How to inspect foreclosure or REO property

When you purchase a foreclosure or REO property, the seller usually sell the property as-it-is. So, it is important to inspect the property before making an offer for foreclosure or REO property. Otherwise, you may be in for a shock.

Instructions

Step 1

First, as whether the seller or the bank has done any inspection for the foreclosure or REO property. In many cases, they actually have hire the professional inspector to check out the property and used it to determine the property value. If you ask the seller's real estate agent, they will be willing to share with you such inspection report.

Step 2

Then, hire your own professional inspector for the foreclosure or REO property. You can actually hire the same inspector that the seller use. In such case, you actually asking for a re-inspection, which can be obtained by significant discount. Make sure that you have inspector for roof, inspector for pluming, and inspector for general property condition. The reason for professional inspector is to check for places below the surface where you can not see.

Step 3

After the inspection, use the result as a bargaining tool to get price concessions from the seller. You should list the prices to fix all the problem in order to get the property up to the code, and deduct that from the estimated value. Given enough reason, the seller would be more willing to work with you on the price.

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Colorado Springs is a great place to call home. With the Colorado Springs real estate market slowly picking up pace, there are some fantastic homes for sale in Colorado Springs. For those of you looking to relocate to Colorado Springs can hire the services of a reputed Colorado Springs REALTOR to help you find a home that suits your style and budget. If you have any questions about Colorado Springs commercial real estate please contact Mike Stuard.