be your best ally in ensuring your dream deal doesn't turn into a nightmare.