Imagine buying your first home only to realize a week after moving in that it used to be a meth lab. That’s what happened to Jen Friberg and Rob Quigley, first time home buyers in near Philadelphia.
When making any major purchase, it’s important to do your research. Reading about this couple made me wonder how much due diligence is necessary? I would never think to ask an inspector if the home I was interested in buying used to be a meth lab. I would, however, ask if there is any information about the history of the house that may affect my decision to purchase.
Before buying a car do you look up the “carfax?” What influences where you get your mortgage? A quick google search indicated that the couple’s new address was listed on the U.S. Drug Enforcement Administration’s National Clandestine Laboratory Registry. It’s important to think critically but it’s just as important not to enter analysis paralysis – getting stuck so caught up in analysis that you can’t come to a conclusion.
What could the couple have done differently? What’s appropriate due diligence when buying a home? At what point does due diligence become obsessive?
I know I’ll be more aware of the assumptions I make – and the fact that it’s not a fair to assume that people will forthcoming with important deal-breaking information.
Editor’s Note: This is a guest post by Elizabeth Pauker-Silva