Questions and Answers About Home Inspections and Warranties

There are Las Vegas foreclosure deals and it is a buyers market due to the staggering amount of foreclosed homes in the Las Vegas real estate market. There is also a lot of confusion about the process of buying a foreclosed or bank owned homes in Las Vegas. This foreclosure information can help answer some or the basic questions on buying a foreclosed or bank owned home in Las Vegas. Being an informed buyer can greatly reduce the stress of buying a foreclosed home, especially for a first time home buyer

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Q: What is a home inspection?

A: When the offer on a home has been accepted by the seller and the purchase agreement has been signed, then it is time to get a home inspection. A home inspection is done by a professional inspector, who is generally a contractor or an engineer. A professional inspector inspects the home throughly to look for problems that the home buyer needs to be aware of before buying the real estate.

The home inspector is a third party who represents and protects the home buyer from making a purchase with serious hidden defects. The home inspection is paid for by the buyer. The home inspection will cover the grounds, the structural integrity, as well as the interior and exterior of the home.

Q: Does the buyer find the home inspector?

A: Since the home buyer pays for the home inspection, it is your choice on who to hire. Make sure they are reputable and have a Nevada State license. Your realtor should know of several home inspectors and be able to call and schedule this for you if you wish. Home inspectors rates can range from $250 - $400 and up. You or your realtor needs to be present and will be given a full report and the home inspector will expect to be paid at that time.

Q: Do all home purchases need a home inspection?

A: Absolutely. Whether you are buying from a home owner or buying a foreclosed home in Las Vegas, a smart buyer will get the home inspection. Even though buying a foreclosed home in Las Vegas is bought "as is", the home inspection lets you know if there are serious repair issues to factor into the purchase. If major repairs are needed to the foundation, roof, plumbing or electrical system on the Las Vegas foreclosure home, then the buyer has the option to renegotiate the purchase agreement or even back out altogether.

Q: Can I get a home warranty on a foreclosed home?

A: Yes. Home warranties can help protect the home buyer from any number of issues that could arise later on. A home warranty is usually for a year from purchase.

Q: Who pays for the home warranty?

A: This is another item covered in the all important purchase agreement. Sometimes the home warranty becomes a point during negotiation process.

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