Six Additional Research Resources For The Informed or Paranoid Buyer

Starting my professional career out as a civil litigation attorney, I learned very early that research usually wins cases. The victorious attorney was not necessarily wearing the fanciest suit, nor was it the lawyer that strolls into court with an overconfident swagger and very little paperwork. It has been my experience that the winning lawyer capable of making the strongest argument is usually the one that puts in the most time behind the scenes and researches the heck out of the case. 

As soon as I started looking at real estate properties I adapted that same mentality. Research, Research, Research. Sure, no matter how hard you look, you will inevtiably miss something. Not to mention the fact that sometimes deals come and go so fast that you do not get the chance to do enough research and due diligence on a property. But, if you do have the time, I would highly recommend doing as much research as possible on any property you decide to purchase.

The MLS has a lot of great information that you can examine, as well as the sellers' disclosure form, the home inspection report, and of course your own visual assessment. But, if you want to go even further, I have provided a list of six additional sources that you can look to find even more information. This list is by no means in itself a checklist for purchasing a property. But, I hope it will serve to get you thinking about additional angles to look at when considering a home.

While at first glance this blog post could definitely be seen as going overboard in researching, I would respond to that assertion by saying that you might also be able to use any extra information you find as more ammunition for your negotiation of the purchase price as well.

1. FEMA Flood Maps

While it is often disclosed by the seller, it is nevertheless important to plug the property's address into the FEMA flood maps search page. It is very easy to use this tool and it gives a good general idea of what properties would be required to buy flood insurance, if they have a mortgage. It is not always 100% accurate, as evidenced by the fact that many people are able to get elevation certificates that prove they are above the flood zone, but it does give a good general idea of the zone. I think the rookie property buyer would be surprised to find out just how many properties fall within flood zones. It is not just the beachfront bungalows. Even if your property is not within the zone, you might be able to use it as a negotiating tool if neighbor properties are within the zone.

2. Sex Offender Registry

Many states provide an online sex offender registry database that is easy to use. You can plug in the town, zip code, etc. There are instances when certain buyers will avoid buying a home because it is located next to convicted sex offenders. It should not be used to harass or discriminate against them, but it is another resource available to look at.

3. Walk The Land

When fully researching a property, it is important for a buyer to not be distracted by the new stainless steel appliances, the quartz countertops, and the smell of the freshly baked chocolate chip cookies the realtor just took out of the oven. Look beyond that. See the guts in the basement and the mysteries that the attic holds as well. And do not forget to put on your old pair of shoes and walk the land. You never know what you might be able to find out and what clues you might find. For example, you might be walking a property and find a lot of granite ledge. This could get you thinking that there could be the possibility of radon in the basement.

4. Building Department

If you are considering a new house, it might be worth it to go down to the town's building department and inquire as to if any renovation permits are still open and it will help you find out if any actual permits were taken out for recent work done. Unpermitted work can lead to significant issues, costs, or safety concerns in the future.

5. Google

Even though it is obvious, do not overlook it. If you have a couple free minutes, then plug the address into the google search page. More than likely the first five pages of results will just be links to various real estate offices if it is already listed, but once in a while you might see an interesting article about the house or the nieghborhood. One time I stumbled onto the minutes from an obscure town meeting that discussed a negative issue surrounding a particular property I was looking into. That two minute search ended up saving me a lot of money and potential headaches.

6. The Satellite View

Whether you use Google Earth or Bing's Bird's Eye, it can be a valuable tool. Of course you are going to walk the property itself and you are probably going to see it on a map, but I always zoom in and out and look from all angles at the property itself and especially the surrounding area. Certain buildings and features could affect your decision to purchase the property or at least help to value the property differently. For example, I visited a beautiful listed property and then went home and saw that the satellite image showed an airport close by. That then told me to go back to the property and sit there for a few more minutes to determine if a lot of low flying airplanes would devalue this property that is in the flightpath. Another example is if you see from overhead a giant earth mound with vents sticking out. This could indicate a landfill and it might throw off some potential buyers if their well is so close.

These are just a few ideas to get you thinking about further researching properties before you commit to buying them. If nothing else, I hope it helps the rookie buyer realize that a property is not always just a a two dimensional picture on a listing sheet and that they can put in some time and effort to maybe find evidence that will help their case for lowering the purchase price during negotiations.