If you are purchasing a foreclosure property, we encourage you to get a foreclosure inspection after your offer is accepted. All HUD Homes are sold AS-IS, without warranty. HUD will not make repairs nor pay to correct any problems. This is the same for lender and sellers. Inspectors Now will give you the proper foreclosure inspection for a foreclosed home.
If you are purchasing a forclosed home there may be many hidden problem areas. Some have missing plumbing, wiring, heating, fixture and anything else you can think of. When doing a foreclosure inspection on a foreclosed home the inspector will be looking even closer wondering what is gone or destroyed. Some will look like a trash dump. The buyer needs to understand they are responsible for everything. Why take a chance? You could be buying a money pit.
When a homeowner defaults by failing to make payments on his or her mortgage, the bank or financial institution that holds the mortgage note may foreclose on the property. Foreclosure gives the legal ownership of a property to the bank, allowing the bank to recoup its investment. A foreclosure property is any property that has been through the foreclosure process. If reacquired by a bank or lending institution, it will then become a bank owned property or HUD house if it was an insured loan through FHA.
In most cases foreclosed homeowners will not make repairs. Most distressed properties, including bank owned properties, are sold “as is, where is.” This means that “what you see is what you get.” Your offer will have a home inspection contingency that allows you a specified period of time, after offer acceptance, to have any and all inspections, including foreclosure inspections, completed on the property. At the conclusion of these inspections you will decide if you are still interested the property. If we find something that causes you to change your mind, you would provide the foreclosure inspection report specifying the material defect to the property, along with a termination letter and request for your earnest money back. If termites or other wood boring pests are discovered, this is one issue that the bank is likely to treat. They would do this to protect their investment from further deterioration.
Inspectors Now is located in New Port Richey, Florida and provides a variety of inspections all over the Tampa Bay area in Pinellas, Pasco, Hillsborough and Hernando counties. All reports are detailed and easy to read. Additional inspection and testing services are available to provide a more in depth view of the property under consideration.