Just moved into a home and noticed that the outside spigots do not function. There are two, one in front of the house and one in the rear.

The handles open and close fine and without excessive force, the water supply is fine inside the house (no problems with low pressure in any area, etc.).

I've been told by a few people that there is likely a cutoff for the outside spigots to prevent them from freezing in the winter. I've been looking around in areas I suspected these to be located in the basement but have yet to find them. The basement is a fully finished walk-out basement to the back part of the property.

Are these cutoffs (if that is likely my problem) typically located in easily accessible spots? Are there any other problems I could be facing causing these spigots not to function?

If there are shutoffs to your outside spigots they will be located on the supply line close to where it exits the house to the outside spigots. If you have a finished basement the shutoffs might be under the ceiling tile. Let me know if they aren't there and we'll dig a little deeper. Regards, Tom