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Buyer Beware! The Importance of Due Diligence in NYC Multi-Family Real Estate Acquisitions

Buyer Beware! The Importance of Due Diligence in NYC Multi-Family Real Estate Acquisitions

Author: Bruce FefferDate: October 14, 2021

Failing to conduct thorough due diligence prior to acquiring a New York City residential or commercial property is one of the biggest mistakes that real estate investors make. While it can be tempting to act quickly to close a hot deal, failing to do your research can cost you valuable time and money in the long run.

Many first-time real estate investors are surprised to learn that finding a suitable property and negotiating the key terms of the acquisition are just the first steps in the process of buying a property. The due diligence process, in which the buyer gathers and analyzes information about the property prior to consummating the sale, can be the most complicated and time-consuming. Nonetheless, it is critical to minimizing your risks.

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