For buyers and sellers, the end of the due diligence period is a significant period. At this point in the transaction, the seller understands that if the buyer terminates, then the buyer will forfeit both their earnest money deposit and their due diligence fee. From the buyer’s perspective, the buyer can have the assurance that he or she has a better understanding of the home and can take comfort in knowing that certain repairs are being completed by the seller. The ending of due diligence shows both parties a glimpse of the light at the end of the tunnel.
While most buyers can breathe a little bit easier after the end of due diligence, there are still items to address. After due diligence ends, the buyer will still hear from their buyer’s agent, but most of the work to complete is with the lender. During this time, the buyer’s lender will be asking which company the insurance provider will be, as well as continue to verify employment and credit. It is also not uncommon for the lender to ask for more bank statements. The lending institution will be working hard to complete the buyer’s file. If the buyer would like to close on schedule, then it is important for the buyer to respond to their lender promptly.
After due diligence ends, the buyer’s agent will be checking up with the listing agent as to the status of the agreed-upon repairs. If the buyer elects, the buyer has the option to have the home inspector return to the home to verify the repairs. As per the Offer to Purchase and Contract, the repairs should be completed in a good and workmanlike manner. A re-inspection can confirm the repairs were done correctly. The buyer may also want to ask for any invoices that the seller receives from certain contractors. As always, we recommend asking for the advice of the buyer’s agent when reviewing the repairs and action that might be needed moving forward.
The last step before closing is a final walkthrough. Typically, this walkthrough occurs either the night before closing or an hour or two before the scheduled closing. This is the buyer’s final opportunity to investigate the home. It is important for the buyer to make sure that the home was not damaged during the seller’s move. Also, if a re-inspection had not occurred, then the buyer may also confirm repairs at that point. If everything in the home is as good, or in better condition than when the buyer placed the offer, then everything is set to head to the closing attorney’s office.
The buyer’s agents at Tyre Realty Group specialize in guiding the buyer throughout the entire transaction. Our buyer’s agents take pride in constant communication with our clients. Customer service is the most important aspect of our team. TRG believes that customer service does not stop after the due diligence process. If you are interested in meeting with one of our buyer’s agents, please feel free to contact us either by phone at (252) 758-HOME (4663) or on Facebook or Instagram (@tyrerealtygroup).