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A Few Things to Know About the Due Diligence Period
Manage episode 181551682 series 1093757
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What exactly happens during the due diligence period and why is it so important?
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What happens during the due diligence period?
In North Carolina, buyers and sellers negotiate a due diligence period, which is the number of days that the buyer has to fully investigate the property. The buyer pays the seller to take the home off the market.
Typically, the due diligence period lasts about 15 to 21 days. As a buyer, this is your time to complete all of your inspections and get your lending in order. Make sure that your loan application has been submitted, goes through underwriting, and order the appraisal.
" During the due diligence period, the buyer will complete inspections and secure their financing. "
Once the inspections are completed, you and the seller will negotiate the necessary repairs.
Due diligence is an incredibly important part of your contract. We definitely recommend that you have a qualified professional to help you through all of this.
If you have any other questions about the due diligence process or about buying a home in general, just give us a call or send us an email. We would be happy to help you!
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