Flip Tip Summary
Sometimes having more time to do your due diligence can help mitigate risk, or give you time to consider your options. Attorney Marc Schwartz gives us a tip on how to extend your option or due diligence period on your next deal. Don’t miss this FlipNerd.com Flip Tip!
Flip Tip Transcript:
Mike Hambright: Hey, it’s Mike Hambright from FlipNerd.com, and we have a Quick VIP Tip to share with you from Mark Schwartz who’s going to share a tip on how to extend your due diligence or your option period on your next deal
Mark Schwartz: Most people in their contracts only get a fixed amount of time to do their investigation of a property. One of the easy ways to extend that time by at least a couple of days is by tying the start of that time to the receipt of all of your contracts and due diligence materials. Oftentimes buyers will or sellers will assume that you can do other stuff, but don’t agree to that. Make sure that your clock starts when you get all the documents. Meanwhile, you really can start your investigation but at least you bought yourself a couple more days.
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