What is Due Diligence When Buying a Home and Why is it Important?

Reblogger Patricia Kennedy
Real Estate Agent with RLAH Real Estate AB95346

Let's hear it for all of our favorite house nerds who find the good and not so great stuff in the homes we sell!  Great post for explaining the due diligence part of buying.

Original content by Jeff Dowler, CRS CalBRE License #01490977

Due Diligence When Buying a Home - It's Important!

 

what is due diligenceWhen buying a home in Carlsbad CA, or anywhere for that matter, it’s critical to do your due diligence as the buyer during the contract period, which will vary not only by state but by what might be negotiated between you and the seller. You will want to check with your Realtor about your specific rights and obligations.

 

Thorough due diligence is essential to ensure you know as much as possible about the property you are buying so you can make an informed decision about whether to proceed with the purchase within the defined time frame in the contract, or not.

 

And keep in mind there are certain contingencies in the contract that must be removed by a particular time (e.g., home inspection) and which depend on your due diligence and investigation. You can read more about how to remove contingencies here!

 

Here in California the Residential Purchase Agreement (RPA) sets forth the time period, often also referred to as the contingency period, during which a buyer has some pretty specific and important tasks to carry out. These tasks include, but are not limited to, the following:

 

Home Inspection (read how to prepare for your home inspection)

Termite Inspection and Section 1 clearance

Other Inspections (there are a number of other inspections that may be recommended by your inspector OR that you feel are important)

Seller Disclosures (e.g., Transfer Disclosure Statement or TDS in California)

The Natural Hazards Disclosure Report (a.k.a. NHD)

Review of all HOA Documents

Review of the Preliminary Title Report

Insurability of the property

 

Is there more? You bet.

 

Buyer HandbookMost buyers have a long list of questions about things when buying a new homes, especially if it’s in an area they are not familiar with.  These might include the following:

 

Neighborhood and what the neighbors are like

Schools and preschools

Crime and safety in the area

What’s happening with that large vacant lot across the street?

What’s local traffic like?

Is the home in a noisy area (e.g., traffic, train, major roads, airport)

 

Here are some other things:

 

Where the official property line is and who is responsible for the existing fence?

What’s it like living in the community if there is an HOA?

Where are shopping, dining, and other services and amenities?

Other lifestyle issues (recreation, commuting routes, medical)

Is there a dog park nearby?

 

No doubt you will have some other things you will wonder about. The important thing to keep in mind is that whatever concerns or questions you have should be thoroughly investigated during your due diligence. It’s a lot of work in a relatively short period of time, but well worth it so you won’t regret your decision. After you close on the home, it's too late.

 

 

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Rainmaker
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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

They're good a lot of things that can hope to go back psychologically, but eventually we learned.

Dec 02, 2016 11:42 PM #1
Rainmaker
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Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Patricia Kennedy - I think I missed this one, I am glad you re-posted it! Thank You! I enjoy reading blogs from California. This is where I bought and sold most of my homes before becoming a real estate agent. 

Dec 03, 2016 06:13 AM #2
Rainmaker
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Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Patricia Kennedy, great reblog and Jeff Dowler knows about his real estate.  Make it a great day!

 

Dec 03, 2016 08:04 AM #3
Rainmaker
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Jeff is right on top of this one.  I missed it the first time around

Dec 03, 2016 04:46 PM #4
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Sheri, a lot of good blogging happens in California!

Dec 07, 2016 12:24 PM #5
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Will,  Jeff is a terrific agent.  I see him each year when he comes for the NAR meetings here in DC.

Dec 07, 2016 12:25 PM #6
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

William, glad you caught it this time!

Dec 07, 2016 12:25 PM #7
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