Before checking out a potential property, you have to have a plan. This checklist will ensure you check the major components of a typical house or multi-family building, making it easier to assess the property’s value.
Keep in mind, this inspection list is not all-encompassing. We recommend you also take the following steps prior to bidding on a foreclosure or fixer-upper:
- Check the county records for any liens against the property. Many of these, but not all, are discharged during the foreclosure.
- Perform a title search through a title company.
- Check with the utility/water companies for overdue bills. These are often the new owner’s responsibility.
- Consult a contractor or other professional for repair estimates.
- Determine the property’s value by checking recently sold comps. A real estate salesperson can assist with this.
These steps will help you assess the value of a property, so you will be better prepared for the auction. Feel free to reach out to our professionals if you would like more advice, and check back on the homepage often to see new properties daily.