Missouri Foreclosure For Sale

Posted in Foreclosures For Sale, October 8th, 2008 |

It is probably the wisest thing to do before investing in a Missouri foreclosure for sale, have the property inspected! However this is not always possible, there may be an unfriendly homeowner or tenant living in the property, and this makes access for inspection more difficult. It is not impossible, but only in rare cases will the property be able to be inspected prior to purchase.

However if the investor has found a Missouri foreclosure for sale they want, and are prepared to purchase the property without inspection, then this is a risk that they are prepared to take and sometimes risk taking pays off. However it is best to remember that on offer to purchase to the seller, the investor should include a clause that contains an “inspection contingency”. It could be necessary to submit another offer to purchase based on the findings of an inspection and in this case the contingency clause will protect the investor who becomes the new owner of the property.

The investor has engaged in a significant financial transaction and to this end he should ensure that the property is in reasonable condition. If the investor is not in the property inspection business, which is usually the case, it is advisable to employ a professional inspector to check over the new acquisition. These are easily found in the yellow Pages and the investor should select and inspector who knows his business. He is paying for this service and requires someone who knows the ins’ and out of property inspection from all angles, if this inspection can be done prior to the actual sale taking place, even better as this takes the gamble out of the purchase.

An independent inspector who does not have a vested interest in the property is the best option, and one who is a member of a trade association is even better. Many members of the American Society of Home Inspectors are available for hire and these members abide by prescribed standards and a written code of ethics.

The inspector that the investor is looking for should be one who will crawl around the property looking for every flaw. They should be well versed in inspecting both new and old properties and he needs to give the investor a written report of his findings.

Missouri foreclosures for sale, should have already been inspected by the new owner, that is the bank or lender. However this process sometimes falls between the cracks and it becomes the onus of the potential investor to ensure that he knows exactly what the property requires in terms of repairs, whether major or minor in order for him to properly structure the offer to purchase. The cost of hiring a property inspector is negligible when you think about the potential loss that might be made if the property is not sound and the investor offers too much money for it. Avoid part time inspectors at all costs.