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I heard in NC, they are now requiring a $20k due diligence deposit which is not refundable for any reason.
Well... That is a bit of a stretch.
DD fee is negotiable in the transaction, and we have a competitive market. People who can afford to write a $50,000 DD check are more competitive than people who write a $500 DD check.
No DD Fee is "required" at all.
It is nonrefundable, but if the seller breaches or makes material, provable misrepresentations, a disgruntled buyer may be able to get it refunded.
Rural WI last year - put the house on the market in Spring. ~20 acres with a house that needed major repairs or just torn down. We asked 220? Something like that - had a buyer without a realtor drive by and put in an offer - he was literally jumping with excitement about buying the house and property, spent hours with DH telling him all of his plans. We accepted, everyone was happy and ready to get the deal done. We drove to TN and put in an offer on a house - on the drive home we got a phone call from our realtor that dude's NEW realtor wanted to change up the contract on the house....Um, no.
She wanted him to pay 10k less, she wanted this fixed, that changed and all kinds of stuff done. We said no, figuring we'd lose the house in TN but better than negotiate with this terrorist. WE knew the market was going crazy and that we'd have no trouble selling the house to someone else, so we said 'goodbye and good luck' to the dude and his crazy realtor.
Re-listed the house on a Wednesday, had 3 offers by Friday, 2 of them over ask by 10K, which was about 20k more than we had planned to sell to the dude. Took the one that didn't want an inspection (told everyone the issues house had and we weren't interested in fixing) - closed and done in 5 weeks.
We still wonder if that dude ever found a place to buy that he was as crazy about as he was with our house. Best part was the seller in TN loved DH so much and wanted 'just the right person' in his mom's house...so he took the house off the market and waited until we got things settled in WI and we went ahead with purchasing this house. Win/win
A lot of sellers were getting greedy with their asking price. Have 3 houses for sale in my neighborhood, all sitting for over a month now.
That said, there's not much for sale and everyone is asking absolutely ridiculous prices. One of those neighbors is asking 1.8 million for an 800k house.
nobody knows, because it's not reported anywhere. Maybe Redfin internally accumulates how many offers they get and then report an average, because they seem to get some media play when they announce it.
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