Q. We are currently looking to purchase a home 300 miles away. We already own one home and are looking for a retirement place. We did the bank pre-approval and have been approved. The home price started at $157,000 and has dropped twice in 3 months, current price is $139,900. The house has be vacant for 3 months. They are not calling this a foreclosure, however the previous owners filed bankruptcy and a mortgage company has the loan. Being that we don't know anyone in the area I'm a little nervous to rely on the agent to find me a home inspector. Any suggestions? Also what are your thoughts on this price reduction. Does this mean that the mortgage company wants to get rid of the house?

A. It's not unusual for banks to offer foreclosed properties at below-market prices. Lenders aren't in the real estate business and often they just want to get rid of the house -- especially if the balance due on the mortgage is low. The bank may not be calling this a foreclosure, but if the lender is holding the sale, for all intents and purposes, that's what it is.

It's possible that the bank was forced to discount the house because of its condition. Many foreclosed homes have suffered from poor maintenance and outright vandalism. That's why you need to have a professional assessment of its condition and be fully aware of the cost of any repairs before you buy.

Interest.com's article, 10 smart moves for buying a foreclosure, points out things you need to watch for when contemplating such a purchase.

You're wise to be leery of a home inspector recommended by your agent. Most inspectors are beholden to real estate agents for the lion's share of their business, so it is not in the best interest of the inspector to find a lot of problems that would kill a sale for the agent.

What we suggest -- and this would take some time and effort -- is to have the home in question inspected by a team of knowledgeable tradesmen: an electrician, a plumber, a heating/air conditioning guy, and a general contractor. You would have to travel to the home and spend a day or two talking with these people about any real or potential problems they find. You could schedule one or two appointments an hour to speed up the process, but you would probably get a better assessment of the condition of the house -- especially since it has been vacant -- by hiring professionals in the various areas that might need attention. And they could be more likely to give you an honest evaluation, as there would be a chance for future business.

If this doesn't work for you, at least hire a home inspector not recommended by your agent. There are home inspectors associations listed on the Internet and each has a small write-up about its history, its membership, training requirements and so forth. We don't endorse any of these organizations, but we do feel it's a good option. Our top two choices are: American Society of Home Inspectors (ASHI); and The National Association of Home Inspectors, Inc.

You can find local inspectors by entering the zip code of the home in question. You might want to talk to two or three not only to get prices, but also to get a feeling about them and how they approach their work. It's difficult to make long-distance decisions, but sometimes it's necessary.