Enough Due Diligence to put in an Offer - Ep 55
Enough Due Diligence to put in an Offer.
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Music by Gurty Beats
Due diligence is simply the information you need to gather to confidently buy a property. There's free information, paid reports, easily accessible websites, and professionals who can help.
I'm splitting the due diligence period into two parts:
- Up to putting in an offer
- Under contract, but before you confirm the purchase
In this issue I'll cover what you need to know before you put in your offer.
Like a lot of things in property investing, this comes back to your risk profile and your intended outcome for the property.
At the most basic level, your due diligence could be: "Do I have enough money to buy this deal?" — and that's it.
I wouldn't be that cavalier, and I wouldn't suggest it for you either. But what you need to know will genuinely differ from person to person — based on your experience, your risk profile, where you are in your property journey, and what you plan to do with the property.
What's important to remember is that almost anything in your offer can be changed during the due diligence period. Price, deposit, settlement dates, purchasing entity — all of these can be adjusted based on what you discover. The vendor can refuse your changes, of course, but this period is your opportunity to find out as much as possible before you go unconditional and absolutely commit to buying.
