Do banks inspect foreclosed houses before offering them for sale? Particularly if one has been on the market

Asked by Argie, Los Angeles, CA Tue Jul 1, 2008

for a while?

Help the community by answering this question:

+ web reference
Web reference:

Answers

4
Lisa Cartola…, Agent, Oakland, CA
Tue Jul 1, 2008
BEST ANSWER
Hello Argie,

Banks typically use the Broker Price Opinion (BPO) to evaluate the condition of the property. A BPO is a process by which the subject property is evaluated on a visual basis for any obvious defects and is compared to the competition in the area. This is what the bank will use to determine offer price of the property and to help establish the overall condition of the home.

Unless a previous buyer who did not purchase the property completed a home inspection, termite report, etc. that can be provided to you, the bank typically does not perform these types of inspections before putting the home on the market.

I woud contact your Reattor to see if the agent listing the property had recieved any previous offers where inspections were completed and to see if those reports, if any, could be forwarded to you.

Good luck!

Lisa Cartolano
Alain Pinel Realtors
Web Reference:  http://www.LisaCartolano.com
0 votes
Maria Avdalas, , Sacramento, CA
Thu Jul 3, 2008
Banks do not inspect the homes, but the agent representing the bank can inform the bank of repairs and sometimes the repairs do get done. Make sure you get a home inspection and a pest inspection. Bank homes are sold "as is".
Web Reference:  http://realtyaid.net
0 votes
Dot Chance, Agent, Burbank, CA
Tue Jul 1, 2008
If you are referring to a typical home inspection, no they do not inspect the home.

The listing agent is often the first one to see the property and report to the bank if trash needs to be hauled off, etc. They will (as said below) have at least one Brokers Price Opinion to determine how much they will accept as a sales price.
Web Reference:  http://www.DotChance.com
0 votes
Michael Barr…, Agent, Irvine, CA
Tue Jul 1, 2008
Hi there Argie, Bank typicvally do not inspect homes before they put them on the market. It is the buyers responsibility to do this. If you nare using a realtor they can help you with this. If you ae not using one I can refer you to professional inspector who can help you.

Kind Regards
Michael Barron
Realtor/MBA
First Team Real Estate
(714) 552-6817
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more