NWA Foreclosures and Inspections

The question keeps coming up “Do I need an inspection for the foreclosure I am buying”

The short answer of course is no. There is no where in Arkansas law that states you need to get an inspection to buy a home. Inspections are a right you have, not a requirement.

The longer answer is YES, YES, YES. Foreclosures are usually homes that have been sitting empty for at least 2 months. Utilities have often been turned off and an unused home is just like an unused car, you never know what you are going to get. Don’t test drive your home after you move in.

Another common question about inspections is “Won’t the appraisal take care of the inspection for me?”

The answer is no. The purpose of the appraisal is to determine “value”, but appraisers are not trained in the area of home inspection. Some loans programs such as FHA, VA, and USDA-RD require the appraiser to ensure some basic components are working, but they give no indication of the probability that they will continue to work.

So remember, an inspection is your right when you are buying a home and it just may be the best $350.00 you ever spent.

For more information on foreclosures or to search the free list of foreclosures in Northwest Arkansas

Visit us at www.foreclosuresnwa.com

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