Property inspections and occupancy inspections for foreclosures are often confused with a complete home inspection. Unlike home inspections, these types of inspections take place in a different stage of a foreclosure.
Property inspections and occupancy inspections happen in the beginning of the foreclosure process, whereas the home inspection takes place when an individual is looking to purchase a property.
A property inspection for a foreclosure occurs because the bank or lender needs to verify the condition of the property and building, regardless of whether it’s residential or commercial. This type of inspection generally doesn’t include an interior inspection and instead focuses on the outside of the building and its occupants.
At DGR our property inspectors also look to see if the property is abandoned by taking note of things such as:
- Overgrown or neglected vegetation
- Disconnected utilities
- Absence of furniture
The occupancy inspection takes things a step further and involves talking to the residents of the building, whether they are the owners being foreclosed upon or tenants the owners are renting to. The occupancy inspection verifies who exactly lives there and works to obtain additional information such as rental amounts and a copy of the lease.
Foreclosure property inspections and foreclosure occupancy inspections both serve an important purpose in determining who needs to be notified in the event of the foreclosure as well as how the bank or lender will need to proceed. If there are tenants, for example, the rules of service and also eviction are different than if the property is owner-occupied.
Interested in our property or occupancy inspections? Contact us today to see how we can help you get the information and reports you need.
