- Michelle Plunkett
Hey there, home buyers!
Are you thinking about purchasing your dream home? That's exciting news! But before you complete that purchase, let's talk about due diligence.
What exactly is due diligence? It's the process of thoroughly researching and investigating a property before removing those contingencies. This means taking a closer look at things like the seller’s disclosures, property's title, zoning regulations, past inspections, and any potential liens or encumbrances. It's like doing your homework before a big exam - it might take some time and effort, but it's absolutely necessary to ensure you're making the right decision.
Why is due diligence so important? Well, for starters, it can help you avoid any nasty surprises down the line. Imagine buying a home, only to discover that there's a major issue with the property's title or that it's located in an area that's prone to flooding. These types of issues can be costly and time-consuming to resolve, and they can really put a damper on your excitement about your new home.
By conducting due diligence, you can also ensure that you're getting a fair price based on the attributes of the property. For example, if an inspection reveals that the home needs significant repairs, you may be able to negotiate a lower price with the seller. Similarly, if the property sits in a flood zone with costly insurance, you may be able to ask the seller to participate in covering some of that additional projected cost.
So, what does the due diligence process look like? Well, it can vary depending on the property and your specific needs. In general, though, it will involve things like reviewing documents, researching the property's history, and hiring professionals to conduct inspections and assessments. A good real estate agent can help guide you with this process.
It's also worth noting that due diligence isn't just important for buyers - sellers should also make sure they're fully disclosing any potential issues with the property. Not only is this the ethical thing to do, but it can also help avoid legal issues down the line.
In conclusion, due diligence might not be the most exciting part of the home buying process, but it's definitely one of the most important. By taking the time to thoroughly investigate a property before completing a purchase, you can ensure that you're making an informed decision and that you'll be able to enjoy your new home for years to come.
Contact Team Plunkett to explore how we help our clients through this process!