The process of gathering information about the condition and legal status of assets to be sold.
Due diligence is the responsibility of the buyer. In other words, to purchase real property one must perform the duties of inspections, surveys, examination of title, on site visits, or any other steps in the process to investigate the real estate. In another video caveat emptor is mentioned (buyer beware). One of the strongest reasons to perform due diligence is to make sure that you have checked all of these boxes prior to your purchase, more importantly prior to the bid award. The Auctioneer will offer the property and when the auction is complete, at the fall of the hammer the Auctioneer awards the bid, and there will be no more time to perform due diligence. It is important that any purchaser completes the due diligence before they make an offer to purchase during the auction process.
