Oh, the horror stories you hear. A couple who was ecstatic to have their offer accepted and didn’t realize until after they closed that there was no air conditioning, despite the MLS listing indicating there was. The guy who discovered his sewer line ran underneath his neighbor’s property instead of his own – turning a busted sewer line into a difficult situation with his neighbor. The couple who assumed all the plumbing was copper when in fact it was polybutylene. The list goes on and on.
What do they have in common? DUE DILIGENCE.
Due Diligence in Colorado Springs
When you buy a home in Colorado Springs, you typically get an opportunity to perform due diligence. This is an interval that allows the home buyer to inspect the home and make sure they understand the condition before agreeing to the purchase. Due diligence can take many forms – home inspections, title searches, sewer and septic inspections, surveys, radon tests – there’s any number of activities that can be performed, depending on what YOU are concerned about.
While a seller and the real estate agents involved in any Colorado Springs real estate transaction are liable for these kinds of discoveries if they were known and not disclosed – that would be fraud – generally, it is the obligation of the buyer to do their own research. Caveat Emptor – let the buyer beware! The assumption is that the home buyer will inspect the place completely before finishing the purchase.
Conducting Due Diligence
So how do you do sufficient due diligence in Colorado Springs? Here are a few tips.
- Take advantage of that home inspection! Read the report, ask questions, think about what other kinds of inspections might be important to you.
- Talk with your agent about what kind of due diligence is common for the area. If most buyers are getting a survey because of lot and fence line issues in the neighborhood, you might want one too.
- Attend the inspections and focus on the house while you’re in it. Sure, it’s good to measure rooms to see how your furniture will fit, don’t get caught in your dreams and not pay attention to little indicators. You’re going to notice so many small things once you move in!
Buying a home in Colorado Springs is serious business! Make sure you have sufficient knowledge about the product you are purchasing. If you’re not sure how to do all that, we can help!