REO owned, foreclosure property - Need inspection recommendation (Austin: foreclosures, rental)

[didadi]

I'm seeing a property that is REO owned. As with few REO's this seller
is fine with the inspection although this is foreclosure. So, need some
solid recommendations for the inspection. The house is pretty new, 2006
built. Let me know if you have anythign in mind.

It would be great if you want to comment something on "DOS" & "DON'Ts"
of buying the foreclosure property. (REO). I feel this is nothing different
than usual house - since, the same contract-counter-offer-accept-inspect
cycle exists.

[inthecut]

Look at our thread per sq footage, especially Austin Steve's comments....you can find all those answers there.....my best advice, being a former agent, is to do your own homework, ala Caveat Emptor. You already had it right. Same as any other house per those steps. Only difference is that the inspection is king here. Some problems may not manifest for a few years, even if you don't see them, so you must have a thorough inspection job.

The good news is non-foreclosure properties can have major problems too, and need the same diligence. Foreclosures often have the connotations of former owners ripping out appliances and trashing the place, though much of that, even if it does exit, can just be cosmetic. The beauty of a licensed inspector is that he can tell you the difference between cosmetic and structural, and IF structural, how much it would take to rectify the problem....

Just do your own homework, and all should be well......

[atxcio]

IMO, Nothing beats hours spent personally examining the property. See that sq footage thread ITC refers to, if you have any doubts about the importance of that.

Since you are selecting the inspector, go and meet the inspector at the property before they start. Then hang out the whole time and look over everything. Take pictures.

If you have any doubt about the foundation, termites, etc. go ahead and pony up for independent inspections from a structural engineer or pest company. It's money well spent. If you provide the seller with these reports, they are legally required to disclose them to future potential buyers... so if there IS something wrong, you can get additional leverage with these inspections.

Unless you are really familiar with the neighborhood, visit the property during different times - at night, during the day on a weekday (when people would be at work), on the weekend... etc. You'll be amazed what you can find out that way.

Since it was a 2006 build, you've got at least 2 sources for square footage measurement -- building documents/permits, and tax appraised square footage (see traviscad.org or wcad.org, etc). Check them.

You can also use the tax site to check every home on the street for rental/investor owned. If the property address doesn't match the mailing address for the owner, and it doesn't have a homeowners exemption... then it's probably a rental (or foreclosure). Good thing to know.

You may also want to check with the HOA (if there is one), to see if there are any unpaid dues. Sometimes the bank will neglect those.

Last inspection company I worked with was 360 inspections. They did a thorough job, but only having used them once (and not a REO) I wouldn't take this as recommendation over anyone else's. Perhaps someone who does more of this can provide one.

[didadi]

how do I check in wcad.org? I do not have the property id or unique number..? anyhelp?

[atxcio]

Originally Posted by didadi

how do I check in wcad.org? I do not have the property id or unique number..? anyhelp?

Sent you a DM. Just click on the search off the home page, and look up by address. Sometimes it doesn't work when you include "drive" or "loop", so if you get no results, leave that off.

[didadi]

Unfortunately, the property has invited many potential buyers. I'm in multiple offer situation. ;-)
I am enjoying this ride..