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does this kind of stuff matter in the case of a finished basement? I noticed that the tax records (supplied by the county's website) for the house I am negotiations in, says that the basement is unfinished. In reality, about half the basement is finished, with a nice full bathroom and a rec room.
If this work was done without a city permit/inspection will i have liability after the purchase?
I believe it varies from State to State. Call your local building department to find out what the specifics are for basements (finished and unfinished). They should be able to answer your questions. Also ask your real estate agent to look into the details/history of the basement. If anything your agent should contact the seller's agent and the county to find that information for you. Good luck!
what is due diligence im looking to buy a house and i can find some words that the real estate uses as words but not all is there any words that i shoud wory about when i put a bid on a house that is all i want to pay i dont want any other money to come up later after i fill out all the paper work and than thay say i need to give more money if you can help just looking for word to beware of so i dont have to spend any more money than i have to thanks lisa
what is due diligence im looking to buy a house and i can find some words that the real estate uses as words but not all is there any words that i shoud wory about when i put a bid on a house that is all i want to pay i dont want any other money to come up later after i fill out all the paper work and than thay say i need to give more money if you can help just looking for word to beware of so i dont have to spend any more money than i have to thanks lisa
due diligence ? LOL! start with 10 year price trend vs inflation...
Do you want to pay $800K or $400K for the same house ?
or in another words... do you want to make the home seller wealthier by 100% ?
lisa...
"Due diligence" as a phrase basically means the buyer has an obligation (to themselves) to do their homework. Study, study, study, then study some more. Then maybe you should buy a house.
Once you find a house, study the hell out of it. Examine all of its faults, any legal problems that you might find (such as the ones described in this thread), study the neighborhood, etc.
this is why im asking so many ? now so i dont have any problims later i need to know were to go to look thing up i need to know the ins and out of things can i go to the city halls or town halls to find thing out on the house this is why i ask so many ? so i can start to do my homework and sunnyview you are right dont trust any of these guys i look at a house and the real estate guy said the house was a short sale and told me to bid now before the bank takes over and puts the house up for more money and the bank did take over but the house went down 20,000 lol but anyway thanks for all the help lisa
... and, it's free and anonymous
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BUYERS- MAKE SURE TO DO YOUR DUE DILIGENCE
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Milton Grew, "mggrew"
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Since November 2009
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My first example involves a young couple who made an offer on a 40 year old house here in a Connecticut city. The real estate agent representing them was alert enough to check city records and find that a two-story addition that had been built 30 years ago had never been inspected by the building department and never had a certificate of occupancy. I am called upon to identify code violations and what it will take in corrective work so that it will pass inspection and get a certificate of occupancy. There were significant structural and weather protection issues which would cost about $20,000 in repairs. The buyers wound up having to pay half, an additional $10,000 above their contract price. They had no choice if they wanted to get a mortgage.
The second example I have concerns a house in an affluent town in Connecticut. We designed an exterior makeover to give the house a more unified and traditional style. The project did not involve additions or any structural work. This should be easy to get a zoning permit for, shouldn't it? The couple I worked for owned the house for 15 years. What do you think I found when we went to the zoning office to apply for what should have been a simple permit? There is an open zoning permit for the tennis court 31 years ago, open permit for substantial additions 30 years ago, and open permit for the sunroom 20 years ago. Where were the real estate agents and lawyers when this house was sold to my clients?
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