North Carolina Due Diligence

Can anyone explain to me why we do things so differently here in North Carolina than anywhere else in the country? We don’t do bidding wars, you submit one bid, if it isn’t high enough too bad. Whoever got the highest on the first pass wins. So there is no back and forth at all. Secondly, we have Due Diligence which is paid immediately to the seller if your bid is accepted. In the currently market we put up 10k for DD, some people have to put up much much more I’ve heard/seen 50K upfront. Now the thing about DD is this, it does come off the price of the house, if you buy it however…. Regardless of the appraisal, the inspection or anything, the seller just made 10k. We want them to fix something, they can do it out of kindness or not. We don’t like it, they’ll just keep your 10k and put it back on the market the next day. If it doesn’t appraise for the right amount, too bad. Pay the bid price or they keep the 10k. Inspection comes back looking kind of sketchy, no worries don’t buy, but you lost that 10K. How did this state get so backwards compared to everyone else? If you’re a seller in this state, you absolutely own the process particularly in this market.

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EDIT: Due Diligence is separate from Earnest money, which basically kicks in at the end of the Due Diligence period, which is about another 1k or so.

submitted by /u/monkiye
[link] [comments]

Can anyone explain to me why we do things so differently here in North Carolina than anywhere else in the country? We don’t do bidding wars, you submit one bid, if it isn’t high enough too bad. Whoever got the highest on the first pass wins. So there is no back and forth at all. Secondly, we have Due Diligence which is paid immediately to the seller if your bid is accepted. In the currently market we put up 10k for DD, some people have to put up much much more I’ve heard/seen 50K upfront. Now the thing about DD is this, it does come off the price of the house, if you buy it however…. Regardless of the appraisal, the inspection or anything, the seller just made 10k. We want them to fix something, they can do it out of kindness or not. We don’t like it, they’ll just keep your 10k and put it back on the market the next day. If it doesn’t appraise for the right amount, too bad. Pay the bid price or they keep the 10k. Inspection comes back looking kind of sketchy, no worries don’t buy, but you lost that 10K. How did this state get so backwards compared to everyone else? If you’re a seller in this state, you absolutely own the process particularly in this market. ā€‹ EDIT: Due Diligence is separate from Earnest money, which basically kicks in at the end of the Due Diligence period, which is about another 1k or so. submitted by /u/monkiye [link] [comments]

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