Having checkpoints when buying a foreclosed home is essential to assess the property you are looking for. For a fact, you’ll never know whether a foreclosed home is in good shape or not unless you inspect it. Same goes with newly built houses that are up for sale, potential clients would want to inspect them before they make a decision.
You need to think ahead before you make a bid or close a deal with someone who has a good offer. Ask the agent to allow you to inspect and assess the house that you are aiming for. Try to have as many options as possible so you’ll see the differences and you’ll be able to make a better choice in the end.
Make checkpoints when buying a foreclosed home. And if you can take an inspector with you, do it. Although it is not always advisable to hire an inspector, since it is quite expensive most of the time, having someone who knows the lingo in home inspection will always help.
Your goal here is to check if the foreclosed home is up for auction or sale is still in good shape. You will never know unless you’ll inspect the property for any damages and flaws that can be too problematic in the long run.
Points To Ponder
Taking your checkpoints when buying foreclosed home will help. But make sure to include all important assessment factors to ensure your success even without an inspector.
Thoroughly inspect the house’s structure at a vantage point and check the for following:
o Check if the walls are flat on all sides.
o Go inside and check all the corners of the house if they are all squared and not bowed.
o Check the living room floor if it is solid and not flexed.
Check the house’s water facility for the following:
o Check if the ground is sloping away from the house’s base.
o Check if the downspouts, gutters and drainage systems will carry the excess water into the basement or away from the house.
o Check if there are any water damages.
Check the finer details of the house’s interior such as tile works, moldings, wall panels, hardware and paint.
Check the roofing if it is properly laid and still in good shape.
Check the electrical system. See if the sockets are sufficient and if the main circuit breaker is at least 100 amperes.
Check the bath and kitchen fixtures such as sinks, tubs and toilets if they have good quality.
o Check which fixture works properly and which does not.
o Flush the toilets and turn on faucets to check if there is adequate water pressure.
Check the plumbing and water heater systems for the following:
o Check if the pipes from the water heater if they are made of copper.
o Check if the water heater is electric or gas.
Check the heating systems of the house.
o Check where and what type of heater is installed.
o Check if other rooms are not heated.
o Check if the house is air conditioned.
Check the insulation by going to the attic and checking the perimeter of the wall. For moderate climates the minimum requirement is R-19; for colder climates R-38.
Check the quality of the fireplace.
o See if it has glass doors or screens, log lighters and dampers.
o Check if there is a combustion vent to draw air from the interiors of the house.
o Check if there is a spark arrestor atop the chimney.
You can still check for the finer details of the house as these are just the basics for assessment. Remember to bring these checkpoints when scouting and buying a foreclosed home. You will always find a good deal if you do.