As we see more and more distressed sales, most homes are being sold “AS IS”. On a short sale, the sellers have to disclose material facts. However, on a foreclosure sale, the buyers don’t even get a disclosure so it is more important than ever for buyers to hire a professional inspection company to evaluate the condition of the home they are buying.
Most buyers ask their Realtor to recommend an inspection company and they recommend a company they have had dealings with in the past. Most Realtors qualify the property inspector we refer to our clients based on experience. It is a good idea though for the buyers to know what makes a good inspector. These are some guidelines:
1. Inspectors should belong to one or more of the three Property Inspection Professional Association. These organizations are: American Society of Home Inspectors (ASHI), California Real Estate Inspection Association (CREIA) and National Association of Home Inspectors (NAHI). Inspectors who belong to these organizations have earned their certification after undergoing advanced training and go through an annual continuing education.
2. A qualified general property inspector should be covered by an active Errors and Ommissions Insurance.
Should you attend the inspection? Most definitely! Ask questions. The inspector will go over the report with you. If there is something you do not understand, ask the inspector to point it out to you.
While there are costs involved for the buyer to hire an inspector, it is well worth the couple of hundred they will spend to determine the condition of the home. Based on the results of the physical inspection, the buyers may back out of the transaction rather than get stuck with a home that will require thousands of dollars of work.
Elizabeth Eugenio
(909) 376-8615 Email: Elizabeth@HomesByLiz.com
Certified Residential Specialist, Certified Distressed Property Expert, Graduate Realtor Institute
Century 21 Superstars
DRE# 01126934
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