Advice from a Home Inspector on Short Sales and Foreclosures

We asked our friends at Pillar to Post "What advice do you give clients when purchasing a short sale or foreclosure?"They gave us a lot of information, so much so, that we will make this a two -part article.

Owner Dave Leopold says, "I think two recommendations are very important: (i) naturally we recommend a professional home inspection, and (ii) don’t rush the process. You have to do your due diligence. If the transaction timing doesn’t allow it, move on to the next house.

Buyers get so overwhelmed by emotion in a purchase, that they sometimes check their good sense at the front door. On many bank-owned properties, we’ve been asked to perform home inspections without the utilities (power & water) in service. It’s a waste of time and money and incredibly risky for the potential buyer. Ask yourself, would you purchase a car where the seller wouldn’t let you drive it? Of course not!

With a house, here are just some of the reasons why it’s a bad idea. If the pipes are frozen behind the walls, you’ll never know it. If the angry former owner drilled pinholes in the supply pipes or put concrete in the drains, you’ll never know it. We have found both of those situations on inspections. With no water, we can’t tell if the boiler or water heater leak.

With no power, we can’t see anything and we can’t test anything. Seems obvious, but it’s a point often lost on over-eager buyers who want to rush forward with the inspection before they lose “a great deal” on a distressed property.  Let me tell you, they’re not called distressed for nothing. These properties typically need quite a bit more than simple TLC, and may be home to any number of undesirable “occupants.”

A professional home inspector will find costly defects that most inspectors would consider relatively routine. Take for example, evidence of a buried underground oil storage tank. However, that’s an item your enthusiastic Uncle Vinny will miss, and it’s an item that even a professional may miss if the lights aren’t on."

Stay tuned for Part 2....

courtesy of:

David Leopold
146 Coleman Road
Fairfield, CT 06825
tel: 888-801-7111
fax: 203-374-4564
David.Leopold@pillartopost.com

www.pillartopost.com

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