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Foreclosure Inspections

Keep These Tips in Mind Before Buying a Foreclosed Home

Home ForeclosureFollowing the subprime mortgage crisis of 2007, home foreclosure rates increased dramatically across the country. Some savvy investors were able to capitalize on the huge foreclosure inventory by buying homes at a fraction of their market value. But for every success story you hear about someone getting a great deal on a foreclosure, you can find many more horror stories about people buying money pits that demand extensive renovations. Buying a foreclosed home can be a worthwhile investment, but only if you’re careful to buy the right home. You can start by making a realistic budget that includes more than just the purchase price.

Include renovations in your budget.

Don’t let the attractive sticker price fool you. Some foreclosures can cost tens or even hundreds of thousands of dollars to renovate. Before you start shopping around, determine how much you’re willing to spend on renovations and include that figure in your overall budget. You should also consider what types of renovations you’re willing to take on. You probably want to steer clear of homes with foundation issues or serious water damage, for example.

Consider how long it’s been vacant.

Homes can quickly fall into disrepair when they’re not occupied. Homes that sit vacant for months or years at a time are prone to pest infestations, plumbing issues, sewage backups and more. The exterior might look fine, but there may be serious problems hiding just beneath the surface. If a home has been vacant for more than a few months, approach with caution.

Find out if the home has been winterized.

This is especially important here in the Chicago area. When unoccupied homes aren’t properly winterized, sub-zero temperatures can cause pipes to freeze and burst. This, in turn, can cause costly water damage and contribute to the growth of mold and mildew. If the home you’re looking at has been vacant during the winter, make sure the utilities were effectively winterized to prevent this type of damage.

Invest in a home inspection.

You should get an inspection anytime you buy a home, but it’s especially important when you’re shopping for foreclosures. A comprehensive home inspection can identify serious structural and mechanical issues that might otherwise go unnoticed. It can also give you a better idea of just how much the home will cost to renovate. By spending a few hundred dollars on a home inspection now, you can save many thousands of dollars in repairs down the road.

At First Choice Inspectors, we offer inspections designed specifically for foreclosed homes. To learn more, feel free to give us a call or contact us online today.

Categories
Foreclosure Inspections

The Benefits of Buying a Foreclosed Home

Foreclosed Homes Perhaps the best benefit of buying a foreclosed home is its price. Because it’s foreclosed, someone or some entity, like a bank, is trying to get rid of it. Therefore, they’re willing to sell it at a bargain price. Many people have enjoyed buying foreclosed homes that were once selling for, say, $400,000 for…$150,000. Now that is a bargain! It’s a way to move into a desirable neighborhood for a fraction of the price others had to pay to be there.

Most foreclosed homes are sold “as-is,” so the new owner may have to pay to fix some things. It’s a good idea to hire First Choice Inspectors to come inspect a foreclosed home on your behalf, so you know what you’re “getting into.”

Why have a foreclosed home inspected? Well, typically foreclosed homes have been unoccupied for quite some time. Because no human beings have lived there, some things might have gone wrong over time. When people live in a home they use the sinks and toilets regularly. They open and shut doors and windows. They take care of the place. Foreclosed homes, though, don’t have people doing such things, which is exactly why you’d want to get the home inspected. It’s better to have a professional set of eyes look at the state of the home than to just buy it “as-is” not knowing important details of its overall condition.

Foreclosed homes can be a great bargain. Just be sure to hire a good home inspector to check for any defects first, if possible, so you can make an informed buying decision. Spending a couple hundred dollars for an inspection can ultimately save you thousands of dollars down the line.

First Choice Inspectors can inspect foreclosed homes in Chicago and surrounding areas. Call 773-429-9711 to schedule an appointment.

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Foreclosure Inspections Home Inspection

5 Common Problems in Foreclosed Homes

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!

Categories
Foreclosure Inspections Home Inspection

Avoid Hazardous Dryer Duct Materials!

You probably don’t think too much about your dryer duct. You set it up, it discards dryer air out of your house and there’s not much more to think about.

Or is there?

We encounter this sort of thing all the time during foreclosure inspections. Think about it: dryers create intense heat in small, usually confined spaces in your home. The dryer duct connects directly to your wall and if something goes wrong, you could be left in serious trouble.

Here’s a run down of dryer duct materials:

Plastic – This is an absolute don’t. Plastic can catch fire and spread it at a rapid rate (in other words, plastic ducts are flammable), leading to huge home damage. Stay safe and don’t use plastic!

Foil – While foil is not flammable, it can still virtually disintegrate if a fire starts within it. Some inspectors will not pass a home using this, though it is safer than plastic (and easier to use that semi-rigid aluminum).

Semi-Rigid Aluminum – This material is definitely the best and safest. Like any material, it can deteriorate under intense circumstances, but it has far greater integrity than foil or plastic. The UL listed semi-rigid dryer ducts will definitely offer the preventative safety that your home needs.

Avoid danger by choosing the right dryer duct material. As you know, certain materials withstand heat a lot better than others, in this case the aluminum. You also probably know that it only takes a spark to start a decent fire in the midst of certain materials. So, if you have a plastic or foil duct, get rid of it! Stop the fire when it’s still a spark, avoid danger and pass the home inspection with a semi-rigid aluminum dryer duct.