Foreclosure Home Inspection
So, you want to buy a cheap home in the Chicago area, and you look to the foreclosure market. Considering the over-abundance of these properties and just how little many of them are going for, it’s tempting to jump on the bandwagon and buy one. And it may pay off as a long-term investment. But, like any other major purchase, you should know as much as you can about a property before you buy it, which is why a home inspection by an unbiased Chicago home inspector is necessary.
Your attorney will highly recommend that you hire a thorough, knowledgeable Chicago home inspector to find as many deficiencies as possible to ensure you are aware of what you are getting into. They will then negotiate with the property owner (bank). Unfortunately, many real estate agents, who don’t like bargaining with banks, are advising clients that home inspections are of no value as a bargaining tool, since banks don’t negotiate on “as is” properties. As an added disincentive, banks selling properties “as is” have no legal responsibility for any lurking defects. While the agent's advice to forgo an inspection as a means to negotiate on the price may be logical, it is startlingly counter-intuitive, and possibly even negligent. Would you buy a car without knowing whether it has a transmission? The same premise holds true for a house, regardless of whether you intend to live in it, or fix it and flip it. The Realtor may be trying to salvage a deal that could possibly be scrapped if an inspector uncovers damage that the bank is unwilling to pay for, and you, as the buyer, have to realize that the agent's advice is not in your best interest. In this case, they’re putting you at risk in order to ensure they get their commission. If this is the case, you need a hire a buyers agent with your best interests in mind.
Any Realtor advising against an inspection on a foreclosure (or neglecting to recommend that one be performed) is ignoring the likelihood that, long before the previous owners stopped making mortgage payments, they deferred required maintenance tasks. Moisture intrusion leading to leaks and mold are just a few of the major problems commonly found by Chicago home inspectors in Chicago area foreclosed properties. Former owners may loot their own properties, taking with them anything they can pry up or unscrew, and leave behind trash and junk that you have to pay for to have removed.
You should always get a Chicago home inspection before buying a property, especially when you’re buying a bank-owned foreclosure. In such cases, it may be impossible to find out how well the home was cared for, or whether major damage was done right before the past owners left the property. Ask the bank how much time you have after your initial offer to have a Chicago home inspection performed, and schedule one immediately. It may be necessary for you to pay out of your own pocket to have the home de-winterized. If the home is not de-winterized prior to a Chicago home inspection, I cannot inspect the integrity of the plumbing system, check the heating system to ensure it is in working order or inspect the electrical system to make sure everything is in working order. If it goes well, you’ll enter into the deal with peace of mind and a better idea of what repairs you’ll have to deal with. That alone is worth the price of an inspection. If the inspection reveals a costly disaster, you can back out of the deal and save tens or even hundreds of thousands of dollars.
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