Buying a foreclosed home can be a very good investment if you have the time and energy to make up for all of the problems that arise from foreclosure. So, before you buy a foreclosed home, get a foreclosure inspection. Here are some common things we see as Chicago home inspectors:
1 – Mold – When people aren’t around to clean, mold grows with ease. Moisture accumulates and the home becomes the perfect environment for various species of mold. This could mean a lot more than cleaning, you may have to replace drywall, beams, etc.
2 – Broken Windows & Siding – The elements and vandals alike love foreclosed homes. Don’t be surprised by broken windows or siding. And remember, siding isn’t there for the sole purpose of making things look nice, it’s there to protect your home, so it’ll need to be fixed.
3 – Infestation – Again, when people aren’t around, rodents, felines, canines, insects and birds make homes. You can’t blame them, but you can’t live with them either. Just because you don’t see them in the living room or basement doesn’t mean they aren’t there. A month after moving in, you might find them in your walls, attic or cupboard.
4 – Malfunctioning Faucets & Toilets – When these go out of use for extended periods of time, they break. Pipes need use to be operational. So, be prepared to call a plumber.
5 – Electrical Malfunctions – This can happen for all sorts of reasons. Animals chew away at wires, lightning hit the house, the prior residents stole electrical components before leaving… anything could happen. Sadly, we can’t live without lights, refrigerators and other electrical appliances, so you’ll need to have these issues looked into.
Keep all of this in mind, have a professional home inspector look into any foreclosed homes for you and good luck in searching for your home!