Washington DC Foreclosure for Sale
As a new investor, you have found the property you want, negotiated the terms of the contract, struck a deal and closed. Hopefully you have also included a clause in the agreement that includes and inspection contingency. This is particularly important if you have not been able to inspect to purchasing your Washington DC foreclosure for sale. This could happen in the case of an auction, but is very rare in cases where the Washington DC foreclosure for sale has been purchased from the bank, or in pre-foreclosure.
If this is the case and you have submitted an offer, “sight unseen”, then the inspection contingency clause will protect you and you may be able to back out of the purchase if things look too bad, or at the very least submit a revised offer.
If you are not qualified to inspect the property, as most of us aren’t, except on a very superficial basis. You will need to hire a professional to conduct this inspection for you. They will take an objective view of the property, prepare a report and advise you accordingly. This is a significant monetary transaction you are making; it is an investment of your hard earned money and needs to be treated accordingly. Your new property needs to be confirmed that it is in good condition.
Property inspection services can be found virtually anywhere, online, in the yellow pages or the phone book. You need to find a professional who has knowledge of both old and new homes, interior and exterior. A professional home inspector has to crawl around the entire property looking for every possible repair or serious defect contingency. A written report such as this takes part of the gamble out of purchasing a Washington DC foreclosure for sale.
The inspector should be from an independent company and have absolutely no vested interest in the sale of the property. Member of the American Society of Home Inspectors are a good choice to make as they have to abide by a specified code of ethics and procedures. Avoid part- time inspectors any anyone who does not engage in this business on a full-time basis.
The inspector can save the new property owner a great deal of money by identifying existing and potential problems. They check the general condition of the electrical, mechanical and structural state of the property, but they will not recommend whether you should or should not purchase a particular Washington DC foreclosure for sale. The inspector is able to make recommendations on costs for repairs or replacement, and they generally look for only significant defects.
Inspectors do not routinely look for asbestos, radon or termites; they have to be specifically requested to do this. They also don’t report on whether the oven or refrigerator works correctly. Items outside of the house will have to be detailed to the inspector; these items include tennis courts and swimming pools.
