We have our Due Diligence period. this is the one of the 4 deadlines in the Real Estate Purchase Contract. There are a few things that should happen before this deadline - the reason we do these things are as follows:
If you find something you aren't comfortable with, we can cancel the contract and still retain your Earnest Money (remember that check you wrote?)
I would recommend, if the inspection shows recommended items, having an industry professional come out and inspect those items that were recommended.
Look at the designated schools and school district for the property, knowing this is most likely where your kids are going to be going to school.
Look at the local crime statistics and watchdog sites, make sure you're okay with what you find.
If you want to show anyone else the home that is a factor in whether you purchase or not - let's get them in the house before the deadline.
Once the Due Diligence period ends, there are very few ways we can get your Earnest Money back if we go in "default" and don't perform.