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This is a Homepath property. It is basically as is. A good home inspector will identify they types of HVAC/age and make sure it's working condition (efficiency? Probably not).
I would not bring in any specialty inspector in unless it's noted by the inspector (foundation, structure, etc..)
Again.. not all home inspector are the same. Get a reputable one that is familiar with the style of home you are having inspected.
Both my parent's foreclosure & the home they walked away from due to the scary tarf report were homepath properties. You're *supposed* to get disclosure (a condition report) on homepath props, but neither property had one. Not to over-emphasize the "risk" here, but in my own experience, they didn't do anything to protect the buyer. Further, they required we pay a non-negotiable junk fee to "re-key the locks" of a couple hundred bucks at closing & installed a couple $6.99 closet-knobs on the entry doors. Again, not a huge deal, but still a ****-off to have to change the overpriced "new" locks with decent ones on closing day.
A radon test is usually indicated by the type of soil/subsoil where you live, but you should also ask your realtor if radon tests are normally done in your area. They should be aware of that fact.
I'm buying a house in an area that isn't known to be a radon problem area and most people there do not do radon tests, but I decided to do one and it tested high in radon, so the seller is going to install a mitigation system. This is the first time I've ever had a radon test done as part of the inspection. It cost $75 and was totally worth it to find out before buying the house.
Thank you guys so much! I appreciate all your advice. You all won't believe this. Yesterday I googled some roofing companies in my town because I wanted to get a separate roof inspection. I called some random company and when I gave them the address, they said "oh yeah! We did a full inspection on this roof 3 weeks ago and have a full report, and the bank also paid for the minor repairs we recommended." Then they sent me the full inspection report and an invoice for the repairs!!! And the repairs come with a 2 year guarantee! Couldn't believe it… What kind of coincidence is that… Out of hundreds of different companies... So basically what I learned is they rated the roof" good condition." There was a minor leak over the fireplace that was explored and fixed and everything else was fine.
What a great idea to look at termite records. Using the Office of Pest Management site I saw that they did termite inspection on April 27 and it came clean!!!
Built in 1998, so that is good!
It is city water, not well water.
I called a random company to get a roof inspection done and when I was giving them the property address, they said "OH! We did a full inspection and some minor work on this roof a month ago! We will send you the full report!" LOL - what a coincidence.
That's a bit of a red flag...right there, and says someone walked on the deal because of the house's condition, but maybe couldn't finance. Did they lower the price recently? Usually any report submitted to a seller stays with a a house...so I would press them a little for what reports they've seen from deals that fell through. Simple, REO no disclosure is smoke and mirrors, as you have already found out. I doubt it was the previous owners getting a roof inspection, while not making payments. I've bought three REO, and by the second one, I just assumed everything was shot, and actually did better on the second and third without physically looking than I did on the first, which also had an appraisal (done by a realtor's puppet, who would have signed his own death warrant; if she had handed it to him).
Last edited by Hal Roach; 06-10-2016 at 12:13 AM..
What a great idea to look at termite records. Using the Office of Pest Management site I saw that they did termite inspection on April 27 and it came clean!!!
Good job! You saved a few bucks & got some peace of mind. The roof cert / warranty was an amazing score as well! It's nice to see the govt spend a few bucks on those homepath properties - the way they're marketed (often to first time buyers & those without a lot of extra dough), it's only fair for them to take care of the little "gotchas" that often show up shortly after closing.
That's a bit of a red flag...right there, and says someone walked on the deal because of the house's condition, but maybe couldn't finance. Did they lower the price recently? Usually any report submitted to a seller stays with a a house...so I would press them a little for what reports they've seen from deals that fell through. Simple, REO no disclosure is smoke and mirrors, as you have already found out. I doubt it was the previous owners getting a roof inspection, while not making payments. I've bought three REO, and by the second one, I just assumed everything was shot, and actually did better on the second and third without physically looking than I did on the first, which also had an appraisal (done by a realtor's puppet, who would have signed his own death warrant; if she had handed it to him).
The fact that an inspection was done doesn't mean someone walked on it. It could mean that the bank had it done to correct any structural issues before listing it for sale.
Thanks Hal Roach. I hadn't thought about that. I know the bank did do the repair because the bank guy's name is on the statement.
All I can see is that the house foreclosed on March 26 and was listed for sale June 2.
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