SF Diligence, Closings Even More Aggressive Than Pre-Crash
An increase in demand for property in San Francisco has resulted in a dramatic shortening of the due diligence process and fast closings. This aggressive process and frenzied market displaces the due diligence process for buyers and poses a significant risk for them. Attorneys say it is possibly a more aggressive market now than it was before the housing market crisis began.
Real Estate Partner David Preiss said, “More and more, part of trying to be the first in the beauty contest is you have to essentially accept the seller’s form of the contract. That makes your job as a lawyer very difficult... I’ve seen a general tightening in seller’s provisions. Contracts are getting tighter and tighter.”