Quote:
Originally Posted by GGG
Someone must have warned him about the risk in waiving all diligence on the transaction.
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See...this is something that I cant wrap my head around.
You see...its not called 'diligence' just because its fun to say.
A consumer of any major asset should never, ever, EVER, waive or ignore due diligence.
I know Real Estate and Cars were insane for the past few years and you hear stories of people waiving it because they just want to buy this thing, but I'd never do it.
If one of my clients wanted to buy a business and waived their due diligence I'd think they're crazy or high.
I remember when we were buying a condo we investigated the condo board, the management company and did the diligence on the Reserve Fund and everything and the Realtor is telling us:
"This takes a while, someone else might come in and buy it while you're doing this."
Well then power to them, I'm not plunking down this kind of cash without knowing exactly what I'm getting.