Inspecting Bank Owned Homes: Areas Often Ignored

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<h1>Inspecting Bank Owned Homes: Areas Often Ignored</h1><strong> Author: <a href='http://www.articleseen.com/profile_Joseph B. Smith.aspx'>Joseph B. Smith</a></strong><br /><p>Bank owned homes are often sold in an "as is" condition. This means that banks will sell these properties in the same condition as they got them from the previous owners. Some bank owned properties or REOs have been in the market longer than other types of homes, so there is a fairly good chance that some areas have deteriorated. When inspecting an REO, there are obvious areas that you should focus on like the foundation, the roof and the plumbing, just to name a few. There are though, areas that are sometimes ignored. Make sure that you and the home inspector are paying attention to these areas. Light and rain effects Visit the dwelling from noon to around 3 pm to see whether there is enough sunlight that gets through the interior. You do not want to increase your electricity bill by having to turn on the lights during the day because your house remains dark even with the sun at its peak. If there is a chance for you to visit the house while it rains or right after it rained, grab the opportunity. This will show you whether the roof is leaking and whether the surrounding areas get flooded during rains. It will also help you evaluate the condition of the drainage and whether the water washes away from your property. Look under and behind furniture Be diligent and check under carpets or behind furniture. Sometimes, carpets are used to cover damaged floors, while furniture are sometimes utilized to hide serious cracks on the walls or damages to the foundation, so it is important for you to check whether these materials are hiding something. There are certain sides of the house that are more prone to mold, with the north side often the most likely since it is the part that faces away from the sun. Check the bathroom ceiling and the areas surrounding the tub as they are also prone to damage caused by molds. Examine the noise level Some agents play music when they invite potential buyers to visit. They may be doing this to relax you or they are covering noises that will bother people who live in the house. When you inspect, make sure that there is no loud music playing, so you can hear whether the road traffic is too loud in the area. This is particularly true for bank owned homes located near rapid transit systems and within hearing distance of airplanes taking on and off. Time your visit when transportation is set to pass the area nearest to the house to find out whether the noise level is loud enough to disturb you or whether it is tolerable. Know the rules of the community Majority of buyers of bank owned homes plan on making some form of renovations, so it is important to know what is allowed and what is not. Home associations and local authorities, depending on location, have certain rules regarding paint color, height of fence, roofing and other add-ons. Make sure that you do not violate these rules so that your move will be hassle free. Foreclosure investing without the stress only at BankOwnedHome.net.</p><strong>About the Author:</strong><br /><a rel="nofollow" href="http://www.bankownedhome.net/">BankOwnedHome.net</a> offers great opportunities to <a rel="nofollow" href="http://www.bankownedhome.net/">buy bank owned homes</a> below market value!<p> Article Source: <a href='http://www.articleseen.com/Article_Inspecting-Bank-Owned-Homes-Areas-Often-Ignored_101049.aspx'> http://www.articleseen.com/Article_Inspecting Bank Owned Homes: Areas Often Ignored_101049.aspx</a></p>

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Keywords : bank owned homes, foreclosure investing,

Category : Finance : Real Estate