FORECLOSURES occur when the mortgagee, usually a lender, obtains a court order of termination of a mortgagor’s equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender try to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. These properties are usually sold “AS IS” and due to neglect aren’t in move-in condition.  Sometimes the displaced homeowner has removed as many of the fixtures and other items from the structure, which creates a problem for inspecting.  Due to these existing conditions, the utilities sometimes can’t be turned on without creating further damage. In addition, disclosure statements, including information about lead-based paint, radon, mold or any other problem areas, isn’t provided. An inspection on this type of property can be performed by looking at the forensics of the structure and providing to the buyer the necessary information needed before the end of the due diligence time period. Due to these property conditions, it is highly recommend that certain environmental tests, especially radon gas testing and mold sampling be performed to make certain that the structure will be a healthy environment for your family to live in.  Need this type of inspection call us at 770-461-3408.