Foreclosure Home Inspections: Everything You Need to Know
If you’re in the market to buy a foreclosure home, it’s important that you understand what you’re getting into. Foreclosed homes can be a great deal, but they often come with hidden problems. That’s why it’s important to invest in a foreclosure inspection. In this blog post, we’ll talk about what a foreclosure inspection is and why it’s important. We’ll also discuss some of the most common problems associated with foreclosed homes.
If you’re interested in buying a Milwaukee foreclosure, Towne & Country Building Inspectors is your best resource for accurate and reliable information. Milwaukee home inspectors from our team have the experience and knowledge necessary to help you make the best decision for your situation. Learn more about our Milwaukee home inspection services.
What does Home Foreclosure Mean?
When a homeowner fails to make their mortgage payments, the bank or lender will begin the process of foreclosure. This means that they will take ownership of the home and sell it at auction in an effort to recoup their losses.
Advantages of Buying a Foreclosed Home
There are a few advantages to buying a foreclosed home versus trying to buy a home on the traditional market. First, you may be able to get the home for a lower price than if you were buying it from the previous owner. Second, you may be able to negotiate with the bank or lender to include repairs in the sale price. Finally, you may be able to get a home that would otherwise be out of your price range.
Common Problems with Foreclosed Homes
There are a few common problems associated with foreclosed homes. If you’re considering purchasing a foreclosed home, you will want to ensure you have extra budget for what will likely be quite a few repairs and upgrades. For questions about a specific foreclosed home you’re looking to purchase, contact the experienced foreclosed home inspectors at Towne & Country today.
The previous owner may have removed certain things from the home and/or caused damage to the home before they were foreclosed on. This could include the removal of cabinets, appliances, copper wire, and fixtures from the home. The previous homeowner (or people who illegally entered the property while it was vacant) could have put holes in the walls or caused damage to the flooring.
Similar to stripping, vandalism is especially common in homes that have remained vacant after the previous owners left. You may see things like graffiti, trash, and damage in a foreclosed home.
Water & Foundation Damage
Another common problem with foreclosed homes is water damage. This could be due to neglect, a poorly-built foundation, or even a previous owner leaving the home without turning off the water. If you’re considering purchasing a foreclosed home, it’s important to have a Milwaukee home inspector check for any water damage or foundation issues.
Another common issue in foreclosed homes is pest infestation. This is usually due to the fact that the previous owner no longer cared for the home, which allowed pests to move in. If the home was vacant, pests or rodents may have found the perfect place to make their nests.
If the previous owner neglected the home or tried to make homegrown repairs without the proper permits, there’s a chance that a foreclosed home could have code violations. These are usually minor issues that can be easily fixed, but they’re something to be aware of and to budget for.
If the previous owner started renovating the home but didn’t finish, you may be left with partial renovations. This could include things like unfinished drywall or electrical work.
Lack of Knowledge from the Seller
Since foreclosed homes are typically sold by banks or lenders, they may not have a lot of information about the property. This could make it difficult to get answers to your questions about the home.
Why Invest in a Foreclosure Inspection?
If you’re considering purchasing a foreclosed home, we recommend investing in a foreclosure inspection. Milwaukee home inspectors from our team will be able to tell you if there are any major problems with the property that you should be aware of. We’ll also provide you with a written report that you can use to negotiate with the bank or lender.
For buyers in the Milwaukee area, Towne & Country Building Inspectors is a great resource for foreclosure inspections. Our Milwaukee home inspectors have years of experience inspecting foreclosed homes and we would be happy to answer any of your questions. Give us a call today to schedule an appointment.