What is Due Diligence in Real Estate
What is Due Diligence in Real Estate?
In the process of buying a home or are you getting ready to buy a home? Many people want to know what is due diligence in real estate and how does it work? Remember that not all the scenarios in this video may apply to your unique situation. Its very important to do your own research and investigation.
What items need to be inspected during the Real Estate purchasing process?
The due diligence period is a certain amount of time you have to do all the research on the home so that there are no surprises. Surprise! The dog you have — the HOA does not allow them. That fence you wanted to put in, is not allowed and they only allow tan fences, but you wanted white. You are not allowed to park your RV or large truck in the driveway. More surprises can be what the school system is like, your commute time to work in the times you usually commute to work, inspections on the home, what your neighbors are like, what the area is like?
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This is your time be an investigator. This is why they call it the due diligence period in real estate. Why is it called this? Well you are doing your due diligence! You are finding out all the details now so you can avoid issues later.
This is your responsibility and also you have the right to do this!
Suggested Read:
FREE HOME BUYER GUIDE
Tips for Good Credit
The Pre Qualification Process
Making an Offer on A House Tips
What is the Earnest Money Deposit?
What is Due Diligence in Real Estate
Reasonable Requests After Home Inspection
What Happens The Week Before Closing on A House
Closing Day on a House
These are things you need to know before closing on the home so you know what you are getting into. Finding out now rather than later will save you a lot of headaches down the road, because by finding out later, well you already own the home.
FREE HOME BUYER GUIDE BELOW:
Home Inspections and Doing your Due Diligence While Inspecting the Property
When you are doing the home inspections you need to know what current issues exists with the home. In the sellers disclosure you signed when you got under contract, it indicates all the details on what the seller knows is wrong with the house. If there are major issues that pop up in the inspection, you can definitely ask the seller to:
- Fix the issue
- Reduce sales price
- Give you a credit and you can fix it yourself instead
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