They would rather assume there’s nothing wrong, and let you, the home buyer, deal with any repairs after you’ve bought the property.
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.
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?
Inspecting a Forclosed Home
To be honest the inspection challenges of a foreclosed home are greater. Some people leave their home in very serious disrepair to the point where we have seen houses where they yanked out the plumbing supply lines and let active leaks destroy the home, I’m personally shocked on how much damaged a disgruntled homeowner can do to a foreclosed home !”
There are many possible conditions that could drastically affect 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, 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.
Buyers, frankly, would be foolish to bypass a home inspection on a foreclosed home they’re interested in. The homes can sit empty for several months, leading to problems ranging from major roof leaks, mold & malfunctioning water heaters, the list goes on and on.
The problem is compounded because the previous homeowners 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.