Foreclosure and "As Is"

Why Spend the Money on a Home Inspection?

Why hire a professional home inspector when the home is listed "As Is", and the bank is "not going to fix anything"? The truth is the bank likely doesn't know anything about the condition of the property. They would rather assume there's nothing wrong, and let you, the home buyer, deal with any repairs after you've bought the property.

What if the home needs a new roof, or a new heating system?
What if there is unsafe electrical wiring?
What if the water pipes are old and corroded?

There are many possible conditions that could drastically effect the desirability and value of a property if it is in foreclosure. Vandalism is commonplace in homes left vacant. Distressed homeowners facing foreclosure aren't motivated to perform regular maintenance and in some cases become bitter and actually take fixtures and appliances with them when they leave.

We have inspected hundreds of foreclosed homes. It is not uncommon to discover missing light fixtures and ceiling fans, missing plumbing fixtures -including toilets, missing kitchen appliances, missing and damaged heating and air conditioning systems, cut wires and clogged piping. The potential for costly defects could actually be greater with a home that is in foreclosure.

The problem is compounded because the previous home owners are not available to provide the disclosure statements that would be required if the property was not in foreclosure. Without a professional home inspection buyers of homes in foreclosure could be in for big surprises.

The truth is banks and lenders have changed their minds and paid for repairs or reduced their selling price after a professional home inspection has revealed certain defects. There is no guarantee that a home inspection will do this for you, but after a home inspection, you will know more about what you are buying, which will allow you to make decisions with confidence.