Real Estate Matters 9.22.2020
PRESQUE ISLE, Maine (WAGM) -Homesteading dreams can quickly turn to nightmares if you discover you can’t build your dream home on the land you love—and now own. That’s why its important to do due diligence. Shawn Cunningham takes a look at that in depth issue in a two part Real Estate Matters.
The future of your new home and property lays in own your hands say local realtors. They stress the importance of doing due diligence to ensure your home, the land it resides on the soil itself are up to standard.
Stephanie Fields Realtor, Fields Realty LLC.
“you don’t wanna buy a piece of land and find out you can’t do anything with it so the due diligence is another word for we also say the home inspection period. So you would do inspection zoning soil testing on the land to make sure it is buildable that is just as important as the search itself."
Shawn Cunningham NO STANDUP
So what exactly goes into an in depth due diligence inspection of land and what questions and issues should be looked into..
“there’s a lot of things they can check off a lot of items they can look into for instance there are a number of steps they should go into on the front end of the land search and that would be the appraisal the lender force would do the appraisal if there is the title company will do the title search of the property.”
Equally important is HOW LONG due diligence should occur...
“it varies on where it is some cities and municipalities have extensive codes some do not the short answer is it really varies it depends on the issues and the number of potential issues that may rise on a piece of property are you building on dry land are you building high are the roads accessible and in rural areas there may not be as much zoming as in other areas.”
And when should due diligence happen...
“you definitely wanna get your land locked in with a purchase price you have typically a 15 day period on a home inspection 15, 20 day period when you get a home a dwelling under contract the buyer has 15-20 days to conduct a home inspection that would be the same thing with the inspection of the property.”
She advises to go into the due diligence process with an experienced broker and builder by your side and enjoy dreaming about destination your new home...Shawn Cunningham, NS 8.
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