Mike’s Real Estate Show

 

Buying a Home in Foreclosure when it Goes to “Sale” How to Inspect or Discovery Phase?

November 1st, 2007 . by Mike Kelly

Buying a house now in foreclosure—How do I get inspections done or find out just what I’m buying??
    Many properties going TO foreclosure or “Sale” are NOW on the market so getting into them might not be that hard. If this is possible then get your contract or inspector out there. While you’re at it a pest control report and maybe structural engineer, septic, well, etc. Obviously depending on WHAT type of property you are attempting to purchase in the forelcosure sale.


You can go to the City or County building departments and find if they have any records on the subject property. If the home is vacant get out and start looking around. If you get into the residence look for any recent or older “Pest Control” inspection tags. In the greatest state of California they are on public record for 3 years.
If the property is in the local MLS it could be they’ve had previous inspections “posted” onto the MLS. See if you can get a Realtor/Licensee to download these for you. If the property is occupied by realistic Sellers they may let you come through and do an inspection. They may also slam the door in your face or worse!!
obviously the newer the home the less issues to worry about. You can knock on the surrounding neighbor’s doors and ask them if they know the history of the subject property. Many times you’ll have a neighbor with disputes against the foreclosed property and this will be enlightening to you the future possible owner. Issues relating to unpermitted rooms additions, septic systems, well, property lines, etc will show up.
Don’t forget the whole issue with Tax Liens, etc. Pay equal attention to Title issues!!

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