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The Due Diligence Period
When you’re buying a home, the Due Diligence Period is a critical phase in the process. It’s your opportunity to thoroughly investigate the property, ensure it meets your needs, and make informed decisions before committing fully. Understanding what happens during this period can give you confidence and peace of mind. The binding Purchase Agreement defines the length of the Due Diligence period.
Under Contract? Time is of the Essence
Deliver the Earnest Money
Arrange Homeowners Insurance
Arrange the Home Inspection
If you have not included the earnest money with the offer, you will generally have 1 - 3 days (depending on what was specified in the offer) to provide proof that it has been received. The closing attorney will provide wiring instructions.
Arrange the Home Inspection
Arrange Homeowners Insurance
Arrange the Home Inspection
Get this done as quickly as possible. You only have a short time to get an inspector in the home, determine what you need to have taken care of, and to negotiate with the Seller to provide a reduction in price, repairs, increased seller contributions, etc.
Get Documents to Lender
Arrange Homeowners Insurance
Arrange Homeowners Insurance
Your lender may request additional documents to be provided as they work to process your mortgage loan. Most financing contingencies can be anywhere between 10 to 21 days.
Arrange Homeowners Insurance
Arrange Homeowners Insurance
Arrange Homeowners Insurance
Arrange for adequate insurance and provide the declaration page to your lender and the closing attorney.