Скачать или смотреть Due Diligence: What Buyers Need to Know

Today we're taking a look at Due Diligence. What is it and why is it important? Due Diligence keeps you from buying a home "As is". No one wants to make the mistake in buying a house that has lots of defects that you never knew about, costing you thousands of dollars.

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Transcription:
It's David Pestana with Rise Utah Realty today I want to share with you some important information if you're looking to buy a house especially during the inspection period are what we call the due diligence because no one wants to make a mistake in buying a house that has lots of defects that you never knew about and you find out later it could cost thousands of dollars. OK. So you're looking to buy a house inside the Utah real estate purchase contract here which I have my hands. There is a section called due diligence. In fact it's in Section Eight point one. Open it up here and in section in this section it gives the buyer the right to to accept or reject due diligence, due diligence is basically saying hey I will I trust to you that the house is great but I want to verify most of the time I would I would say all the time I want people to to do due diligence on a house. The reason is is if you close on the house without doing due diligence you buy it as is. You know that term as is means hey look the seller is not going to repair anything after the close. So you have to know what you're getting into. So you don't want to find out that there's mold in the walls afterwards because that could cost you a lot of money. So in this section eight point one of the contract there outlines a lot of things that you could do in order to clarify what you have access or right to do. It's listed there and in Utah we also have another sheet which I have here which is called the buyer due diligence checklist as realtors we share this with our clients so that they know all of the options that they have. There's actually 20 items listed here. Now do people do all 20 usually not. It's not always necessary and it's very expensive. Now speaking of cost. Most people don't do a lot of due diligence out of sheer cost of doing it. So let me give you an example. You can hire usually the first place to start is hiring a professional home inspector. What they do is they'll check out the house and then make additional recommendations. But even those home inspectors have different levels you know so you could pay 250 bucks on the cheap side for home inspector up to fifteen hundred dollars to get that home inspected depending on the size and the scope of it. So some of the basic things that they're going to look for is obviously leaks and damage to the house outlets electrical very visual things but there's a lot of things that they can't see. Like mold. So unless it's it's like on the shower you could there's definitely mold there with sometimes mold is within walls from let's say a leak that's been going on inside the walls of the house. So hiring a mold air tests for that going to take a couple of days and I'm going to cost you more. Also in Utah we have something called radon. Radon is and nerve gas that in high concentrations they say over time could potentially cause cancer. So they are they also say that it's present in about a third of all houses. So it is fairly relevant out there but most people don't do that why. Because it'll cost you usually a hundred fifty bucks to get it tested and a couple extra days. So depending on what you want to do you want to at least be aware of your options and know that doing due diligence takes time and it takes money it's an investment because you don't you don't want to make a mistake when buying a house because afterwards it is as is as it says in the contract. But usually start with a home inspector and then based on their recommendations you can proceed from there. Now another question I get asked is Well how much time should I request for my due diligence period within the Utah real estate contract. On the very last page of the contract. Let's see here. Opening it up Section 24. There is a section here with deadlines. Those one of the deadlines is seller due diligence deadline. Oh sorry there is a seller due diligence. It's the buyer. The due diligence deadline as well the buyer. That's where we define how much time you're going to get to inspect the house. Normal homes take about two weeks to inspect larger homes especially commercial properties you're going to use a lot more time than that. But think through it if you're going to do a lot of test you may want at least three weeks...