Due Diligence – The best answer for the Buyer….not so much for the Seller
You have been through the negotiation process and if your Realtor® is really representing you properly, you should now be under a Due Diligence period. This is usually 10-15 Business Days where you work on getting inspectors into the home to make sure you are aware of All the issues. This 10-15 day period is also important as this is the Last Time you can walk away from the Contract to Buy the home. Yes….If you are under Due Diligence (section 8 and have attached the Due Diligence Addendum) in the SC State Form 310 – Agreement to Buy and Sell Real Estate, you have the amount of “Business” days you put into the DD Addendum to get the home inspected and get everyone from the exterminator (to get CL100), design engineer, general contractor, plumber, foundation expert, surveyor, etc. It is important that you understand this prior to entering the number of Business Days you put into the Due Diligence Addendum. You have to consider the schedule of ALL the experts. If it is busy season, then you may want to push for more days.
At the close of Due Diligence, you will make your Final Decision to continue with the Purchase Process or simply back away and be free and clear from purchasing the home. Now be aware, to back out of the agreement/contract you do have to do some final paperwork and make sure it is all submitted before the Deadline (technically it would be before 10am on the last day of the DD period running out). There is a special Business Day Calculator your Realtor® can use to verify when the Deadline is……this if very important.
The next few weeks I will be discussing the whole Due Diligence Period and the Do’s and Don’ts to think about. For now you should be vetting all the experts to see when/if they can come to the house and get it all checked out. Think of it as a Doctors Physical for the home. In this case you only have 10 Business Days as your Realtor® and you have not seen any real issues with the home. Most of it can be handled by an Inspector and a General Contractor (the one you will use for your Rehab once you Own the Home.