Congratulations! Your offer has been accepted. So, it's time to break out the bubbly and celebrate, right? Not so fast. Remember that your contract has conditions and inspections that your offer depends on. You now have ten days to get it all done, no exceptions.
This ten day period exists to give the buyer a chance to make sure everything is as it seems, as detailed in the contract. It is your responsibility as the buyer to check out every single detail, and this is especially important on an "As Is" REO (Real Estate Owned) purchase. Therefore, it is imperative that both you and the realtor know when the due diligence period starts. This is especially true if you have the type of offer that proceeds to purchase unless you say otherwise: a one day mistake on the calendar could end up costing you $100,000.
In this situation, you must keep your eye on the bank. Once your offer is accepted to their terms, it will take a few days for their wheels of bureaucracy to get moving so they can sign off on the offer. The fact that it is on their terms, they won't tell you when they've done it, so it's not easy to know when the ten day due diligence period begin. The solution - and the only solution - is to ask your real estate agent to follow up with the bank and send you copies of everything as soon as it is finalized.
You may think it's a bit petty but remember, the bank is interested in starting the "Due Diligence Clock" as soon as possible. Make sure it starts only when all applicable utilities are turned on. To ensure this happens, it must be a part of the offer and the bank's addenda that the first day of connected utilities is the agreed upon start date. If they complain, don't worry. It's actually a very common stipulation so stand your ground.
If the due diligence period begins without your knowledge, there is no need to panic. Extensions are easily arranged and totally normal - no one will raise even an eyebrow. All you have to do is contact your real estate agent, explain the situation and ask your agent to send the bank an addendum written by you or your realtor for the bank's approval. It should be no issue at all to put it in place.
Finally, make sure you คอนโด know all the answers to the following questions before the 10-day period starts. The best person to tell you the answers is your realtor.
Number of beds and baths. Is there a basement? Any additions to the property? Age of: roof, furnace and windows. Type of electric wiring (Copper, knob and tub, aluminum wiring) Size of electric service (and, is it breakers or fuses) Type of plumbing (copper or PVC) Type of insulation (batting, blown, spray foam, etc.) Type of flooring in each room (carpet, vinyl, tile, hardwood) State of the kitchen and washrooms
Make a note of any other necessary repairs or renovations, and how long it will take for these to be dealt with. Knowing all this information will help you decide whether to go ahead and finalize, or back out of the deal if need be.
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