Distressed Property Inspections

[Ed DeRousse]

Is anyone familiar with, "Distressed Property Inspections?"

I was just approached by an agent friend of mine who recently took a class with a company handling, "Short-Sale Properties," that are training agents to handle the listings. They have asked him to find an inspector willing to perform these inspections, performed for potential buyers interested in learning more about the properties, before commiting to a contract, rather than paying for a complete home inspection before they have decided to commit to the purchase.

I'm just wondering about what type of Agreement I should use, if using a special report format should be used, and what other people are actually inspecting for in this type of home inspection.

Thanks for your help!

[Jeffrey R. Pope]

The term "distressed property" is reference to properties that have been acquired by a lender through foreclosure, bankruptcy and/or a "short-sale" process. This should have no affect on your inspection protocol - standard inspection, standard agreement.

Roughly 80% of the homes I inspect are "distressed properties."

[Robert W. Jude]

if i could do a walk through and verbal opinions on everything inspected- no report, i'd charge half price.

[Larry J. Michael]

Me too.

[John E. Mullarkey]

I would do a "verbal inspection" as well so long as there was no paper agreement and payment was in cash. Other than that everything would have to be a full inspection with report. I am a firm believer in CYAM cover your azz management.

[William J. Decker]

In Illinois, if they were not under contract (AND, SPECIFICALLY, ASK) then it is just a walk and talk with no contract or report required.

$250, minimum, and check at time of inspection.

Hope this helps;

[dbelmont]

Definitely paid at the inspection without exception.

Verbal only. Usually 200-300 depending on size. Lowest I've ever done is 175 but that was special case where there were 40 properties to do and I could do 10-12 a day with little driving (a rare occurrence around here)

Lesson from doing these. Get paid upfront. No matter what they say get paid upfront. Under no circumstance inspect without being paid upfront.

[rsovastion]

Did one today. The bank asked for it. They asked to hit the high points to give them an idea of the property.