Inspecting Foreclosures Class
Submitted by Byron Duerksen on Mon, 12/12/2011 - 18:18.
At the A.I.I. Conference in Portland, Oregon in November 2011, I taught a class on inspecting foreclosures.
This class was approved by the State of Washington, the State of Oregon and the State of Nevada, for continuing education credits. Many home inspectors were thrown off guard with the recent change in real estate sales to a market flooded with foreclosures. Most foreclosed houses are abandoned, many sabotaged and the lenders would have buyers believe that no home inspection is necessary. These foreclosures need professional inspections so unsuspecting buyers don't throw away tens of thousands of dollars after spending money on a "fixer upper" of which they know little or nothing. Spending $60,000 on a home that should be condemned is no bargain in any economy.
Home Inspectors need to be educated so they can report accurately and not be labeled "deal breakers" by real estate agents. The houses are the deal breakers, not the inspectors.
That being said, there are many absolutely good deals on foreclosures that require perhaps just $10,000 or $20,000 to fix so they are livable.
Buyers need to be educated also.