West Hollywood Cash Buyers Beware! Do Your Due Diligence!

Buyer beware! I cannot emphasize this point enough to all potential cash home buyers in West Hollywood and beyond: Do your homework! Due diligence is a critical part of the home buying process, but it is astounding how many home buyers will skimp on their home inspection when paying cash for a real estate investment. It's vital to find all the costly flaws before you buy, whether the purchase be with cash or a home loan.
Many homes on the market today are distressed properties -- foreclosures and short sales -- and that only increases the importance of good inspections since many of these homes have years of deferred maintenance, some of which is not immediately apparent by visual inspection.
A home inspection can find problems with the foundation, electrical, plumbing, roof, attic insulation, and heating and air conditioning. In California, separate licensed inspectors offer mold, termite, geological, and other specialized inspections.
if you're considering a cash home purchase in West Hollywood, be sure to align yourself with an experienced real estate agent who can give you expert advise on the type of inspections you should consider if you are paying cash or financing a home purchase in West Hollywood or the greater Los Angeles area. If you still think inspections are a waste of money, read Lenn Harley's recent blog post on the hazards of wishful thinking when it comes to a cash home purchase...

 Via Lenn Harley, Real Estate Broker, Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate):

CASH HOME BUYERS BEWARE!  DO YOUR HOME WORK AND PROTECT YOUR INVESTMENT!
A telephone call from a lovely gentleman a few minutes ago serves as a reminder that, just because you're paying cash for a real estate purchase doesn't mean that you should neglect DUE DILIGENCE.
The gentleman has recently received a NOTICE from the County of Prince William in northern Virginia about a roof"that was installed by the previous owner over a patio in the back yard of the town home.  He was been noticed that the "roof" over the patio may have been installed with the benefit of a building permit and he should contact them and provide the county permit office with a plat of the property.
This is a town home property which means, to me, that there is a Home Owners Association.
The gentleman cannot locate the agent who represented him in the purchase but a few questions revealed:
1.  He did not have a survey made of the property prior to closing on the CASH PURCHASE.
2.  He did not read the HOA documents prior to closing on the property.
3.  He did not receive a plat of the property prior to closing (probably included in the HOA docs along with requirements for additions).
I FOUND YOU ON GOOGLE.  I receive calls of this nature regularly because when folks search Google for anything real estate related in my market area, they may run into one of my web sites or blogs.  Don't you love it???  I do.  I don't know what keyword phrase he used in Google but my web site was returned in the SERP.
My advice to the gentleman was to

• Review his HOA docs rules regarding modification, additions, etc.
• Contact the HOA and request a plat to present to the county. 
• I directed him to a web site where he can pull a the public records for his property.

I couldn't resist lecturing him about not performing due diligence before buying a piece of real estate.  Who knows, next time he's ready to buy, he just might remember who gave him some guidance in his moment of need.  He was very grateful and for some reason, I suspect that I will hear from him in the future.  Or, he will recommend me to another consumer of real estate services.
WHAT COULD HAPPEN?  Several things come to mind including but not limited to:

• The county can inspect and issue a building permit for the structure.
• The county can inspect and order the structure removed (torn down), which in itself may require a permit. 

NOTE TO CONSUMERS:  Work with an experienced real estate buyers agent who will help guide you to the matters to investigate BEFORE you buy.