You’re eager to close the deal on a home you like. But the musty smell in the basement and the ever-so-slight sag in the roof are making you think twice. Instead of ignoring your gut feeling and getting caught up in striking an unbeatable bargain, now’s the time to call in Mr. Due Diligence himself – the home inspector.

It’s a must, experts say. Especially if you’re buying in a market overrun with foreclosed properties.

“The risks a prospective buyer takes by not seeking the advice of a skilled, professional home inspector is that they could potentially buy a property with significant problems,” says Richard Maize, real estate professional and consultant from Los Angeles, Calif. “These can include a cracked foundation or roofing, mold, electrical, or plumbing issues. Just one of these items needing repairs could cost thousands of dollars.”

Hiring a home inspector, and not just a layman, is important. A layman “may not recognize whether all these items are in working order and up to the standards or current guidelines of the local department of building and safety,” Maize says.

If the inspector is able to locate any red flags in the home, he or she can document each problem in detail and make a full list that you can discuss with the seller. Armed with this list, you can ask the seller to either make the necessary repairs or lower the selling price.

That’s why having a home inspector for a foreclosed property is so important, says Dan Steward, president of Pillar to Post, a home inspection service provider in Ontario, Canada. “These homes can sit empty for several months, leading to problems ranging from major roof leaks to mold to malfunctioning water heaters,” he says. “There can be health and safety issues involved with a home sitting empty for some time.”

You can get good news though, too. “In fact, home inspections evaluate all aspects of a home, often resulting in giving prospective buyers peace of mind in knowing the full condition of the home – both problem areas and areas that are a great benefit,” Steward says. “For example, they can reassure a buyer that a roof is new and will not need replacing for several years.”

Most conventional mortgage lenders do not typically require home inspections, Maize says. But Rick Koller, the chief operations office with Tauscher Cronacher Professional Engineers, Baldwin, N.Y., says any real-estate attorney worth his salt would not allow a client to buy a home without having an inspection. “In the past, having a home inspection conducted was an option. Today, it is a standard,” says Koller.

Find a reputable home inspector through your real-estate agent, says G. Scott Haislet, CPA, a tax attorney and licensed real estate broker in Lafayette, Calif. Or get a referral from the National Association of Home Inspectors or the American Society of Home Inspector.

The professional you hire should perform a thorough evaluation of the home’s interior and exterior, Steward says. This should involve a visual inspection of accessible systems and components– including the building envelope (roof, walls and foundation), structure (foundation and beams), and systems (HVAC, plumbing and electrical).

Keep in mind that the inspector isn’t prescient, says Koller.

“It is a visual inspection only. The inspector cannot excavate, dig or even move personal items of the seller. Additionally, if the inspector deems it unsafe to walk a roof line or access a crawl space, then that area may have limits within the inspection,” Koller says.

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