Montana Foreclosures for Sale

Posted in Foreclosures For Sale, September 3rd, 2008 |

It should be the goal of all investors when purchasing Montana foreclosures for sale, to obtain a written inspection report that details fully the condition of both the operational and structural function of a property. A specialist should be employed to inspect tennis courts, swimming pools and septic systems.

It is all very well for the investor to believe that he has a bargain after a perfunctory inspection by himself of the Montana foreclosure for sale. But unless he is an expert building inspector, then he might find that he has bought himself a lemon.

An inspection report should contain details on the quality of the:

drainage
grading
paved areas
fencing
landscaping
basement, skylights
windows, decks
porches
interior and exterior walls
roofing,
chimneys
attics
construction
structural condition
doors
electrical system
ventilation
plumbing
fixtures in the kitchen and bathrooms
heating and cooling systems
water pressure
water heater
crawl spaces
kitchen and laundry appliances
flooring

The inspector should also include what areas require repair and make suggestions how these repairs or improvements may be made. Both current and pending problems should be included and the report has to provide the investor with a realistic idea of the condition of the property.

A verbal report is not acceptable; it must be in writing as this is used to support the “inspection contingency” clause in the offer to purchase. Find out from the inspector how long the inspection will take. This is because a good property inspection should take at least three hours. If they tell you any less than this, then find another inspector.

If the inspector does not want you with him in the property inspection, then find another. The investor can learn a great deal about property inspection in this way, and it will serve him well when making another property purchase. The inspector will also more than likely be more careful in the inspection process if the investor accompanies him.

Shop around, find out what the fee for a basic inspection costs, together with more specialized testing such as for radon and water testing. The larger property inspection services might offer “inspection warranties”, these generally provide a one year guarantee and this adds credibility to the report. This is useful when the investor is going to re-sell the Montana foreclosures for sale, and becomes a good sales tool.

The inspection report is where an investor can save himself a great deal of money. Any repairs or major defects that have not been disclosed by the seller, in this instance the bank or lender, may be used to discount the Montana foreclosure for sale even further. Essentially it means that the cost of the repairs and the condition of the property could mean that the investor makes more profit.