Are you looking to buy a home in Virginia Beach, and want to get the best deal available. Maybe you have started to look at the Virginia Beach foreclosure market. Considering the over-abundance of these properties and just how little many of them are going for, it’s tempting to jump right in and buy. It is possible that it could pay off as a long-term investment, but remember just like any other major purchase, you should know as much as you can about a property before you buy it.
Do not settle for any advice that a home inspection is not advantageous because they cannot be used as a bargaining tool, since banks don’t negotiate on “as is” properties. Remember that banks selling properties “as is” may have no legal responsibility for any defects. Would you even consider purchasing a car without knowing whether it had a motor? Well the same holds true for a house, regardless of whether you intend to live in it, or fix it and flip it. Is it really a deal if in the end you are stuck living in a money pit?
It is prudent to remember that long before the previous owners stopped making mortgage payments, they deferred required maintenance tasks. Moisture intrusion leading to leaks and mold are just a few of the major problems commonly found by inspectors in foreclosed properties. There are plenty of stories of the horrendous condition that some of these homes are left in. Former owners have been known to ransack their own properties, taking with them anything they can pry up or unscrew, and leave behind trash and junk that you have to pay for to have removed.
You should always get a home inspection in Virginia Beach before buying a property, especially when you’re buying a bank-owned foreclosure. In such cases, it may be impossible to find out how well the home was cared for, or whether major damage was done right before the past owners left the property. Ask the bank how much time you have after your initial offer to have an inspection performed, and schedule one immediately. If it goes well, you’ll enter into the deal with peace of mind and a better idea of what repairs you’ll have to deal with. That alone is worth the price of an inspection. If the inspection reveals a costly disaster, you can back out of the deal and save tens or even hundreds of thousands of dollars.
Don’t get burned on your foreclosure purchase. Make sure your Virginia Beach foreclosure is a safe house by scheduling a home inspection with
