They would rather assume there’s nothing wrong, and let you, the home buyer, deal with any repairs after you’ve bought the property.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.
Inspecting a Foreclosed Home
The challenges of inspecting a foreclosed home are greater. Some people leave their home in very serious disrepair, to the point where active leaks destroy have the home.
There are many possible conditions that could drastically affect the desirability and value of a property in foreclosure. Vandalism is commonplace in homes left vacant. Homeowners facing foreclosure aren’t motivated to perform regular maintenance and in some cases become bitter and take fixtures and appliances with them when they leave.
It is not abnormal to discover missing and damaged heating and air conditioning systems, cut wires, clogged pipes, leaking roofs, and mold. The potential for costly repairs is much greater with a home that is in foreclosure.
In addition, the previous homeowners are not available to provide the disclosure statements that would be required if the property was not in foreclosure. Buyers of foreclosed homes are often in for big surprises.