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WHAT IS THE DUE DILIGENCE PERIOD???

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Real Estate Agent with Hiawassee, Young Harris, Blairsville, Hayesville, Murphy and Beyond! GA 281904 and NC 185282

WHAT IS THE DUE DILIGENCE PERIOD?

What is The Due Diligence Period

 

You’re looking at houses and getting serious about making an offer, but you keep hearing your agent say something about a “due diligence period” and you’re not quite sure what that means.  Needless to say, anytime you don’t understand something you read or something your agent says, please ask! That’s what we are here for!!  But, back to that mysterious due diligence period.



The due diligence period is the time where you, the buyer, get to analyze your potential purchase.  You will want to know when the due diligence period BEGINS and when it ENDS.  Typically the end of the due diligence period will include not only a date but a time as well.  For example, it might end at 5:00 PM on January 15, 2014.  Up until that time, if you were to terminate the contract, your Earnest Money Deposit would be returned to you.  NOTE: It is important that you keep up with this date and not rely solely on your agent to keep track.  

 

 

The due diligence period is when you should have all desired inspections completed. These might include a home inspection, termite inspection, and/or septic inspection to name a few.  You need to factor in time for the inspectors to schedule your inspection, prepare and send you their reports as well as time for you to review it and address any concerns with your agent.  If you are getting a mortgage check with your agent to see if you must have final loan approval during this time as well.  

 

 

While it may be different in the areas where you live, in our area you can terminate the What Is The Due Diligence Periodcontract for “any reason or no reason” during the due diligence period.  It doesn’t have to be due to inspection issues at all.  Just keep in mind that it’s very normal to second guess your decision and you shouldn’t walk away just because your butterflies are working overtime.  



The important things to remember - keep up with the date/time your due diligence period ends and make sure you get all your questions and concerns addressed before it does.

 

Happy Home Shopping!!

 

Bill and Cyndi

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