DIY Pre-Inspection Guide For Foreclosed Houses2364096
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House properties in foreclosure can be great deals for homebuyers. The prices of these homes are normally below average. The big question is: "What is the cost of repairs, to bring the house up to an adequate living condition"? The cost of repairs should be added to the asking price of the house. The total will provide the true cost of the house.
Many foreclosed homes are in need of only cosmetic repairs, such as cleaning and paint, and minor wear and tear from normal living. However, it is suggested that foreclosed homes be Pre-Inspected, by the purchaser.
Working with a Realtor makes good sense when dealing with foreclosure properties, or any Real Estate business, for that matter. Realtors can guide you along through your process, and make your experience easier and faster, than if you attempt this by yourself. Experienced Realtors dealing with foreclosures truly earn their commissions and will be of great assistance to you.
A foreclosed home should have a Professional Home Inspection. Now, before hiring a Professional Home Inspector, it is strongly recommended to do your own Pre-Home Inspection. Why? If the Pre-Inspection does not turn out favorable, you will have saved the cost (average $300.00), of a Professional Home Inspection, and you can look further at other possible homes.
Displaced home owners can become very angry and leave their foreclosed house in disarray. Although, it is encouraging to know, most defects found during a home inspection have do-it-yourself remedies. Most of us know what our repair capabilities are, and this should be kept in mind, and taken into consideration as we proceed with our own Pre-Inspection.
Performing a Pre-Home Inspection and knowing what specifically to inspect is most important. A good Home Inspection guide and report is a great tool for this task and can save you thousands of dollars in unforeseen repairs.
By inspecting the following components, you should have a general understanding of the condition of the house. And you can decide to have the house professionally inspected at this time or walk away.
First of all, request that the utilities, (electric, gas, water, etc.), be turned on. Pilot lights and electrical breakers for water heaters, furnaces, A/C's should be activated for the inspection. If the bank (owner of the property) will not restore the utilities it may be a serious red flag. If the house has been winterized, (plumbing systems drained or antifreeze poured in the plumbing traps, etc.), these systems should be made functional for testing also.
Exterior: It is a good idea to walk around the perimeter of the home observing the exterior siding, foundation, walks, driveways, patio, decks, etc. Defects on the exterior will, more than likely, be caused by a lack of maintenance.
Most damage to a foreclosed home will be in the interior.
Interior: This part of the Pre-inspection is most important when it comes to destructive damages. Most people can identify defects during their interior inspection without much help. As a reminder though, be sure to look inside closets, cabinets, observe the walls and ceilings for damage and or water damage. Inspect bathroom and bath tub surrounding walls for water damage. Look at all floor coverings for stains or damage. Look at both sides of interior doors and windows for damage. Open and close the doors and windows. Look for cracked or broken glass in the windows. Inspect windows for broken seals on thermo paned windows. Railings and banisters should be secure and safe for use. Look for missing and damaged doors, casings and baseboards.
Electrical: Are all light fixtures present in place? You may need to provide light bulbs for testing light fixtures. Test the electrical by using normal operating switches. Visually inspect exposed wiring in any unfinished area, such as the basement. If you decide to have a Professional Inspection, your Home Inspector will inspect the electrical in much more detail. Remember this is a visual inspection. Warning: Do not touch any wiring; it may be unsafe and could cause injury or even death.
Plumbing: Run water at all faucets, including outside faucets. Observe water flow from both hot and cold and watch for good drainage. Fill a bath tub with approximately 3" of water and check for normal drainage of the tub. After running water throughout the house, check exposed plumbing drains and water supply lines for leakage, in unfinished areas, basements, etc.
Heating and A/C: Turn the furnace on using the furnace thermostat. Check heat duct registers in rooms for a good air flow (heat source). Make sure to reset the thermostat to where it was found. Do the same with the Air Conditioner, (if the temperature permits). Further testing is recommended of the heating and A/C by a Professional Home Inspector.
Appliances: Turn on all appliances to test. Evaluate their condition.
Additional detail instructions on how to perform your Pre-Inspection can be found on the web. When searching the web, you may find most "do it yourself home inspections" online contain a checklist without information on how to inspect. Few contain the guide and detail instruction plus the checklist. For you and the best inspection you need a report with a guide and detail instruction.
For more information on Foreclosures, Bank Sales, Estate Sales and Distress Sales, visit Toronto Real Estate.
