Foreclosure Inspection

Before you lock your choice on a new home or before you close on an existing home, there are various types of inspections that you should conduct.

You need to have a professional home inspector to audit the property. He will give you an overall diagnosis related to its current physical condition. If the inspector finds that there may be an issue, you’ll need to hire other kinds of specialists to look into it deeply.

Such in-depth inspections may include a radon inspection, heating and air-conditioning inspection (sometimes you just need a heating contractor to go over the HVAC system), a lead inspection, asbestos inspection, and if you own a house having synthetic stucco, you might require an additional inspection. Such an inspection will require an inspector who has extensive training in detecting and measuring moisture infiltration in a house.

These inspections will cost you anywhere from $300 onwards — and if you need a couple of these special inspections, your final bid could be a lot higher. A preclosing inspection doesn’t cost you even a single. It is also known as a final walkthrough for a new construction home or a preclosing walkthrough for an existing home.

Those home buyers who have their first-time at buying houses don’t generally realize that it is important to make sure they have the right to execute a preclosing inspection while making their initial offer. Just about everyone understands that they can ask for a professional home inspection (and it’d be foolish not to take advantage of that). But a large number of first-time buyers aren’t aware of the fact that they need the right to a second, preclosing inspection.

The main aim of a preclosing inspection in an already existing home is to make sure that the sellers have moved out and have dispossessed the property basically in a condition it was when you agreed to the offer to purchase weeks or months earlier.

Ideally, the preclosing inspection takes place after the sellers have dispossessed the house and before you’ve actually closed on the property. It is a usual trend that a preclosing inspection will happen in the final hours before settlement, although sometimes it happens the day before.

By inspecting the premises, you’re ensuring your protection from sellers who aren’t as good and modest as they seem to be or who are actually as nasty as they look as well as your future property. A concluding walkthrough is encouraged as it will ensure that the sellers have lived up to the agreements in the contract. And in case they are found guilty, you have enough time to make sure the appropriate remedies (monetary and otherwise) can be agreed upon before money changes hands.

In a preclosing inspection, you should make sure nothing has changed since the last time you walked through the property: check every appliance; check doors by opening and closing them; make sure nothing is broken; be certain everything the sellers agreed to leave is there and in good shape; be certain that when the sellers moved out they did no damage to the property.

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