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Buying A Foreclosure Home, From The Home Inspectors Perspective

Part 2 - Buying A Home From The Home Inspectors Perspective, Foreclosed Homes

Today, with foreclosures on homes at an all time high, those in the market for a home often consider buying a home that has been foreclosed on. The idea for the buyer is to buy a home at a substantially lower price than a property would go for as a normal home on the market today. In other words, the buyer's money will buy more home for less. However, from the perspective of a Professional Home Inspector, there are many things to consider before buying a foreclosure.

Over the coarse of time when a home owner becomes in financial distress, home maintenance is often among the first things to stop. Home maintenance is expensive. And when someone is in financial distress and facing foreclosure, home maintenance usually stops in an attempt to save money by the current owner. The lack of maintenance may cause many defects some of which including:

• Foundation problems from inconsistent watering
• Tree limbs and shrubbery causing damage to the roof and exterior structure
• Rain gutters filled with debris
• Damaged or missing appliances
• Damaged or missing HVAC components
• Damaged floor coverings
• Damaged interior wall paint and texture
• Missing and damaged doors and door hardware
• Broken glass in windows
• Plumbing and vent issues
• Fireplace and chimney damage
• Damaged or missing light fixtures and other electrical devices

Let's face it. Foreclosure is not a pleasant thing for someone to go through. Often, through no fault of their own, the home becomes neglected. Sometimes, the property is severely damaged when an angry owner moves out. What ever the reason, homes in foreclosure may have significant defects.

How much does your home inspection cost? That is, oddly enough, often times the first question that a potential client will ask me, and in my opinion, among the least important. I am a professional home inspector in North Texas. My education and certifications were costly. I run a business like any other with continuous overhead costs including association dues, license fees, continuing education, INSURANCE, tools, software, fuel, website, advertising and time.

Performing a home inspection is a lot of work. Normally taking between 3-6 hours depending on the size of the home and the number of identifiable defects. Home inspectors crawl under houses, over houses, into attics and completely cover the condition of a home. We often go into dangerous places that the home owner will never venture into.

A thorough home inspection covers over 25 major areas and components and hundreds of individual items and components of a home. We are trained to do it. We are trained what to look for. We are trained how best to report it. We gain experience with every job. And, we provide knowledge for the safety of you and your family.

Good inspectors review the findings with clients and agents taking as much time as is needed. Our reports help sellers properly price their home and disclose defects they may not have been aware of. We assist buyers in understanding what they are getting for their investment.

If you are paying less than $250 for a basic inspection, you should be using a different inspector. An inspector who is charging less may not be professional, may be brand new or may not be truly qualified to discern deficiencies in the best interest of the real estate transaction. I believe in the old adage, you get what you pay for. 

The majority of top professional home inspectors charge between $250 and $325 for homes up to approximately 2000 SF. A high percentage charge even more. Then a small amount per square foot is added to account for the additional labor and reporting time. In my research, this is a fair price range.

What is a home inspection worth? What is your real estate investment worth? What is the safety of your family worth? Can you identified the repair needs of hidden components? If I were buying or selling a home, a professional home inspection would be priceless.

So, what do you think a home inspection should cost?