What is Due Diligence?
Due Diligence is a period of time in which the buyer will investigate all aspects of the property you are selling.
What types of things will I investigate?
The buyers will perform inspections during this time such as mechanical, structural, radon, termite, pool, irrigation etc. They can also have the option of doing a survey, as well as reading though all HOA documents. The lender will order the appraisal during this time. They can use this time period to do any other investigation that they wish to do. Sometimes clients have specifics needs, which need to be determined during this period, such as can they park their utility vehicle on the property.
What happens after inspections / investigations?
The buyers will submit a Due Diligence Request. We will review this with you and help you understand what they are asking for. We will also help you negotiate this request and explain to you what is typical in our selling market. Once this request is negotiated, we can also help you with names of contractors to make repairs on your home/property.
What happens if the buyer walks away from the contact?
The buyer can terminate the contract up until 5pm on the date of Due Diligence as stated in the contract. They can terminate up until that point for any reason or no reason. If they terminate the contact the Due Diligence Fee they paid is yours to keep.