Lake Oswego Real Estate Due Diligence

In the mid-70s when I first started selling real estate, the only inspection available for a buyer was a termite/dry rot inspection. In all the years after that and since, I have only sold two houses that have actually had termites, although many homes have had and still have dry rot.

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Unfortunately, many of the cities and counties also did not keep records at that time. There were no well reports or Well Master, water potability samples weren’t taken, radon hot spots weren’t even on our radar, there were no landslide reports, FEMA flood zone maps weren’t available, no floor plans were on file, zoning and zoning maps were not available, cities didn’t keep permit records, there was no DEQ to decommission oil tanks or records kept, lead base paint wasn’t an issue at that time, and there were no soil samples taken etc. not to mention all the other issues that come with buying a home. There was really no where to go and get any information about anything.

What Is Due Diligence?

One of the many ways to protect yourself against purchasing a home with any major defects, is the opportunity for you to perform your due diligence within the inspection time period.

What is due diligence? After your offer has been accepted by a seller, you may order inspections, research permits and zoning, obtain hazard insurance and investigate environmental or any other factors that may affect the property.  Licensed contractors perform a home inspection, alerting you to any potential problems, but you may also need further inspections by licensed and bonded specialists for specific inspections.

Types of Home Inspections During Your Due Diligence Time Period

In addition to a full home inspection, a buyer has the opportunity to have other specialty contractors perform some of these specific inspections:

  • asbestos
  • electrical
  • exterior siding
  • fireplace/chimney
  • Heating/Cooling
  • Land Survey
  • Mold/Mildew
  • Pest/Dry Rot
  • Plumbing
  • Radon
  • Roof
  • Structural
  • Toxic/Hazardous Substances
  • Underground sprinklers
  • Underground storage tank
  • Sewer Scope
  • Well test
  • Septic/Sewage System
  • Water Potability

At the end of the due-diligence period, a homebuyer has several options.  A buyer can negotiate with the seller for necessary repairs or credits for work to be done, accept the property in its present condition or cancel the sale.

In A Hot Housing Market

Many buyers are certainly educated about the specific inspections that can be performed.  However, the reason I am writing this post to begin with is because of my concern that in this “hot” housing market we are experiencing in the Portland metro real estate areas, some buyers in their efforts to “get that house”, are waiving their right to have home inspections.  I never suggest to my buyers they do that.  In fact, some of my buyers have lost out on houses because they did not waive their right to have any/all home inspections available and miss out on their chance to perform their due diligence.

I am concerned about those buyers who have waived that right in this real estate market, who may down the road find major issues that far outweigh the price or rush to get their offers accepted.

Exercise your right to conduct home inspections. It is extremely important you perform your due diligence.

 

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2016. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

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