Can Due Diligence information from previous buyer be used?

I found a park where the previous buyer just backed out a couple of weeks ago because he found out from the city that he cannot tear down the park and place homes on it. He completed many of the inspections/phase 1, electrical, plumbing, etc. Would I be able to use any of this material when performing due diligence or would it be wise to have my own people perform the various inspections?

You can… however you need to ask yourself if that is sufficient. The fact that you are asking says it is not.

I might consider using the phase 1 report if the phase 1 company was reputable and I had recourse with them if something turned up later. I’ve done due diligence on a few parks and was on site when the plumber was doing his inspection. This allowed me to ask questions while he was scoping the lines and we saw things that were questionable.

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Thanks for the advice. I’ll look into the companies that did the inspections first.