Question from a home buyer: How long is the inspection period when buying a Charlotte NC home?
Answer: There isn’t one.
That’s right, there is not an “inspection period” for home buyers.
We used to have separate and distinct deadlines/dates for the home inspection (and any repair requests), financing, appraisal, seller response to buyer repair requests. ALL of those are gone.
What we DO have is the Due Diligence period. One single date (serious deadline) that’s negotiable and will be whatever time period buyer and seller agree on.
The Due Diligence period is the Charlotte NC home buyer’s opportunity and window to do any and all inspections, progress in financing (including appraisal), basically to figure out if they’re going to move forward to closing on that house.
Once that single deadline passes at 5pm on the Due Diligence date, that’s it – either you close or kiss your earnest money deposit goodbye.
Planning to buy a home in Charlotte NC at some point in the near future….make sure you’re prepared and ready to go (including financing!). You will have a chance to investigate, and learn more about the home but you’ll only have one deadline for ALL of your investigating.
Multiple “contingencies” for inspections, financing, any repair negotiations are all a thing of the past.
So how long is the Due Diligence period for Charlotte NC home buyers? Depends. It’s as short or as long as BOTH buyer and seller agree to during negotiations. Could be a week, could be a month. It’s negotiable.
Some things buyers can do to prepare and be ready to make the most of that Due Diligence period….
– have an idea of home inspector availability before offering
– PRE-APPROVAL for financing – get your documentation to the lender before you make an offer! Have them ready and waiting for a contract so they can move as soon as you are under contract
– Check into things that are important to you during the search process (schools, area amenities, commuting time/options), things that aren’t “house specific”
– when viewing homes for sale, be realistic….if there something(s) that you really dislike and can’t get over about the house or property, move on to another option
– know any financing condition requirements (FHA, VA in particular) some houses do NOT fit well with some types of financing
And most importantly….talk to your buyer’s agent!!!! Go over (and over) any and all questions you have. There really is no question too small or insignificant, if you’re wondering about it – ask 🙂
*This applies to regular Charlotte NC homes for sale, distressed properties come with some different considerations*
Copyright©2011 by Diane McDermott, All Rights Reserved, “Home Buyer Question: How Long is the Inspection Period When Buying a Home in Charlotte NC?”
The content of this blog is the original content of Diane McDermott, NC Residential Real Estate Broker in Charlotte NC’s real estate market serving neighborhoods in Charlotte NC