Quote:
Originally Posted by mdj1281
Thank you everyone, I've become a lurker on my own thread lol!
We are going down on 5/21-5-25 to survey the area and figure out what communities we want to be in. I've been talking to realtors down there the last week or so and think we found one we want to go with. Yesterday, up in NY, the professional photos were taken of my house and we have an open house this Saturday (yikes!).
In speaking with the latest realtor in NC they think we should focus on the Cary, Apex, Holly Springs, Fuquay general areas. He also told us that the "winning formula" right now seems to be putting down $30k in due diligence and going $15-20k over asking price!
I already expected to pay about 10-15% over asking price but until recently had no understanding of the due diligence and earnest periods. Please tell me that this insane amount of DD money is not the norm... being that a few weeks ago we didn't even know we would be relocating I don't have that liquidity. Majority of my money is tied up in the home or other places we cannot take it out of. Is this maybe just going on in the areas I mentioned before and perhaps going out to Wake Forest or Clayton the market isn't as competitive?
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I wish I could.
I was *SHOCKED* this past weekend when my clients offer was accepted with "only" $10k DD. Granted they still offered well over 10% over list price (and we were NOT the highest offer; it was a house with very specific needs for their family for which the seller could relate and one of those letters actually helped them). Even more shocking was the fact that this was the very first offer they submitted on the very first house we toured.
Another set of clients looking in the same general area offered on another house in the same price range in the same neighborhood and included $35k DD with a similar percentage over list price and their offer was not accepted. This was their 8th rejected offer.
Sadly; the second set of clients is having the more typical experience in the homebuying process in the Triangle right now. The first had a unicorn experience.
I can't fathom someone making an out-of-area move here entering this market as it is now. To reiterate what others have advised; I'd strongly recommend that you focus on an area you want to be and rent their first so you can be a "local" buyer once you are settled.
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