Before And After Your Home Inspection: What To Remember When Inspecting Your Naples Florida foreclosure

When you agree to purchase a foreclosure you have the right to an inspection of the property as a condition of buying. If you find issues with the home during this process you can usually withdraw or terminate your offer and have your earnest money returned as long as you have followed the proper steps. But more and more buyers in distressed real estate markets like Naples Florida are foregoing the inspection as a way to make their offer more appealing to sellers. Although this may help you win the property, you may lose in the end.

An inspection occurs after going under contract and you have hired a certified inspector to survey the overall condition of the home. These inspections can take as long as three to five hours depending on the size and condition of the home. And they can easily run into several hundreds of dollars. But are they necessary? You have to decide if it is worth the risk.

If there are multiple offers on a foreclosure and you are the only contract that does not have an inspection contingency then you certainly make yourself more appealing to buyers. Even if your offer is accepted you can still have an inspection, but you won't be able to back out of the contract for any negative results that are found. At that point, the inspection will be for your information only. You would be left trying to find another way out of the deal.

If you find problems during the inspection you can decide whether they are a deal killer for you. It is not mandatory that you ask the seller to repair anything. In fact, asking for the moon may be a deal killer for them. You have to decide what repairs you are willing to take on.

You are not required to even have an inspection if you choose not to. Just remember that one problem can potentially run into thousands of dollars. You could simply buy the home as-is and take the chance that it is in good condition. But this is not advisable, either. Buying blindly is just not worth the risk.  

For more information on getting a thorough home inspection in Naples Florida, contact Naples Florida foreclosures real estate professional Benjamin Sovacool with Taylor Donovan Realty, Inc. at 239-285-7443 or you can use the form below.