Due Diligence

In a real estate transaction a buyer approves the sellers disclosure and conducts inspections to satisfy the value offered to the seller for the property.  You should have  an accepted contract.  A seller shouldn’t have to deal with a buyer who wants to bring in all kinds of experts without knowing that the buyer is serious and also a qualified buyer.  This could also include mom, dad, uncle Monte and your best friend Terry! Unless of course they are in on the purchase of the home!

Once you get into the nuts and bolts of seriously looking into purchasing a home the term due diligence surfaces. This it is something worth understanding for both the buyer and seller.  In Utah and likely other state buyers are given the chance to have a period when they can explore things about the future home they are purchasing. Before you begin the due diligence that is being referred to here you should have a contract in place on the home.  The contract will show a date that you need to have your due diligence done by.

Before making an offer on a home the buyer should at least feel comfortable with the area and have some knowledge of the surrounding amenities such as shopping schools, convenience to mass transit, work and other important area information or criteria that is important to the buyer. This avoids wasting the seller’s time if these things become a concern.  Due diligence is more specifically related to the condition and workings of the home and property. Read more on due diligence……

©Teresa O Larson PC, 2014

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