Playing the "why hasn't this house sold yet?" game (condo, credit)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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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.
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
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
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.
Location: Sodo Sopa at The Villas above Kenny' s House.
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Quote:
Originally Posted by spsmith713
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.
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.
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.
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.
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.
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!
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