Pinetop White Mountain Blog

Hi Folks,

    If it has been a while since you purchased a property, you may not be familiar with the term Due Diligence.  As a buyer, what this means is that your time to complete any necessary inspections must occur during your Due Diligence Period.  In Arizona, that time frame defaults to ten days unless modified in writing on the original Purchase Contract.  Ten days goes really fast when you are talking calendar days, so it is always advisable to check ahead of time with your preferred inspection professionals to see if their schedules will accommodate a ten day time frame. 

    As a buyers agent I rarely leave that ten days but change it to a minimum of 15 days just to give our buyers and ourselves, a little extra breathing room.  With many loans now going through the FHA, this is especially important since the sale will require an FHA Appraiser/Inspector to check the house to be sure there are no additional repair issues that need to be addressed for the home to qualify for FHA.      

    In our area, we only get one opportunity to request repairs from the seller and if the FHA Appraisal/Inspection is not complete by the end of the Due Diligence period it is possible for the seller to refuse to complete any of those additional repairs leaving the Buyer without any recourse other than to complete those repairs at their own expense or cancel the contract based on the fact that the lender will not approve the loan without the completion of those repairs.  

   Due Diligence is just what it says it is.  It is a time frame to complete all required and desired inspections.  It is the time for the Buyer to determine if the home will truly meet their personal as well as their lender's criteria. 

    In Today's Market, it is so important to have an agent who knows the rules and is attentive to the details to make sure none of the time frames pass by without things being addressed as they should be. 

    Give us a call, we are the agents you are looking for.  With over 14 years of experience between us, you can't lose!

SANDRA & BRUCE PAULOW, REALTORS®