Anyone who has been following real estate trends knows that in the business of buying and selling of property, one must be observant and check every little detail in regards to the property that you are purchasing. Experts say that a preliminary walk-through with the seller is a good idea.
When settling for a particular sum, one must conduct a thorough pre-buy inspection of the property before making any kind of agreement. Almost every property has defects that need to be hidden, and for this, one must conduct a thorough search for these defects that its owner might be trying to cover up in order to obtain the offered price.
One can even hire the services of a licensed property inspector in order ascertain the true value (not the offered value) of the property in question.
So here is a checklist of items that you can check the property for:
1. Structural dry rot, roof and termite damage (while looking for signs of termite infestation)
2. Collapsed water and sewer lines.
3. Stripped mechanical systems and missing electrical wiring.
4. Missing roofing material, gutters and downspouts.
5. Mold contamination and rotting wood.
6. Sinking and cracking foundations
7. Water and moisture intrusion
8. Electrical, fire and safety hazards.
It is also advisable to check properties that use hazardous chemicals and petroleum products with a phase one environmental audit. Another important factor to inspect is the presence of lead-based paint hazards that is illegal if not disclosed when selling the property.
Finally, if you’d like to inspect the property yourself, then you can order for a HUD Minimum Property Standards for Housing handbook online, and in following the instructions, you can get the best offer available.