What IS Due Diligence?

 What is due diligence you ask? Well let me tell you. This is something that all parties to a real estate sale in North Carolina need to be aware of. The term "due diligence" refers to the duty of the buyer to be diligent in investigating the worthiness of a home and the worthiness of themselves to be able to purchase a home. In North Carolina, it is the buyer's responability to make sure that they are getting inspections done on the property to find any defects that there might be within the home, or on the land. It is also the buyer's responsibility to make sure that they do everything that they can to secure a loan if they are purchasing via a mortgage. The time frame in which all of this is to be completed icalled the "due diligance period".

There is a little more to the due diligiance period in North Carolina, because it comes with a fee. That's right, the byer must purchase the time from the seller to be granted this period. The due diligance money/check is given directly to the seller and they keep it, no matter what. No matter what! This is something to be aware of befor making an offer on a home. The good part is that everything is negotiable. However, offering a good amount for the due diligance period could mean the difference of getting an offer accepted or not. 

The last thing that most buyers want to do is spend more money. What if the home has a defect and the buyers don't want the home. Well, in North Carolina, they are out of whatever due diligance money that they have given to the seller. In addition, they are out of the money that they paid for all the inspections. If this happens multiple times, it can really add up, as you can imagine. That's why it would be good to look for a home that has already been inspected by the seller. Sellers offering a home inspection report is certainly a more desirable scenario.  If a home has sat on the market for a long time and the sellers are a bit desprate, a buyer may be able to negotiate that they get an inspection report. Unfortunately, this is not very common, but as the market shifts, who knows.

Christina Pickle

United Real Estate East Carolina - Greenville


Office:
1440 E Arlington Blvd Suite A, Greenville, NC, 27858
www.UnitedRealEstateEC.com
(252) 355-3129
Agent:
christina@danjenkinsteam.com
(252) 350-3560
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This content last updated on Friday, October 24, 2025 12:02 PM from HiveMLS

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