Posts Tagged ‘jim kolke’

Short Sales and Foreclosure homes and condos need to be documented at home inspections different than a standard inspection. I’ll explain why while doing a home inspection in Wilmette, Illinois.

Tuesday, August 10th, 2010

If you are buying a foreclosure or short sale home or condo then this article is for you.  Documentation is different for all of these types of sales.  The most stringent is the foreclosure home inspection report.  I’ll get what items are needed to be documented  while at a home inspection in Wilmette, Illinois.

The short sale home inspection is probably the easiest of the three due to the fact that the owner is still involved along with the bank.  The bank will require a copy of the report if issues are found that need correction.  Generally, they will only qualify repairs if they are for safety or health issues.  These issues are: mold, radon mitigation, hand rails on stairs and issues that they now would have to disclose to another perspective buyer.  We document every home inspection as though it were a foreclosure/short sale home inspection.  Its hard for a client to ask for repair or replacement allocations if there isn’t documentation. We like to give prices for repairs also.  You can see some of these prices at ~ http://www.pinnaclepropertyinspection.com/repair-replacement-costs.html.  My clients from the Wilmette home inspection used these during their negotiations.

The foreclosure home inspection needs to be documented more than any other inspection because the underwriter from the bank will require it for financing for the buyer.  The underwriter wants to make sure that they are not financing a home that will require a buyer to make serious repairs that they might not be able to afford along with a monthly mortgage.  You can see a sample report at ~ http://www.pinnaclepropertyinspection.com/sample-report.html.  This is what we  emailed our clients from the Wilmette home inspection.  As you can see the more information you give, aids the client to understand what they are purchasing.

As you can see there isn’t “a one size fits all inspection” and all home inspections need to be approached differently.  If you have questions about foreclosure home inspections or short sale home inspection please contact us at ~ http://www.pinnaclepropertyinspection.com/about-jim-kolke.html.

Thanks for stopping by.  Jim Kolke