Washington Foreclosures For Sale

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

It is the goal of the new property owner or investor to purchase a Washington foreclosure for sale and obtain a written report that details the structural condition as well as operational function of the foreclosed property. This does not mean if there are loose door knobs or if the refrigerator is cool enough, this means the addressing of more serious defects.

Effectively the inspection report should take at least three hours, if possible more. If the investor contracts an inspector to check out his new property and he says it will take an hour, avoid him at all costs. Also avoid any inspector who does not want you to be present for the inspection, firstly the investor is paying him for an accurate report and secondly the investor can learn a great deal from the property inspector. This will stand him in good stead for any further investments in Washington foreclosures for sale.

The written report should contain details regarding the condition of drainage, porches, windows, fencing, garage, paved areas, exterior and interior walls, doors, attics, gutters, sky lights, crawl spaces, roofing, bathroom fixtures, kitchen fixtures, laundry facilities, heating and cooling, electrical, plumbing, drainage, plumbing, switches and flooring. However this is not exclusive to the areas mentioned and should include everything that could possibly cost the investor more money. A specialist would more than likely have to be hired to assess the condition of tennis courts, swimming pools, saunas, whirlpools and the like.

The report might be in the form of checklists or worksheets detailing the parts of the property that have been inspected. Everything from roof to basement, the inspector may make brief remarks or comment on the overall condition of the property and suggest replacement, improvement and repairs. Current problems should be noted, and anything that is considered to be a potential problem will give the investor and idea of what is required to allow his asset to be resold at a profit.

A verbal report is never acceptable, there has to be a written report to back up any inspection contingency clause in the purchase contract. Obviously it is wise for the investor to shop around. He should enquire what fees would be charged fro services such as radon and water testing. Some of the more well established home inspection services will offer “inspection warranties”. These warranties have a life span for up to one year, and are able to add credibility to service reports. However these have to be paid for and there is generally a contractual agreement involved. Before any investor pays for such a contract they need to ensure what the contract entails. Don’t pay for it before you see it!

An inspection warranty is able to add a certain amount of credibility to the inspection report, and is an incredibly useful sales tool when selling a property. It instills a sense of confidence, as it should and makes the investor look like a responsible property owner, which he actually should be.