Importance of the Due Diligence Period: An Inspector’s Perspective
The purpose of a Due Diligence period when it comes to purchasing a home is for buyers to understand exactly what they are buying.
This can include any of the following:
– The physical condition of the property
– Determining the existence of any hazardous substances
– Verification of the square footage of the property
– The location of property lines
– Any other matters deemed important to the buyer in making a purchasing decision
We want to shed a little light on what happens if the Due Diligence period is shortened down to a 5-day term: from an inspector’s perspective…
If you call the best steakhouse in town on the day that you want to make a reservation, you’re probably not going to get your preferred time slot. You know that you should call and make your reservation several days in advance so you can get your preferred time slot. The same is true in home inspections, only on a much bigger scale.
A shorter Due Diligence period may result in a decrease in likelihood of getting your primary, or even secondary inspector.
This may, in turn, increase the likelihood that you are receiving services from a less experienced inspector and/or inspection company. We want to provide you with the BEST services possible. Short due diligence may result in a drop of the quality of services that you are receiving.
The short Due Diligence period also decreases an agent’s ability to negotiate.
We are home inspectors and we know every house has defects. We are required by our licensure boards to refer to a licensed person for repair or further investigation. You are much less likely to find a qualified person to give a second opinion and/or repair estimate. (https://onco.com/) If you do, you’re GOING to pay more money and their quote will likely be higher. This can result in the possibility that the seller is going to be less likely to negotiate repairs.
These are just some of the issues that inspectors are running into when agents decide on a shorter Due Diligence period. There certainly are benefits to negotiating and landing the contract on your dream home, but from our perspective, you should not be sacrificing quality for quantity.
