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Old 02-12-2007, 09:02 AM
 
Location: Raleigh, North Carolina
607 posts, read 1,677,831 times
Reputation: 174
Default Cooling off Period

Hey; I have another REal Estate question.

Is there a cooling off period after signing on a house in NC??
In CA, you have seventeen days to change your mind without any penalty, what is the law in NC, does anyone know???

Liz
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Old 02-12-2007, 09:17 AM
 
9,052 posts, read 18,092,867 times
Reputation: 8318
I'm sure one of the Agents on this board can give you a definitive answer to your question, but as a recent buyer here in NC, I don't recall there being a "cooling off" period like in some other states.

It is very confusing to me how real estate from state to state is handled so differently.

Are you going through buyer's remorse? I just ask because I did and had one stressful week after the sellers accepted our offer and we had a contract on the house we bought. I think it is very common for buyers to go through a period like this even when you have made the right decision on what house to buy. Although buying a house is a business transaction.... most of us can't help but get emotionally involved at some point or another.

My wife and I love the house we bought, but after we had a signed contract with the seller I suddenly started to worry that we may have made some kind of mistake even though it was everything we wanted, in the area we wanted, for a price we could afford.... don’t know why I was worried but I just was.... after a week or so the feeling went away and I was nothing but elated from that point on, and the house has felt like "home" the second we moved in!
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Old 02-12-2007, 09:25 AM
 
Location: Raleigh, North Carolina
607 posts, read 1,677,831 times
Reputation: 174
Yes, I am having remorse. I got caught up in buying that weekend, so I wouldn't have to worry about coming back again house hunting. I put in a contingent offer based on us selling our house here in CA, they kicked it back, so I went against my better judgement and took that out, and we still haven't sold our house, and I am so nervous.
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Old 02-12-2007, 09:44 AM
 
Location: Cary, NC
69 posts, read 185,095 times
Reputation: 41
Is your offer contingent upon an inspection or obtaining a loan? If so, then perhaps you can back out. California homes can take a very long time to sell. Ours took over 9 months.
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Old 02-12-2007, 09:50 AM
Status: "I am not Groot." (set 6 days ago)
 
Location: Cary, NC
19,237 posts, read 29,636,612 times
Reputation: 16029
This is a legal question, and you should be advised by your attorney.
It is difficult for a Realtor to get involved in legal interpretation.

I suggest you read Section 22 of the Offer to Purchase and Contract and talk to your attorney and Buyer's Agent about how to proceed.

I'm sorry for your misgivings and stress. I hope it all works out for you.
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Old 02-12-2007, 10:54 AM
 
Location: Raleigh, North Carolina
607 posts, read 1,677,831 times
Reputation: 174
Quote:
Originally Posted by MikeJaquish View Post
This is a legal question, and you should be advised by your attorney.
It is difficult for a Realtor to get involved in legal interpretation.

I suggest you read Section 22 of the Offer to Purchase and Contract and talk to your attorney and Buyer's Agent about how to proceed.

I'm sorry for your misgivings and stress. I hope it all works out for you.

Thanks everyone for your feedback. It is maybe just a bad day. Heck I love the house, I love the area. I just need to have more faith in selling my house. I wouldn't back out anyhow, I would never do that to a seller, because I wouldn't want it done to me. I just had a panic attack. I know one day, I will be sitting on my front porch looking out at my nice front yard, drinking tea, and laughing at how stressed I was and how it all worked out in the end. It always does. Now I need to end this, I have to go take my prozac and valium.
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Old 02-12-2007, 11:15 AM
Status: "I am not Groot." (set 6 days ago)
 
Location: Cary, NC
19,237 posts, read 29,636,612 times
Reputation: 16029
"I wouldn't back out anyhow, I would never do that to a seller, because I wouldn't want it done to me."

Relax, sit back, and watch your Reputation go up 1 point!
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Old 02-12-2007, 03:33 PM
 
Location: Raleigh, NC
10,325 posts, read 17,129,589 times
Reputation: 5981
I've had alot of people ask me this question and it stuck me as odd at the time. I've learned that alot of states do have some type of "resision" (spelling, please?) period. However, in North Carolina, when you buy property, you do not get 3 days or any days to change your mind once the contract has been signed by all parties.

And people wonder why I tell them to "sleep on it"! Yes, there IS buyer's remorse. Hopefully the feeling wil go away and you'll be thrilled with your decision.

Vicki
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Old 02-12-2007, 07:10 PM
 
54 posts, read 142,306 times
Reputation: 19
It is normal to have buyer's remorse. I have it whenever I make a large
purchase. Try not to worry about it. It's really out of your hands now.
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Old 02-13-2007, 02:52 PM
 
3,155 posts, read 6,771,838 times
Reputation: 2052
Ok, I have to vent my frustrations with my understanding of how real estate contracts work there. It really does seem that the seller has more potection that the buyer. But the seller is the one holding all the cards. As a buyer how the heck am I suppose to know what repairs are needed to an old house w/out conducting an inspection by someone I hire. And why would I the buyer pay for an inspection before I write an offer (someone else could swoop in buy the house and I'm out the 500 for the inspection). I've spoken to a couple of realtors on the board about this. And they explained that we could put in a clause or contingency about repairs. Of course the seller has to agree to the repair amount too.

IMHO, they are the one's who live there, they know if there might be something wrong with the plumbing but as a buyer I just have to guess what I think is wrong with the house and estimate this repair amount in my contract. CRAZY!!! Sorry for the all caps. It seems a bit backwards to me. Then again, maybe I've been living with backwards and forwards now seems crazy to me. LOL!

But, it does seem like a bigger gambling buying an older house in NC because of the lack of cooling off or the inability for a buying to back out during the inspection phase because they didn't like what the inspection found.

I see why so many people buy NEW in NC. And I wonder if the developers associations lobby the real estate laws to give sellers more rights than buyers because it protects them AND eliminates some of their competition from the resales.

Where is Ralph Nader when you need him? (OK, yeah, I know I'll loose some rep points for bringing up Nader. )
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