PRE-Purchase

Bank-Owned/Foreclosed (REO) Properties 

PRE-PURCHASE INSPECTIONS

 This type of inspection is our most frequently requested service. It is best call and schedules your inspection after your offer/counteroffer to purchase the property has been accepted (in writing) by the seller, and you have opened or are scheduled to open escrow. We conduct these inspections on pre-owned (“used”) properties, brand new properties, and bank-owned/foreclosed (REO) properties. The building(s) will be single family homes, townhouse, condos, apartment’s houses, commercial buildings and manufactured (“Mobile”) homes. For a comprehensive listing of the building components inspected, operated, and reported on please see the “Standards”Page.

Bank-owned/foreclosed (REO) properties:

Currant market conditions and previous questionable lending practices and borrower qualifying/approving criteria have produced an exponential increase in inventory of these properties. To be sure, there are some great values to be had, but BEWARE: Typically, these properties will display by far the most neglected/deferred maintained equipment, systems and components. Some of these will be readily apparent, but others will not. In addition, (very significant), REO property owners are not required to disclose ANYTHING to buyers about the currant or past property conditions, including findings from previous inspection reports.(i.e. they are relieved of any responsibility of producing a “Transfer Discloser Document” about the property to you). Generally, upon our inquiry, it has been discovered that some or all of the utilities (i.e. gas, water, and electricity) are off to the building, usually as a result of shut-off and lock-down by utility provider due to delinquent payment from previous owner. In most instances you will need to make (repeated) requests to the listing agent to have the utilities turned back on. Please be advised that to perform a full and complete inspection of the property we require ALL of the utilities to be on. Be prepared to hear real estate agents claim that professional inspections of REO properties are un-warranted, as the property is sold “as is” and “… they are refusing to make any repairs or issue any money credits.” To be clear, the primary purpose of an independent inspection of the property is NOT to provide the seller with a (request for) repairs list. The intent is to educate you, the buyer on the currant conditions of the property including undisclosed/unseen safety conditions hazardous to occupant, antiquated/obsolete/inoperative components and equipment (potentially costing you many thousands of dollars in unexpected repairs/replacement), or defective/undersirable conditions that could affect future resale (value) of the property. Our professional inspection serves as your “parachute” in this sky-diving free-fall you are experiencing called an “escrow” !

Thank you for visiting the site of Sam Jabuka
Certified CREIA inspector (CCI)