Importance of Foreclosure Inspection

After it is confirmed that the borrower will not repay the loan, foreclosed properties are generally put up for auction, sold to investors who will rent them out, or sold to residents planning to call them home. But before the property is brought into use, it needs to be checked and inspected thoroughly. Since the property would have been vacant for a long time, there are chances that there could have been a roof leak. The leak might have led to mold. The property could be infested with raccoons, rats, insects, or any other kind of pests.

Squatters may have taken shelter in those properties or they could be vandalized, as well. There may be furniture or a few of the things missing or damaged within. In worst cases, the waterline or electricity line would have been hampered and non-operative. Thus it becomes very important to inspect the foreclosed property.

What is the role of foreclosure inspection companies?

The job of the foreclosure inspection companies is to hire a property inspector to assess the foreclosed property thoroughly. 

Next, the inspector goes out to the property and checks to confirm its occupancy status. Once it is clear that the property is vacant, the inspector must begin the duty of walking through the property and taking photos and, in some cases, video of the property to include in the comprehensive report.