How to Become a Bank Foreclosure Inspector

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Bank foreclosure inspectors review the condition of bank foreclosed properties for banks and potential buyers. Although they are a type of housing inspector, the checks they perform are much less detailed than full home inspections. They focus on the overall condition of the home and any serious damage to the property. No state licensing or certification is required to work as a bank foreclosure inspector.

  • Learn the trade. Bank foreclosure inspectors are currently not regulated by any license or certification. However, you are not likely to get many clients if you do not know the basics of the trade. Take a home inspectors training course and gain credibility. The American Home Inspectors Training Institute provides on-line and classroom courses with prices starting at $1,000.

  • Get certified. Again, this is optional. Anybody can put up a sign and start calling himself a bank foreclosure inspector. Nevertheless, most home inspection companies that subcontract work to other contractors want them to be certified. Certification will open up new business opportunities and allow you to charge higher fees. The National Association of Home Inspectors provides a Certified Real Estate Inspector Program that requires you to take a written exam and complete 250 full, fee paid inspections.

  • Get insurance. This is optional for bank foreclosure inspectors. However, you are personally liable for any mistakes you make, and you can be sued for any damages resulting from your inspection. For instance, home inspectors in New Jersey are required to carry errors and omissions insurance for a minimum of $500,000 to become a licensed home inspector. Although this is not a requirement for bank foreclosure inspectors the risks they take are similar.

  • Find clients. Advertise your services in trade magazines, newspapers and real estate agencies. You can also attach yourself to larger companies and subcontract your services. However, home inspection companies require their subcontractors to be professionally certified and carry errors and omissions insurance.

References

  • Photo Credit building inspector,woman image by Greg Pickens from Fotolia.com
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