Feb
02

Is it possible to have a home inspection done on a foreclosed home?

Question : Is it possible to have a home inspection done on a Foreclosured home?
I’m interested in purchasing a foreclosed home. My realtor is trying to get me to buy it without having a home inspection done.  I’m afraid of buying it without a home inspection because of all the potential problems that could come up later.  Will the bank that owns the home agree to turn the utilities on so that we can have an inspector run tests on them? I don’t want to purchase a home without knowing what I’m getting into.

Best answer:

Many of the REO (Real Estate Owned) companies that I deal with regulary allow home inspections for information purposes. The reason that foreclosed homes are sold AS -IS is because the REO companies that are handling them do not know the property’s history. Regardless of having a home inspection or not the utilities will need to be turned by someone depending on the type of loan your getting.   Again most of the REO companies I deal with have “US” as the listing broker turn on the utilities on in our name. Some REO companies have property preservation companies that turn on the utilities on in their name. FHA/HUD foreclosures have the buyer take responsibility for all the utilities that are neccessary to have the inspected, appraised and or tested. Anything is possible when it comes to utilities. Just ask the question and findout.

Home inspections are always a good idea and can save you from purchasing a home with hidden defects that you may not be able to afford. When writing your contract offer make it contingent upon a satifactory home inpection.

Know better? Leave your own answer in the comments!