The excitement of getting the property under contract has slightly worn off and you are now in the due diligence phase. As a buyer, you are encouraged to investigate all aspects of the property, from a building inspection, radon air test, water test, septic inspection, and talking with the town code officer to research the file for any red flags.
The information gathered from this investigation period helps in your decision in moving forward with the contract as it stands. Your choices are as follows:
- sign of on the due diligence
- ask the seller to repair any material defects at the property
- ask the seller for a monetary concession for the work to be done prior to closing
- terminate the contract for unsatisfactory due diligence
In a Seller's market, it is very common to waive the due diligence, as there are typically backup contracts in place, putting additional pressure on the first contract to stay on track. But in a Buyer's market, it is not uncommon for a buyer to request concessions from the Seller. Know your market and trust your professional advice from your REALTOR, as nobody knows the market better!