Dear Business Customers: The – Day Due Diligence Period When Dealing With Real Estate Property

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Congratulations!

It’s time to break out the bubbly and celebrate, right?

Not so fast. However, that your contract has conditions and inspections that your offer depends on. You see, your offer was accepted. Normally, it’s especially true if you have the offer type that proceeds to purchase unless you say otherwise. So it’s your responsibility as the buyer to take a glance at every single detail, and so that’s especially important on a As Is REO purchase. Furthermore, So it’s imperative that both you and the realtor know when the due diligence period starts. Oftentimes this ten day period exists to give the buyer a chance to be sure everything is as it seems, as detailed in the contract. On top of this, it’s not easy to know when the ten day due diligence period begin, the fact that it’s on their terms, they won’t tell you when they’ve done it.

It will take a few days for their wheels of bureaucracy to get moving they can sign off on the offer, if your offer is accepted to their terms. In this situation, you must keep your eye on the bank. You shouldn’t worry, I’d say in case they complain. With that said, doublecheck if it starts only when all applicable utilities are turned on. Generally, it must be a part of the offer and the bank’s addenda that the first day of connected utilities is the agreed upon start date, in order to ensure this happens. Just keep reading! You may think it’s a bit petty but remember, the bank is interested in starting the Due Diligence Clock since possible. Notice, extensions are easily arranged and totally normal -no one will raise even an eyebrow. There’s no need to panic, if the due diligence period begins without your knowledge. All you have to do is contact your real estate agent, explain the situation and ask your agent to send the bank an addendum written by you or your realtor for the bank’s approval. You need to know all the answers to the following questions before the ’10 day’ period starts. Number of beds and baths.

Let me ask you something. Any additions to the property?