Following up on a conversation in another thread about how awful North Carolina’s real estate regime is, an update from my personal experience.
In order to get a house accepted, i had to offer 15,000 due diligence with an additional 10,000 earnest. I asked for and received 3 weeks due diligence period, which I was told was enough time to determine if I could purchase the house. There are no contingencies allowed relating to financing, and I do not have one. Again, due diligence is supposed to cover all contingencies.
Well, I’ve been working with the lender and today, my period expired, but I still do not have clear-to-close. I am not worried it will be an issue, and he assures me it’s on track, but it’s almost like the underwriter isn’t aware that I’m essentially gambling 25,000 dollars and legal liability for 700,000 more on whether I am approved. You would think in those circumstances, they would finalize approval. But apparently not. And so we have an anxious wait.