Playing the "why hasn't this house sold yet?" game (Garner: sale, insurance)

[greenie72]

Considering the quick turnaround everyone talks about, when I see a nice house that's been on the market 30 days or longer, I start to wonder. Usually a google maps satellite view answers the question for me.

http://www.realtor.com/realestateand...59-95940?row=1

Satellite shows a creek behind the house and some kind of water basin in front of it and another next to that one. I'm assuming the flood worry and mosquitos might turn buyers off?

[carolinadawg2]

The site says a sale is "pending", doesn't it?

The hideous furniture certainly didn't help.

[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.

[greenie72]

Originally Posted by carolinadawg2

The site says a sale is "pending", doesn't it?

I must have forgotten to filter this search. I usually eliminate those.

But I'd still like to know what you think about flooding/mosquitoes?

[VickiR]

MLS says it was on the market for 9 days but is now "contingent".

[greenie72]

Originally Posted by VickiR

MLS says it was on the market for 9 days but is now "contingent".

Pending/Contingent = under contract? I'm not familiar with the terms.

[VickiR]

Let's say home starts out as "active".

Contingent means it is under contract but still during the due diligence period.

Once it has passed the due diligent period, it goes to "pending".

Once it has closed, it is listed as "closed".

[greenie72]

Originally Posted by VickiR

Let's say home starts out as "active".

Contingent means it is under contract but still during the due diligence period.

Once it has passed the due diligent period, it goes to "pending".

Once it has closed, it is listed as "closed".

Thank you. And due diligence is for things like appraisal and inspection?

9 days. Wow. I hope things move that fast for me when I sell my NY house and move down there. (not likely!)

[VickiR]

Originally Posted by greenie72

Thank you. And due diligence is for things like appraisal and inspection?

9 days. Wow. I hope things move that fast for me when I sell my NY house and move down there. (not likely!)

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.

[carolinadawg2]

Originally Posted by VickiR

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.

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.