Welcome to Foreclosure Guide
Foreclosure Consultant Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
A Home Inspection is an absolute must for Home Foreclosure Properties
from:There are many reasons for buying real estate property and one of them is to buy your own home. There are many tax advantages available for buying residential property. The government and most financial lending institutions offer tax benefits, favorable appreciation values, and finance options to homeowners
With the questionable economy today in the United States, it is pretty much a buyers market. This means that the selling price on affordable homes have come down in prices. Many families are facing home foreclosure and are selling often time at well below market value just to get out from under that debt. Like any other investment, the investor must purchase wisely.
When buying from a family facing home foreclosure, chances are the property may not be in the best of condition. Since money is an issue, the family may have also had difficulty keeping up with maintenance and repairs.
You will need to have a home inspection done, often called a pre approval inspection. That way you will know if the building is worth the selling price or if you will have to put out additional monies to bring the home up to building codes and your own esthetic needs.
A building inspector hired for your home foreclosure lead will be looking at such things as electricity and plumbing. An inspector will also look at the structural foundation of the building, checking the landscape, exposure to heat from the sun and rain or strong winds, and the inclination. The inspector will be looking for water damage, leaks and creaks, both on the inside and outside of the house. The inspector will take note of the gutters, downspouts, outside paint or siding, condition of bricks, wood, paneling, and the condition of the roof. Inspections will also be done upon the fuses, heating and cooler systems, fans, air conditioners and vents, as well as the fire alarms and security systems.
If the home foreclosure unit comes with appliances such as refrigerator and stove these appliances should be checked as well. A very important condition to look for is the water pressure. For example, many older homes lack sufficient water pressure to enjoy a pleasant shower. If you are looking for home foreclosure property in colder climates make sure that the water pipes are not only in good condition but are properly insulated as well.
If any problems come up in the inspection, you can use the cost of the repairs to negotiate a lower sale price if you still want to consider this property.
A very important thing to consider is whether or not the family is still living in the home foreclosure before you buy. You want to avoid eviction costs and legalities. There should be a stipulation in the lease that the occupants must vacate the premises as soon as a the property is sold, this becomes even more important if it is more than a single dwelling home foreclosure unit that you are purchasing for yourself and other family members.
Foreclosure Consultant News
Bank Regulator Halts Work of Foreclosure-Review Consultant
A U.S. banking regulator on Friday halted the work of a consulting firm hired to review foreclosure documents as part of a comprehensive review of bank foreclosure practices. The Office of the Comptroller of the Currency said Allonhill LLC had done outside work that wasn’t consistent with independence requirements for consultants working for banks in [...]
Read more...Hollister bishop admits to foreclosure fraud
A San Juan Bautista man and Hollister church bishop has pleaded guilty to felony foreclosure fraud in connection with his work as a foreclosure consultant in 2005 and 2006 and the cases of three famil
Read more...Milwaukee to hold home ownership fair
The city's foreclosure consultant, Suzanne Dennik, says four of the homes, and maybe more, will sell for as little as $5,000.
Read more...Regulator Halts Work Of Consulting Firm On Foreclosure Review
A U.S. banking regulator on Friday halted the work of a consulting firm hired to review foreclosure documents as part of a comprehensive review of banks' foreclosure practices.
Read more...Petersburg hires health consultant for $24,500
After being ranked the unhealthiest place to live in Virginia Petersburg is taking a close look at health issues impacting residents. The city has hired a health consulting group to examine the problem
Read more...