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Due Diligence in Today’s Competitive Housing Market: Crucial for Homebuyers

The Importance of Due Diligence in Atlanta’s Hot Market

Atlanta, GA - As the 2022 housing market continues to soar, homebuyers are finding themselves in a competitive frenzy. With prices increasing by approximately 20% from last year, buyers are scrambling to secure their dream homes. However, in this fast-paced environment, many are compromising on crucial due diligence processes.

According to Joey Tucker, President of the Georgia Association of Realtors, “We’re seeing offers with no due diligence, no contingency. A lot of cash offers, no appraisal. The market is very strong in Atlanta right now.” But what does due diligence entail?

What is Due Diligence?

In Georgia, due diligence is an optional but vital step that allows buyers to assess the condition of both the home and its location. As a buyer-beware state, understanding the property’s condition before committing to purchase is crucial.

The due diligence period typically ranges from 10 to 14 business days, although some contracts may specify shorter or longer periods. In today’s competitive market, however, buyers are often forced to accept shorter timelines.

Alternative Options for Due Diligence

One alternative to traditional due diligence is the “Property Sold with Right to Request Repairs Exhibit” (GAR F273). This option allows buyers to request repairs instead of backing out of the contract entirely. However, it’s essential to note that this approach requires a special stipulation regarding earnest money returns if an agreement cannot be reached.

How Home-Probe Can Help

Home-Probe, a leading home inspection company in Atlanta, understands the importance of speed and efficiency during due diligence periods. Here are five ways they help buyers meet short timelines:

  • Booking inspections while negotiating contracts: Home-Probe allows buyers to reserve inspection dates and times before offers are accepted, ensuring a confirmed appointment and potentially more competitive offers.
  • Same-day reporting: Inspectors provide detailed reports by 10pm the evening of the inspection, reducing wait times for buyers.
  • Early radon test setup: Home-Probe’s flexible process enables radon testing to begin before inspections, ensuring timely results even in short due diligence periods.
  • Guaranteed 3-day availability: Buyers can expect a certified inspector at their property within three days of contact.
  • Next-day rush option: In emergency situations, Home-Probe offers a next-day inspection option without compromising on quality.

Prioritize Your Due Diligence

By prioritizing due diligence and working with experienced professionals like Home-Probe, buyers can navigate the competitive Atlanta market while protecting their financial investments. Don’t compromise – schedule an inspection today and ensure a smooth due diligence period that will help you close on your dream home.