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  1. #1
    oneofthecrowd is offline Fixer Upper
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    Jan 2009
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    Default Home Inspection

    I'll be having an inspection done soon on a fifty year old bank owned home. What are the main things I should recognize and what defects should cause me to change my mind about the purchase??

    Thanks a lot for any quick replies.

  2. #2
    donrock is offline Condominium
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    Jan 2008
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    Orcutt, CA on the Central Coast
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    116

    Default Home Inspection

    The foundation is probably the main concern along with septic system and plumbing. Basically the main things to look out for are major expense problems. The other thing that would be major is the amount of money it will take to put it back into livable condition. If you can live with that then you should be fine.
    Good luck,
    donrock
    To get a wealth of real estate information visit my blog at Real Estate Blog. If you need information about foreclosures or short sales and how to make money with them pick up a free report at Foreclosure Report.
    Follow me at Twitter

  3. #3
    oneofthecrowd is offline Fixer Upper
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    Jan 2009
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    Default

    This house has a crawlspace. Does this mean the inspector will have to go under the house to inspect for problems?

  4. #4
    Mike Taylor is offline Condominium
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    Sep 2007
    Location
    Indianapolis
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    302

    Default

    Quote Originally Posted by oneofthecrowd View Post
    This house has a crawlspace. Does this mean the inspector will have to go under the house to inspect for problems?
    If they can fit, they should go into the crawlspace. Don is right, look for things that cost more than you are willing to put into the home to bring back to livable condition.

  5. #5
    donrock is offline Condominium
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    Jan 2008
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    Orcutt, CA on the Central Coast
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    Default Home Inspection

    Definitely have them go into the crawlspace and like Mike says if the fit. The crawlspace is most likely where any major problems will show up. Not only foundation but plumbing and possibly heating. If the inspector doesn't want to go in the crawlspace you might want to get one who will.
    Good luck,
    donrock
    To get a wealth of real estate information visit my blog at Real Estate Blog. If you need information about foreclosures or short sales and how to make money with them pick up a free report at Foreclosure Report.
    Follow me at Twitter

  6. #6
    loki791 is offline Fixer Upper
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    Jan 2009
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    14

    Default What to expect from a home inspection

    There are many things you should expect from a home inspection, especially a home that has been bank-owned for the last half of a century. donrock is definitely right is calling out the foundation (especially if the soil has weathered a lot of rain, or hold a lot of groundwater), as well as the septic and plumbing systems. In the Pacific Northwest, there are many examples of rotten and moldy foundations of old houses due to the amount of moisture/rain in the weather. Also, the house may have a very old old converted gas from oil furnace that may need to be replaced with a more efficient system that will save you a lot of money in the long run. Also, the insulation will likely be an issue, i.e., there may not be any in some places. You may need to blow cellulose into the walls to keep the place warm. Good luck!

  7. #7
    TDG
    TDG is offline Fixer Upper
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    Jan 2009
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    Columbia, SC
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    Default

    Be certin the home inspector you hire is reputable and stay with him while he does his job. This will give you valuable insight into any problems he reports.

  8. #8
    oneofthecrowd is offline Fixer Upper
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    Jan 2009
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    60

    Default Inspection Done

    I had my home inspection done and the guy did a full inspection of the whole house in 2 hours with his helper. They did a good job from what I could tell as this is my first time. He found a lot of things wrong but my agent said that when my lender does the appraisal that a lot of those inspection defects will be thrown out. My agent was correct as the appraisal was done a few days later and only about 20% of the things the Inspection found were listed...?? How could this be?

  9. #9
    TDG
    TDG is offline Fixer Upper
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    The lender is most concerned with major problems that affect the property like the roof and safety issues in the home. They are not concerned with every small defect or code violation that a home inspecter can find. Talk with your agent about your home inspection and be sure you are paying a fair price with all the needed repairs.

  10. #10
    donrock is offline Condominium
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    Jan 2008
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    Orcutt, CA on the Central Coast
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    Default Home Inspection

    Well said TDG. As an ex-appraiser I was about to jump on this but you summed up in a few words which I would used a whole page to say.
    donrock
    To get a wealth of real estate information visit my blog at Real Estate Blog. If you need information about foreclosures or short sales and how to make money with them pick up a free report at Foreclosure Report.
    Follow me at Twitter

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