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Also, be prepared as a buyer in this area to pay all closing costs. If you don't write it into your offer the seller will go with another offer that has. If it's a desirable property it's only going to be on the market for a few days and there will most likely be multiple offers. You have to come prepared and be aggressive.
Buyers can still get help with CC.
The sellers just have to like the bottom line.
For many people, including well-qualified buyers, it makes a lot of sense to leverage current interest rates.
A few thousand in CC to conserve cash to redecorate can be great for a buyer.
Also, be prepared as a buyer in this area to pay all closing costs. If you don't write it into your offer the seller will go with another offer that has. If it's a desirable property it's only going to be on the market for a few days and there will most likely be multiple offers. You have to come prepared and be aggressive.
All closing costs? The sellers realtor commission?
I thought you guys were supposed to be nicer than New Yorkers, my mistake.
All in all, I find the forums helpful. And I know there are going to be people that come to places like this to debate, argue, nitpick, whatever. But I've been searching back threads and reading every day now for a few weeks and I think there's an undercurrent of disdain when outsiders post, or ask about where they should live. Which I can understand may be aggravating because it seems new people do that a lot, create their own vague post, get replies, and never come back. I'm not that person.
Or, you could be right, and I need to take posts like wheelsup's where he added nothing to the conversation other than incredulity at my comments, ignore them and move on. Good practice to help where I can, take what I can, and ignore the rest.
My apologies, I was just flabbergasted that people would put an offer in on a house and not be serious. That just seems so...immature. I don't really have experience in home buying, I've only bought one when I was 26, but thought it was a big deal when you finally put an offer in.
House down the street from us sold in 2 hours after being listed, home buying isn't something you do on a whim IMO.
I thought you guys were supposed to be nicer than New Yorkers, my mistake.
All in all, I find the forums helpful. And I know there are going to be people that come to places like this to debate, argue, nitpick, whatever. But I've been searching back threads and reading every day now for a few weeks and I think there's an undercurrent of disdain when outsiders post, or ask about where they should live. Which I can understand may be aggravating because it seems new people do that a lot, create their own vague post, get replies, and never come back. I'm not that person.
Or, you could be right, and I need to take posts like wheelsup's where he added nothing to the conversation other than incredulity at my comments, ignore them and move on. Good practice to help where I can, take what I can, and ignore the rest.
Are you here for home buying advice or just to troll? Bottom line is if you approach buying a house here like they do in NY you will never buy a house here. Find yourself a good agent.
All closing costs? The sellers realtor commission?
OK, I guess if you include the sellers commission then technically not ALL closing costs, but essentially everything but that. I was just making the point that it's common in this area to either offer over asking price, offer to pay closing costs or both, so one needs to factor that in. We had our offer in on our place (earlier this year) within 48 hours of it hitting the market and there were already 2 other offers. It can be stressful as a buyer but the more you know going into it the more aggressive you can be if you find a place you love.
Growing up in New England I learned quickly that the game is played very differently down here. Up North it seems more common for homes to be listed 10%-20% over what the sellers will actually take, thus buyers know that the listed price can be negotiated. On average, homes in Wake county sell for 97% of asking price, so the process requires a different mentality. I know a lot of people coming from other areas had the attitude of "Well that's just the asking price" and were shocked to find they lost out to multiple full-price offers. Real estate down here is still much cheaper than up North, it's just done a little differently.
Twice I have put down due diligence money as well as paid for a home inspection. Twice the crawlspace has been literally soaked with mold with one even having been in an undisclosed fire. "Gee, we didn't know but, thanks for your deposit " is pretty much what I heard. That explained the longer time on the market for those two properties.
OK, I guess if you include the sellers commission then technically not ALL closing costs, but essentially everything but that.
Real estate down here is still much cheaper than up North, it's just done a LOT differently.
which is why any Buyer should engage the services of a quality Realtor.
Going back to the origins....
That may or may not be a nice house at a nice price in that area of Garner, which is a Wake County town but hey, the house is in a completely different county (taxes, schools, etc).
There's no way to tell whether flooding is an issue, though looking at the pictures, clearly the home has many stairs upfront and is elevated. The basins out front are man-made ponds, and appear to be the property owner's to the southwest. which appears to be a larger and custom home without further snooping (based on the rooftop). The ponds aren't a mosquito concern, the wetlands behind the house could be.
NC and all states have individual contracts. Each state's varies somewhat.
In NC, it is the Buyer's obligation to pay their own closing costs. A Buyer can ask the seller to pay theirs - a stated $ figure, usually not more than $3-4K - and the Seller will take the offer price less those CC's and consider it as a "net offer" (that is, if they have a qualified Realtor representing them, or are otherwise intelligent).
When you make an offer, you need to have been prequalified including credit and any job change bringing you here. You also need to be PREPARED to offer a due diligence fee at acceptance, but NO MONEY is due simply by making an offer.
Twice I have put down due diligence money as well as paid for a home inspection. Twice the crawlspace has been literally soaked with mold with one even having been in an undisclosed fire. "Gee, we didn't know but, thanks for your deposit " is pretty much what I heard. That explained the longer time on the market for those two properties.
I know not everyone is up for this but when I view a house, I view the crawl space. My feeling is a serious problem, like widespread mold or lots of moisture I want to be aware as soon as possible and either save myself the time or factor it into my offer. Plus I do not think you need to be an inspector to identify a problem when it is that widespread or obvious. There is some real garbage out these and it stinks that you had to lose money.
Twice I have put down due diligence money as well as paid for a home inspection. Twice the crawlspace has been literally soaked with mold with one even having been in an undisclosed fire. "Gee, we didn't know but, thanks for your deposit " is pretty much what I heard. That explained the longer time on the market for those two properties.
Tell your agent to buy coveralls.
Quote:
Originally Posted by Sal_M
I know not everyone is up for this but when I view a house, I view the crawl space. My feeling is a serious problem, like widespread mold or lots of moisture I want to be aware as soon as possible and either save myself the time or factor it into my offer. Plus I do not think you need to be an inspector to identify a problem when it is that widespread or obvious. There is some real garbage out these and it stinks that you had to lose money.
Yep. You don't have to belly crawl a whole crawlspace to get a decent read on it. "Soaked with mold," should be very easy to find.
Localized mold in difficult spots to access can be more of a challenge.
But with the DD Fees the market is commanding, buyers need to at least clarify the low hanging rotten fruit prior to blowing a grand on DD and inspections.
OK, I guess if you include the sellers commission then technically not ALL closing costs, but essentially everything but that. I was just making the point that it's common in this area to either offer over asking price, offer to pay closing costs or both, so one needs to factor that in. We had our offer in on our place (earlier this year) within 48 hours of it hitting the market and there were already 2 other offers. It can be stressful as a buyer but the more you know going into it the more aggressive you can be if you find a place you love.
Growing up in New England I learned quickly that the game is played very differently down here. Up North it seems more common for homes to be listed 10%-20% over what the sellers will actually take, thus buyers know that the listed price can be negotiated. On average, homes in Wake county sell for 97% of asking price, so the process requires a different mentality. I know a lot of people coming from other areas had the attitude of "Well that's just the asking price" and were shocked to find they lost out to multiple full-price offers. Real estate down here is still much cheaper than up North, it's just done a little differently.
Many people have to lose out on a house, or two, that they really like before they realize that it is Market Reality slapping them in the face.
And, some people are not actually focused on buying real estate. They are buying perceived discounts.
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