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My family is moving to NC and have been house searching since November. We didn't find anything worth bidding on until the spring market kicked in, but since then we've bid on 5 houses. And somehow we lost all 5!
The houses have all been in North Raleigh (except one in Durham) and range from a listing price of $450-510K. We've bid an average of $30K over, offered $3000 in due diligence and $5000 earnest. But no success -- all have had multiple offers (up to 11) and we keep coming in second. I'm starting to worry that we are going to be homeless when our house in DC sells.
So two questions. Is this normal? Are others experiencing the same thing? And if not, what are others doing to be successful?!
Buying in NC has been much harder than buying in DC, which is historically a tough market. Appreciate any insights!
We had the same problem back in 2007. The market was probably similar to how it is now. We kept offering asking price and were always outbid. We finally got a house, at asking price, but it took us 9 months.
We have no contingencies, are pre-approved for well above the price of the homes, and have gone with whatever closing date the seller desires. We really are being as flexible as possible and I have no idea what else we could do.
I suggested an escalation clause which is often used in DC, but our realtor says that isn't common in this market.
Any other ideas on terms we could adjust to help?!
We have no contingencies, are pre-approved for well above the price of the homes, and have gone with whatever closing date the seller desires. We really are being as flexible as possible and I have no idea what else we could do.
I suggested an escalation clause which is often used in DC, but our realtor says that isn't common in this market.
Any other ideas on terms we could adjust to help?!
Escalation clause?
Your agent is right. We are strongly dissuaded from using them by NCAR and the NC Real Estate Commission.
Far too many potential issues, ethically and legally.
Otherwise, I would defer to your agent for advice.
Thanks, Mike. We're definitely looking to our realtor to guide us here. I'm mainly curious about whether we've had a particularly bad stretch of luck or this is what other buyers are experiencing as well.
Sometimes I think the sellers or the selling agent already has a favored buyer in mind when they open up to receiving offers. Then they just read subsequent offers to see if they are missing something amazing. The seller does not need to take what the rest of us might consider to be the "best" offer. And a buyer can't make a formal objection since no one except the seller and selling agent possess all the details.
If you're going up against cash buyers or people who have no house to sell, you're not going to win a bidding war. Period. Why would you? If people are matching your offer or coming close and ready to go, they are going to win the bidding war. There is just no reason to sell to someone who has a house to close on when others don't.
If that info is being given out, that's your answer.
It is a tough market though...I don't live in North Raleigh but there are no homes for sale in my neighborhood. Zero. That's pretty unusual for April.
We have no contingencies, are pre-approved for well above the price of the homes, and have gone with whatever closing date the seller desires. We really are being as flexible as possible and I have no idea what else we could do.
I suggested an escalation clause which is often used in DC, but our realtor says that isn't common in this market.
Any other ideas on terms we could adjust to help?!
Are you using a VA loan?
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