Due Diligence Contract Mistakes That Can Wreck Home Buyers
Posted by Hank Miller on
In the very competitive Atlanta area market, some buyers are resorting to whatever means necessary to get homes under contract. The most frequent move is to simply try and outbid the competition; appeal to the seller’s bottom line and justify over paying by talking about the low rates and tight market. Others are getting creative with contracts, waiving certain contingencies and trying to appeal to sellers in other ways. The due diligence period, the most important safety net the home buyer has, is being modified and in some cases, eliminated. This is especially risky and many buyers don’t fully understand the pit falls they are exposed to. Below are three due diligence contract mistakes that can wreck home buyers. For additional clarity and…
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What is the due diligence period? It's arguably the single most important part of a home sale. Of course everything matters but the due diligence period is essentially an “option period” for the buyer, the time where all of the critical research is to be completed. The buyer has virtually total control during this period. Emotions run especially high; buyers are presented with reports that often scare the hoohah out of them, sellers usually see inspection amendments as a money grab and their backs immediately rise.
Meth labs are scattered all across the country, including throughout metro Atlanta. Yet there is NO requirement to disclose that a home has…
In the event this Agreement fails to close due to the default of Buyer, Seller’s sole remedy shall be to retain the earnest money as full liquidated damages. Seller expressly waives any right to assert a claim for specific performance. The parties expressly agree that the earnest money is a reasonable pre-estimate of Seller’s actual damages, which damages the parties agree are difficult to…