Step 21 To Selling a Home: Due Diligence is Done! What Does That Mean?
Two things will happen at or before the end of the Due Diligence Period, either:
(a) We will successfully negotiate all of the repairs and/or questions the buyer has about the property, OR
(b) Things have not worked out with the buyer and they ave terminated the contract (which means your home will go back on the market).
If the buyer has terminated and chosen option (b) above, then we are headed back to Step 12 to sell your home and we resume showings.
However, if we’ve accomplished option (a), then we have officially concluded the due diligence period and cleared the biggest hurdle in your home sale, which means we are moving toward closing! At this point, it’s likely that we only have two* remaining contingencies left to satisfy for your contract: the buyer's appraisal contingency and financing contingency. We will continue to be in contact with the buyer's mortgage lender closely throughout this process to be sure that they are on track with those items.
Depending on the deadlines we agreed to in your contract, it’s probable that the lender is all set to order the buyer's appraisal or has already ordered it. As we get closer to the end of the appraisal and financing contingencies, we will get more substantial updates from the lender, and we will of course be keeping you in the loop when there is any information to pass along!