When you buy foreclosures for investing then you will most likely want a renter in the home or to flip it and make a profit. An inspection is the most important thing you can do so you ensure making a profit and not a big mistake.
An inspection will give you a good idea the cost of damages that need to be repaired before the home is in a condition that can be rented. The home has to be livable and acceptable. The longer the house sits without a tenant then the longer you are losing money. Before you buy foreclosures you need to estimate the cost of the repairs and how long they will take to get done.
If you want to buy foreclosures so you can flip them and make a profit then you have to be sure you are going to make a profit. When you do an inspection it is important that you get a very accurate estimate on the exact cost of all repairs including parts and labor. Add this cost to the cost of the home. Once you have this number the question you must ask yourself is if you can sell the home for more than that number. The difference is what the profit will be and if you are paying anyone else that is working with you.
Many investors take a big hit on their investments because they don't know how to figure out if they will make a profit or not. The most important thing that you can do is hire a professional inspector to go to the home and provide an accurate inspection of the property.
