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Each bank or lender may have there own definition of what a "foreclosure home inspector" is and the position may carry additional responsibilities or requirements depending on the bank. But in general a home foreclosure inspector is someone from the bank or a subcontractor hired by the bank, who goes to a property that has been or is being foreclosed on. The purpose of the inspection is to determine, the condition of the home, what repairs will need to be made and approximate value of the home. Another big purpose of this inspection is to determine if someone is currently living in the home. If the homeowners have moved out of the home and it is abandoned, the bank can forgo the eviction process and immediately take possession of the home. This can save a substantial amount of money for the bank. In most cases you'll need background in real estate, appraisal or other related field to land this type of job.
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Increasingly, as an alternative to seeking out professionally trained, licensed home inspectors, banks and
buyers are turning to less-costly home-foreclosure inspectors, who are generally unlicensed and untrained,
to check for flaws within foreclosed properties. Such work is done to protect remaining property assets and
update documentation records. Foreclosure inspectors, most of whom are also referred to as independent
contractors, conduct inspections which normally consist of taking photographs and notes of interior and
exterior damages.
Afterward, the information obtained from the contractor is then used by the bank when determining what
needs to be done to sell the home. On a less-positive note, a foreclosure home inspector, in contrast to a
fully trained home inspector, is armed with only a basic how-to kit or guide, and so does not have the know-
how to detect any of the less-evident hazards within a house, such as water in the basement. That duty is
reserved for the licensed home inspector, who must undergo 448 hours of training that is related to wiring,
structural details, and electrical systems before becoming certified. A year-long apprenticeship is the alter-
native, and often preferred, route.
Normally, in regard to salary, a foreclosure home inspector can expect to receive at least $750 weekly.
And there is no doubt that foreclosure inspection is in huge demand in this decade. Adding to this demand
is the fact that inspectors seldom take more than an hour and 15 minutes to complete each evaluation.
Simply put, they work quickly and they serve as the "middlemen" between those who inspect thoroughly and
those who do not conduct examinations at all. Further, so-called "drive-by" evaluations are done by some
companies to examine properties facing pre-foreclosure. In most cases, these cost no more than $89. A
simple walkthrough, for a buyer, can cost $250. Banks get charged $600. Ultimately, though sometimes
criticized for not abiding by a regulatory system, it's the home-foreclosure inspector who comes out on top.
What does a home foreclosure inspector do?
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