Good morning, everyone!
Welcome to another edition of the Salt Lake City Real Estate Agency’s Morning Edition. We are live from the Keller Williams of Salt Lake City offices in Sugarhouse. And today’s video is a pretty exciting one. We’re going to continue to explore the real estate jargon that we, as agents and our clients, have to work with.
So bear with me as I plug again at our Facebook page, go like it. Subscribe, and as they say smash that notification bell, here on our YouTube channel. Also, we do hope that you’ll subscribe to our podcast; we are very excited that you can find us on the Google Play music podcast section, very very exciting about that.
Today’s Morning Edition is about…
So today’s video about real estate jargon is BDDD or the B-3D.
What is it? How do we do it? When’s it over?
The B-3D, or the buyers due diligence deadline is… Well, what what is it?
What is Buyer’s Due Diligence?
First of all, what is due diligence?
Due diligence is a process that the buyer and the seller go through to ensure that the buyer has inspected the home to their liking.
So what is covered in due diligence?
Pretty much anything that the buyer can think of:
- the roof
- the walls
- the water
- the pipes
- the electrical
- the neighborhood
- the ground
- the soil
- the driveway
- the garage
- the doors
- the windows
- and the list can go on and on…
Anything that would disuade, anything that would disinterest, anything that could be of concern to the buyer is covered in the due diligence.
How is the Buyer’s Due Diligence done?
So with that said, how do we go about our due diligence?
Well, ultimately, this is a conversation between the buyer and the seller. The buyer needs to work with the seller in order to find out when it’s appropriate to do their due diligence.
Recommendation: have a home inspector do a home inspection. Beyond just checking things out (whether you like the taste of the water, whether you like the smell of the property, whether it’s in the neighborhood that you like) have a professional look at the home from start to finish. They spend like two plus hours on the home, is an important thing.
And in later videos, we’ll actually interview home inspectors to really understand what it is that they will be offering you.
When is Buyer’s Due Diligence over?
So moving forward…
We talked about a deadline, when is the due diligence deadline?
The due diligence deadline is outlined in your offer. It’s in fact the second of the two that you will have at your disposal (in the due diligence period).
There being four of them (altogether). They are:
- The seller’s property condition disclosure deadline.
- The buyers due diligence deadline
- The finance and appraisal deadline
- The settlement deadline
Part of your due diligence will be to have received a packet from the seller and to review what the seller does and does not know about the property. You’ll authorize it and initial it where asked, and you’ll return it by or before your due diligence deadline.
(Don’t worry. we’ll help you with that.)
So with that what is due diligence?
It’s pretty much anything to you, The buyer, are interested in inspecting about a property.
How do we go about due diligence?
Well, we schedule it and we make sure that we have third parties come in and investigate and test the things that are of interest to us.
When is it due ?
It’s due when we say it’s due and that’s found in our offering.
So that should be a quick summary for you.
Again, I’m Alixander with the SLC Real Estate Agency, here at KW Salt Lake City Keller Williams, and thank you very much for joining me for another Morning Edition. This being of the real estate jargon series.
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I mean the list goes on and on.
We want to be here to help you in your real estate because we want to be your local real estate company of choice here in Salt Lake City.
Again, thank you very much for joining me, and I hope you have a great day.