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Old 09-28-2008, 03:51 PM
 
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Is there a standard time frame for due diligence on a residential sale contract? Just trying to gauge if the one we received with our offer is acceptable.
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Old 09-28-2008, 03:58 PM
 
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There's not really a "standard", but I've seen anywhere from 7-14 days in most contracts that I've been involved with. This gives enough time to do the inspections, get the results/recommendations, and check out anything else that needs to be investigated.
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Old 09-28-2008, 04:02 PM
 
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Thanks, Bob. Ours was 21 which seems very long to us.
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Old 09-28-2008, 04:17 PM
 
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I have heard grumblings that some buyers are trying to drag out this phase to see if a better deal comes along -- not at all suggesting this is what your buyers are doing -- but I have this as a strategy lately.
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Old 09-28-2008, 05:08 PM
 
Location: Inman Park (Atlanta, GA)
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Yes - there is no "standard". I would like to think that most agents can get everything accomplished in 14 days but I have had an offer for 19 days. If you are not comfortable with the length of time, I would counter if you are not already under contract.
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Old 09-28-2008, 07:08 PM
 
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Yes, we will do that. Thank you. We have been incredibly accommodating in order to sell but there are a few things that just don't feel right with the offer. Thanks again
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Old 09-28-2008, 09:58 PM
 
Location: North Atlanta
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If financing is a part of the due diligence period then 21 might not be extreme. Under normal conditions a loan can be cleared to close in 14 days or less. In this market with so many refi's filling up a lender's pipeline it could take longer. Just playing devils advocate.

In my opinion 14 days is the standard for a GA contract.
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Old 09-29-2008, 08:31 AM
 
Location: Inman Park (Atlanta, GA)
21,870 posts, read 15,026,620 times
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Quote:
Originally Posted by ramblinwreck17 View Post
If financing is a part of the due diligence period then 21 might not be extreme. Under normal conditions a loan can be cleared to close in 14 days or less. In this market with so many refi's filling up a lender's pipeline it could take longer. Just playing devils advocate.

In my opinion 14 days is the standard for a GA contract.
There is a separate Finance Contingency form. I agree, financing can take a lot longer. IMO, an Agent should use "x" days for due diligence and then a couple more days for the finance contingency.
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Old 09-29-2008, 09:49 AM
 
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Some agents do lump it all together.
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Old 09-29-2008, 11:38 AM
 
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What's difficult is that under the due diligence, the house is officially 'off the market' (under contract) but the buyer can back out at any time w/out penalty so that's why we're trying to shorten this time b/c we don't want to stop showing should they find something they like better.
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