Over the last five years or so, the majority of real estate contracts written in Georgia have a “Due Diligence” provision rather than an inspection contingency.
Due diligence essentially creates an option period for a buyer. For the mutually agreed upon time frame the buyer may employ ANY criteria for determining the suitability of the sale.
Since a buyer can unilaterally terminate for ANY reason, often it’s a bout of buyer’s remorse that ends the deal and not anything specific about the property.
Sellers usually want to know the reason for the termination, but the buyer is under no obligation to provide one. They may simply change their mind.
Some may feel that it is too easy to walk away from a binding agreement. But the argument could be made that one cannot make such an important decision before taking enough time to thoroughly investigate ALL of the factors of the sale.
Do we lose a significant amount of contracts due to buyer’s remorse? Of course we do. But once a buyer gets past the option period you can feel a lot more confident that the transaction will close.
And that everyone is proceeding with eyes wide open!
We Need Listings! Call 770-827-6225
All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate Better Homes and Gardens Metro Brokers, Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser REOS, E-Pro. licensed Auctioneer. 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required. Visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park. North Georgia Photos.