You are selling your property. You had an offer brought with a due diligence addendum attached.
Should you accept?
Probably, with some caveats.
Today’s real estate has so many parameters that are not obvious that it’s unrealistic to expect a buyer to know everything about a property before they make an offer. The due diligence addendum gives the buyer the ability to do a lot more exploration after they have reached a price agreement and still get out of the contract relatively inexpensively if they find unsavory facts in their due diligence efforts. Ultimately, however, savvy buyers can use this contract instrument as a way to gain free optionality.
As a seller, you can counter this offer with a demand for a statement that the buyer has no other offers or contracts on other properties and you can also have the buyer agree that you will continue to market the home as active until the due diligence period ends. As a seller, you may desire that a buyer have a due diligence period because they will have then had all the opportunity to be diligent and still get out. This may relieve you of some liability.
These instruments can be highly tactical in the real estate chess game. Make sure you are working with the highest caliber experienced pro (that’s us!) and you should come out a winner!