A property inspection within the foreclosure industry, along with occupancy inspections, are not the same as the typical home inspection most people are familiar with.
A home inspection generally comes prior to the purchase of a residence or building. An inspector will come to look at the entirety of the property, including the structure, exterior, roofing, plumbing, electrical and heating and interior. This is generally a very detailed process which involves testing all devices, outlets, energy sources and heating and air conditioning units.
When moving forward with a foreclosure action, the types of inspections which take place are generally less involved and do not include a complete inspection of the entire property.
The property inspection takes place when a bank or lender wishes to know the condition of the property. This type of inspection also helps determine if a property is vacant and abandoned, which in some states like New Jersey allows the lender to pursue an expedited completion of the action.
Property inspections include information such as:
- Whether or not the lawn is overgrown
- Damage to the property
- Absence of furnishings and personal items
- Overall condition of property
The occupancy inspection is another piece of the foreclosure process. This type of inspection includes verifying whether the property is owner or tenant occupied. If the property is tenant occupied, the inspection also attempts to get rental amounts, a copy of the lease agreement and the owner’s address and contact information.
Within the foreclosure process the types of inspections involved are sometimes confused with home inspections. The two most common inspections in foreclosures involve less inspection of the inside of a property than a general home inspection and instead focus on the exterior along with the owners and tenants.
Need a property/occupancy inspection? Contact DGR and see how we can quickly get you the information you need to proceed with your foreclosure action.