According to our new contracts as of January 1, we now have a “due diligence” period & fee. Most realtors are excited about this. Of course, it’s a learning curve for all of us realtors. What it means is our buyers now have a period of time that is agreed upon by both parties to “do our homework” on this house. That includes everything from getting total loan approval, appraisal, inspections, researching HOA’s, schools, etc. How much is the fee? It’s negotiable……perhaps $30/day depending upon how many days the buyer needs to get his homework done. This should be a good thing for everyone!
Due Diligence Period Benefits Both Buyers & Sellers March 5, 2011