Performing Your Due Diligence on Phoenix Waterfront Homes
You’ve found the perfect waterfront home in your favorite lake community. Your offer has been accepted and now the 10 day inspection period begins. There are resources to assist you. The Arizona Department of Real Estate has published the Buyer Advisory to help buyers understand the documents used during the transaction, help investigate the condition of the property, and assist in evaluating the area surrounding the property. Section 6 of the AAR Residential Resale Real Estate Contract instructs the buyer to conduct all physical, environmental, and any other inspections within the inspection period. This includes consulting government agencies, lenders, insurance agents, and others regarding zoning, fire, health and safety codes. The Department of Real Estate has created the Home Buyers’ Bill of Rights to help buyers be aware of material issues regarding the property. I also created a page on my website in order to educate buyers on the home buying process. Hiring a competent inspector is also a major part of the process. These activities are important but do not constitute a complete inspection.
An Easily Overlooked Inspection Activity
I was showing house this past week to a couple that have relocated from Minnesota. We were in a neighborhood that appealed to them and they were looking for confirmation that it would was what they are looking for. I mentioned to them that the best advice I can give is to talk to the neighbors, just as it mentions on page 8 of the Buyer Advisory:
“Talk to the Neighbors Neighbors can provide a wealth of information. Buyers should always talk to the surrounding residents about the neighborhood and the history of the property the buyer is considering for purchase.
Drive around the Neighborhood
Buyers should always drive around the neighborhood, preferably on different days at several different times of the day and evening, to investigate the surrounding area.”
I left after showing the last house. They lingered and went about finding a friendly neighbor to give them the inside scoop. My next conversation with them started with their comment, “We talked to a couple of neighbors and now we’re sure that’s the area we want to live in.”
Neighbors can be an invaluable source of information when it comes to schools, traffic levels, HOA rules, lake maintenance, airport or freeway noise, local government, crime activity, city services, and the real story about the house you’re considering. Tap into their collective knowledge and get an insiders’ perspective of the neighborhood.
Whether you’ve decided to settle in Ocotillo, The Islands, Val Vista Lakes, Scottsdale Ranch, or Arrowhead Ranch, make sure you don’t over look this important information gathering technique!