Foreclosure Home Buyers-You Can and Should Have A home Inspection!

The typical REO or forelosure home can sit vacant for anywhere from 3 months to 2 years. We have many clients that don't realize they can and should have a home inspection on this type of property just like you would with any home. On most foreclosure properties the utilities are turned off and have been off for several months. When you first view this type of home-you may not be able to see some of the defects. The risk involved in buying a foreclosure home can be drastically reduced with a few simple steps. Even though these properties are sold "as is" the pruchaser has a right to a home inspection and can withdraw their agreement if the repairs needed are beyond what they had originally planned for.

1. Be sure to have an inspection period of 7-10 days written into your purchase agreement.
2. Find out if utilities will be turned on for the home inspection.
3. If there is a delay in the utilities being turned on for your inspection-be sure to ask for an extension of   the inspection period.
4. Read your foreclosure contracts carefully or have an attorney review them for you.

There are several other steps you can take to protect yourself with this type of purchase and we are always here to answer any questions you have! Foreclosure homes can be a great opportunity to save thousands and with opportunity there is always some risk. Navigated correctly and with the right guidence, these homes are well worth the effort!