Occupancy inspections are becoming a standard practice in foreclosure cases in New Jersey and with good reason.
When a home is being foreclosed on, it can’t be assumed the people living there are the owners. Oftentimes there is someone renting out the house which means different rules and procedures need to be followed. It also means due diligence needs to be conducted to track down where the owners actually do reside.
Occupancy inspections provide information on the current residents of the dwelling , particularly if they are tenants. Rental amounts are attempted to be collected, along with a copy of the current lease.
Vacant homes can also be determined through a separate type of inspection – a vacant and abandoned inspection. An occupancy inspection can quickly become a vacant and abandoned inspection upon noticing more than 15 key signs, including an overgrown lawn and an electric meter which has been turned off, etc.
Vacant and abandoned inspections, with New Jersey, can expedite the foreclosure process. It is important to choose an experienced occupancy inspector or vacant and abandoned inspector to make sure the lender is following all the necessary laws and compliance requirements in a foreclosure matter.