Due Diligence on bank owned property

[Hilary Smith]

Newbie here!

This is my first offer and attempt at buying real estate besides my primary residence. Property is bank owned and my offer was pretty low compared to listing so may not be accepted. BUT, still exciting! I did request a due diligence period in my offer terms and was wondering if that could have hurt my chances?

Again, it’s my first investment and I am trying to mitigate as much risk as possible with the DD. But I have read banks like serious buyers that can close as soon as possible.

Any thoughts?

[Hilary Smith]

@Jaron Walling thank you for sharing that experience and piece of advice! I actually just received an email stating there are other offers now and to give my best and final by EOD. Similar to you I am firm in my number and will proceed with my initial offer including the inspection clause.

It would be nice if it was accepted and hopefully I have some advantage being all cash but if not like you said there are more offers & deals to be made.

Thanks a lot !