Home Buying Checklist

Before you buy a home, whether it is foreclosed, HUD, or other, it’s important to thoroughly check the quality of the real estate. There are a number of factors to keep an eye out for that might not be covered in a real estate inspection. This is especially important with a foreclosure or HUD home as many times these homes have not been well maintained. A careful watch will help ensure you live in a home that makes you feel safe as well as proud.

Lot Condition

• Are walkways and driveways clear? Are all steps sound and free of hazards?
• Evaluate the drainage system. Are all drains clear?
• Water collecting near the house from poor drainage can result in damage to the foundation. Is there any evidence of this?
• Is the yard private? Fenced in? Appropriate for children or pets?
• Has the landscaping been maintained?

Foundation and Exterior

• Are all relevant foreclosure or other documents regarding remodeling, adding on, or foundation repairs available?
• Is the paint, brick, or siding in good condition?
• Are there any trees too close to the home that could potentially cause structural damage with their roots?
• Is there adequate exterior lighting?

Location and Neighborhood

• Does the community seem safe and pleasant? Visit it both in the day and at night.
• Compare the foreclosed or HUD home to others in the neighborhood. Does it look more worn down than other property in the area? In cases of foreclosures, the property may appear more run down than other non-foreclosed homes, but remember that these issues can be resolved.
• Consider the home’s proximity to important features like schools, medical care, shopping, your place of employment, and more.
• Are there special foreclosure or regular property taxes that need to be taken care of?
• Does the house’s age require extra caution regarding lead paint, asbestos, lead pipes, etc.? Again, this is important to consider with a foreclosure.

Roof and Attic

• Are the shingles in good condition? What’s the average life expectancy for this type of roofing material?
• Is the insulation of the foreclosure sufficient? Are the water pipes in the attic insulated?
• Is there any sign of present or past pest infestation in the attic?
• Is the attic easily accessible? Is there ample storage space?

Interior and Floor Plan

• Does the floor plan conveniently fit your daily routine? Are there enough bedrooms and bathrooms?
• Are the rooms large enough and have ample storage space?
• Are rooms well lit and well ventilated? What’s the general condition of the floors (hardwood or carpet)?
• Is the drywall, wallpaper, paneling, or wall tile in the rooms in good condition? What about cabinets, vanities, and countertops?

Heating and Air

• What is the age of the furnace and air conditioning system? Has it been serviced annually? Since regular HVAC maintenance is viewed as a “nice to have” by some homeowners, you may find that this has been neglected in a foreclosed home or HUD home.
• Are filters clean or easy to replace?
• Is ductwork in good condition?
• Are there air registers in every room? Is there excessive dirt or mildew around ceiling vents?

Electrical & Plumbing

• Do the electrical wires pose a hazard to the home (too close, overgrown, etc.)? Is exterior wiring installed properly with weatherproof outlet covers and switches?
• Are light switches located by the entrance of each room, at both ends of the hallway, and at the top and bottom of the stairs?
• Are electrical outlets grounded (this is especially important in older foreclosed homes)?
• What type of piping does the house have? Does this pose any threat?
• Is there a main shut off valve to the house?
• How old is the water heater? It should probably not exceed 10-15 years.
• Does the house have a main sewer/drain cleanout?
• Are the sinks and tubs free from rust and chipping? Are tiles still in good condition without cracking or heavy caulking?

Security, Safety, and Convenience

• Is the front entrance visible from the street? Does it have proper lighting?
• Are exterior doors solid with quality locks and hardware?
• Is the home equipped with smoke detectors? Foreclosed homes often lack basic safety necessities.
• Does the neighborhood have ample streetlight?
• Is there house or curbside trash pickup?

Other Home Buying To Do’s

• Learn the age of all the major appliances and any large repairs that they have required.
• Make a list of any “must haves” for your new home before you begin searching. Remember that with foreclosures and HUD homes that you may need to be more realistic with your wish list in exchange for finding a diamond in the rough.
• Bring along a camera so you don’t forget each home.
• Call the utility company to find out what sort of price range you will be looking at.
• Most importantly: Don’t be afraid to ask questions about the foreclosed homes and the foreclosure process.

Gaining access to a database of thousands of foreclosed homes nationwide by signing up for Foreclosure Fetcher’s FREE 7 DAY TRIAL is the first step to checking off the boxes on your Home Buying Checklist and becoming a homeowner or home investor today!