Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Raleigh, Durham, Chapel Hill, Cary
 [Register]
Raleigh, Durham, Chapel Hill, Cary The Triangle Area
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-29-2015, 01:33 PM
 
Location: Holly Springs, NC
252 posts, read 275,131 times
Reputation: 280

Advertisements

Quote:
Originally Posted by carolinadawg2 View Post
And to add just a little to what Vicki has said, there is non-refundable money put down for the due diligence, separate from the earnest money. In a hot market like the triangle, it can be a significant amount of money.
It was $2,500 on our house we just bought
Reply With Quote Quick reply to this message

 
Old 07-29-2015, 01:37 PM
 
1,512 posts, read 1,269,469 times
Reputation: 1623
Quote:
Originally Posted by VickiR View Post
Yes. During due diligence (time depends on what buyer and seller have negotiated but I like at least 3 weeks), buyer gets inspections done and repairs negotiated, appraisal done, loan commitment, verify homeowner's insurance, etc.

Buyer can decide to NOT buy during this time. Once due diligence period ends, buyer hands over earnest money deposit and closing happens shortly after.
Thank you for explaining. We used a "good faith deposit" for our home but it wasn't significant.

Quote:
Originally Posted by carolinadawg2 View Post
And to add just a little to what Vicki has said, there is non-refundable money put down for the due diligence, separate from the earnest money. In a hot market like the triangle, it can be a significant amount of money.
Quote:
Originally Posted by spsmith713 View Post
It was $2,500 on our house we just bought
Holy cow.

Well I guess that sufficiently eliminates people on the fence. We better make sure we're serious before we jump into anything.
Reply With Quote Quick reply to this message
 
Old 07-29-2015, 02:03 PM
 
13,811 posts, read 27,378,934 times
Reputation: 14244
I can't imagine putting an offer in on a house and not being serious?!?

I also can't believe a house not sold in 9 days is now considered damaged goods! Crazy times.
Reply With Quote Quick reply to this message
 
Old 07-29-2015, 02:25 PM
 
Location: Sodo Sopa at The Villas above Kenny' s House.
2,492 posts, read 3,022,276 times
Reputation: 3911
Quote:
Originally Posted by spsmith713 View Post
I know one thing we found that obviously drives a sale, at least in an area like Holly Springs, with a lot of young families is base school. There are quite a few houses that are in Holly Springs that are very nice for a great price, but the base school is one that is not desirable.
The base schools for this particular house are good. It's not in Wake but is in Johnston county school the Cleveland Rd ones. Unfortunately many of Garners schools have low ratings,this isn't one of them.
Reply With Quote Quick reply to this message
 
Old 07-29-2015, 02:54 PM
 
750 posts, read 851,298 times
Reputation: 852
Really nice houses in my neighbourhood end up
Being on the market for months. Maybe even 12 months so obviously houses are not selling quickly everywhere.
Reply With Quote Quick reply to this message
 
Old 07-29-2015, 02:54 PM
 
1,512 posts, read 1,269,469 times
Reputation: 1623
Quote:
Originally Posted by wheelsup View Post
I can't imagine putting an offer in on a house and not being serious?!?

I also can't believe a house not sold in 9 days is now considered damaged goods! Crazy times.
Sheesh. I'm getting the feeling I can't ask or say anything without getting jumped on by at least one or two posters. When did I say damaged goods? And it's common practice when househunting here to put in multiple verbal offers. Money isn't required to put an offer in on a home.

I'm trying to learn, ok?
Reply With Quote Quick reply to this message
 
Old 07-29-2015, 02:58 PM
 
Location: Holly Springs, NC
252 posts, read 275,131 times
Reputation: 280
Quote:
Originally Posted by greenie72 View Post
Sheesh. I'm getting the feeling I can't ask or say anything without getting jumped on by at least one or two posters. When did I say damaged goods? And it's common practice when househunting here to put in multiple verbal offers. Money isn't required to put an offer in on a home.

I'm trying to learn, ok?
This is another anecdotal story but is typical for this area, especially the Holly Springs/Apex area. I had a friend that put in an offer on a house and went through the inspection. The inspector found some items that my friend wanted to have fixed. He asked the owners to fix 4 items on the list. The owners literally laughed at him and said they aren't going to fix anything as they have 5 backup offers in line if he didn't want the house as is.
Reply With Quote Quick reply to this message
 
Old 07-29-2015, 02:58 PM
 
Location: My House
34,937 posts, read 36,163,891 times
Reputation: 26547
Quote:
Originally Posted by spsmith713 View Post
It was $2,500 on our house we just bought
I hope you were buying a 2.5 mil house.
__________________
When in doubt, check it out: FAQ
Reply With Quote Quick reply to this message
 
Old 07-29-2015, 03:03 PM
 
1,512 posts, read 1,269,469 times
Reputation: 1623
Quote:
Originally Posted by spsmith713 View Post
This is another anecdotal story but is typical for this area, especially the Holly Springs/Apex area. I had a friend that put in an offer on a house and went through the inspection. The inspector found some items that my friend wanted to have fixed. He asked the owners to fix 4 items on the list. The owners literally laughed at him and said they aren't going to fix anything as they have 5 backup offers in line if he didn't want the house as is.
What wound up happening? Were they major issues?

That's good to know. I don't think we'll be looking in that area, but we'll approach any offer with the right attitude.
Reply With Quote Quick reply to this message
 
Old 07-29-2015, 03:23 PM
 
Location: Raleigh, NC
12,475 posts, read 32,189,719 times
Reputation: 9450
The Johnston County side with a Garner address has good schools. It is the Wake County side of Garner that has lower scoring schools. I haven't checked in a while so maybe they have gotten better?

I really don't like a high due diligence fee but it all depends on the house, age of the house and how well it has been maintained.

when a seller gets multiple offers, the due diligence fee needs to be higher than usual. Or, buyer doesn't get house. But, it isn't always that way. See? That is real estate...it all DEPENDS! That is why sometimes it is hard to answer questions. That is why people sometimes suggest things that just aren't going to work. Each situation is different!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Raleigh, Durham, Chapel Hill, Cary

All times are GMT -6. The time now is 10:08 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top