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I'm a bit surprised that you didn't know to use a google maps with satellite views, and maybe even a birdseye angle. Every major search site, and the MLS links we send, have this feature. Use it to eliminate houses that back to commercial/industrial properties, lots on or backing to a busy road, etc.
That type of information is why you pay a Realtor. Or at least it used to be.
To add another reference point I recently closed on a house in Cary in the $500K - $550K range and gave no DD. Only $1K in earnest.
We have bought two in Cary in the past 5 years at prices higher than what you indicated here and for one we paid no DD and 6k in EMD and the other was 500..(I think... it was a token sum) DD and 6k EMD... or maybe it was less... I forget.
It wasn't the DD I am seeing on places now.
I will say we once had someone ask for an exorbitant amount of DD money (like 10k or something) and really considered it... but, ultimately, the whole deal put us off.
They ended up selling that house about 6 months later for less than what we offered by about 35k.
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It is easy to say what you will do and what you won't do when you aren't the one buying the home!
Each transaction requires different due diligence and earnest money deposit. If you are trying to buy a $300,000 house in North Raleigh and refuse to offer due diligence money, good for you. You won't get that house but maybe you didn't want it bad enough.
Most clients will ask their Realtor what is "customary" and their Agent should be able to answer that question.
Years ago, as we were switching from a buyer's market to a seller's market, I had plenty of new buyers tell me that they would NEVER offer more than listed price. I had plenty of new buyers tell me they would NEVER offer the listed price. It took those buyers losing 2 to 3 homes to realize this market is different!
I have had buyers ask me if they have to give $10,000 due diligence fee because that is what their neighbor told them. That is simply not true FOR EVERY CASE. Each situation is different and only someone with experience in this market can give them the better answer.
So, you may say what you would and wouldn't do but until you are in the situation, you really don't know. That is true for many situations, not only buying a home!
To add another reference point I recently closed on a house in Cary in the $500K - $550K range and gave no DD. Only $1K in earnest.
Quote:
Originally Posted by RedZin
We have bought two in Cary in the past 5 years at prices higher than what you indicated here and for one we paid no DD and 6k in EMD and the other was 500..(I think... it was a token sum) DD and 6k EMD... or maybe it was less... I forget.
It wasn't the DD I am seeing on places now.
I will say we once had someone ask for an exorbitant amount of DD money (like 10k or something) and really considered it... but, ultimately, the whole deal put us off.
They ended up selling that house about 6 months later for less than what we offered by about 35k.
No Due Diligence Fee in transactions:
-with Relocation companies.
-New Construction.
-Short sales
-Foreclosures.
It is easy to say what you will do and what you won't do when you aren't the one buying the home!
Each transaction requires different due diligence and earnest money deposit. If you are trying to buy a $300,000 house in North Raleigh and refuse to offer due diligence money, good for you. You won't get that house but maybe you didn't want it bad enough.
Most clients will ask their Realtor what is "customary" and their Agent should be able to answer that question.
Years ago, as we were switching from a buyer's market to a seller's market, I had plenty of new buyers tell me that they would NEVER offer more than listed price. I had plenty of new buyers tell me they would NEVER offer the listed price. It took those buyers losing 2 to 3 homes to realize this market is different!
I have had buyers ask me if they have to give $10,000 due diligence fee because that is what their neighbor told them. That is simply not true FOR EVERY CASE. Each situation is different and only someone with experience in this market can give them the better answer.
So, you may say what you would and wouldn't do but until you are in the situation, you really don't know. That is true for many situations, not only buying a home!
Truer words haven't been spoken in this thread. People keep saying "but I but I" Every deal is different, get over it already.
Truer words haven't been spoken in this thread. People keep saying "but I but I" Every deal is different, get over it already.
It is also possible that there are limits for some people that are not limits for others.
What's to get over? We're just having a discussion on an internet forum.
Ex. I am generally flexible in my limits. It's just my own, personal style. My husband decides his limits ahead of time and I rarely see him waver. He's not rigid, nor is he inflexible. He just plans ahead and he sticks to what he planned. He's one of the best negotiators that I've ever known, even if he sometimes drives people crazy. I've seen that man ask for things I'd be afraid to ask for in his situation... and get them. LOL.
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