It would be highly disappointing if you found out that your newly purchased foreclosure property turned out to have a lot of problems such as roof leaks, crevices or cracks in the walls, faulty electrical wirings, defective water pipes resulting in leaks and so on. Protesting or complaining about these issues may fall on deaf ears, as these properties are often sold “as-is”.
In truth, this scenario is common when buying a foreclosed property or even a new one. Take note that the investment of a home is a major undertaking and therefore it should not be taken lightly. Bear in mind that you may be spending the rest of your life in that house, unless of course you just wanted it to be an investment and later sell it for a higher price. You need to take all necessary measures to make sure the house you are interested in buying is free from any major issues and so your purchase is really worth your hard earned money.
“As Is” Basis
Basically, acquiring a foreclosed property is more affordable than a brand new house. It is usually foreclosed by a bank or a financial institution with a contract stating that a buyer has no recourse with the financier when the house is purchased “as is”. Usually the bank has no knowledge of the actual state of the house and it is assumed that the buyer is taking all the risk. That is why running after the finance company may prove to be a fruitless endeavor.
Find a Dependable Home Inspector
In view of all these facts, we can see how essential it is for the buyer to have the house inspected. It would be best to enlist the services of a licensed and reliable home inspector to thoroughly examine the entire property and determine any possible maintenance or repairs. Home inspectors should be able to come up with an accurate report. Be wary though, there are home inspectors who are not trustworthy enough to be hired. Do your research before hiring an inspector as it will be up to them to determine whether or not the house is worth buying.
Next time you buy a foreclosure in San Deigo, take into account all these things and you will minimalize risk.