It's more important than ever before that, before buying that house you've been looking at, have a home inspection performed by a qualified professional As housing prices continue to drop more and more people are looking into the possibility of finally buying their first home. And even more people are looking at these lower prices as an opportunity to pick up some inexpensive investment property. While it's true that there are some very good deals out there on houses right now, buying Real Estate, whether it's for your own home or as in investment, should never be taken lightly. Some of those foreclosure properties that you see going up for auction have attractive looking opening bids.
Before you start raising your paddle at the next auction you should stand back and be a spectator for a while. Most of those homes never sell at foreclosure auctions and there’s a reason for that. The minimum opening bid includes the balance owed on the mortgage plus and interest that’s accrued and, in today’s housing market, that minimum bid is oftentimes more than what the property is currently worth. Think about it. If there were already enough equity built up in the home, the owner would have sold it himself and cleared the loan. But you will find some foreclosure properties that are reasonably priced and that’s when you need to get a home inspection done first, before you start bidding. Some of those foreclosure properties have been vacant for months. Utilities have been turned off and if the house was vacant over the winter the pipes could have frozen. Since no one’s been living in the house it’s also been a welcome retreat for rodents and insects – or even larger creatures! Vandals may have made their way in, too. Anything could have happened in that house if it’s been vacant for awhile and, while it’s best to have a professional conduct your inspection, we’ve put together a home inspection checklist to help you determine the true value of that property BEFORE you make your opening bid.