Buying a Foreclosure – Have a Professional Inspector take a look.

When purchasing a Foreclosed property or Bank Owned Property (REO) have a professional inspector inspect the property.  You will HAVE to purchase the property in ‘as-is’ condition.  This is due to the fact that the seller (the lender) has never lived in the property (so they do not know the condition of the property) and thus will not make any representation as to the condition of the property. 

The property you are purchasing has more then likely been winterized which means that the water has been shut of and drained.  In addition most of these properties are without gas or electricity.  This means that the buyer has no idea as to the condition of these utilities. 

I urge buyers to hiring a professional home inspectors to see if there are any signs of a possible problems which can be done even if the there is no water, gas, or electricity in the house.  Also, you may want to hire the inspector to come back after the purchase once all the utilities have been turned back on. 

I also recommended that the buyer request for the utilities to be turned on for the inspection. The listing office or seller does not always allow this request, but it doesn’t hurt to ask. 

Lastly, make sure that you have additional money in the event that repairs are needed after you have purchased the property. Remember there is some risk with buying a foreclosed property, but there are also many benefits.

Please Contact Matt with any questions, Matt@PrairieShore.com, or 773.244.9455.

 

Matthew C. Putnick

Prairie Shore Properties

4109 N. Lincoln Ave.

Chicago, IL 60618