We’ve talked before about what due diligence deadlines are, but today, I want to talk to you about WHY there are due diligence deadlines.
Many times when someone is looking to purchase a home, they aren’t 100% sure about the home. Maybe they’re just 70% of the way there- but if they don’t put in an offer quickly, someone else may snatch up the property before they get a chance to buy it.
I recently had this happen to someone. They found a property they wanted but they wanted to make sure it was exactly what they wanted before putting in an offer. They spent time and effort contacting the city to find out about zoning and did other kinds of due diligence. But, before they could put in an offer, someone else bought it.
Now, if they had simply put in an offer and done that due diligence while under contract, they wouldn’t have lost their property.
That is what due diligence is for. 10, 14, even 21 days where you have the house secured to you via contract and where you have the time to make sure you are 100% comfortable buying the property by sending in any professionals you want (think home inspectors, plumbers, roofers, etc.) to check it out. It protects your interests in the home.
Any questions about the due diligence process? Feel free to comment below!
