Whew…what a journey. Finally under contract in the RTP area of NC. We sold our house in NYC burbs of NJ in Feb (money was too good not to take it and run) in order to move to NC (no need to be near NYC for our jobs post-COVID). Have been renting a SFH in the area while we house hunt, with an infant, in a pandemic. Fun times. Offer after offer we have been beaten, often by only $5-10k. The opacity of the process is/was/will continue to be so frustrating…no counter offers, everything is best and final from first offer, no escalation clauses, etc. I understand why they do it, but it still sucks.
Finally saw the perfect house, we were first showing. Made an aggressive offer with an end of day dealine since we have lost out on two very similar houses in this neighborhood in the past three months..so we were hoping third time was the charm AND we knew what those homes sold for so we felt better about our number. Wound up going 14% over list, 50k due diligence (hate this part of buying in NC), waived all contingencies. Yes, 50k due diligence with no contingencies is insanely risky. No, I did not sleep for 2 nights after writing that check. Had to send screenshots to show seller we could afford to pay cash for the house but were choosing to get a mortgage to take advantage of cheap money. Sellers wanted 30 day close, we were able to accommodate. Inspection was Monday, all systems are good and some very minor typical repairs are needed (14 year old house and very solid). We put enough cash down (nearly 50%, to avoid jumbo loan) to get an appraisal waiver from the lender. BIG win for us there, obviously nothing is appraising anywhere close to final price unless you have a 90 day close or something.
Feeling very fortunate to have gotten this house, our local market shows no signs of slowing down. Any halfway decent house in a good neighborhood is getting snapped up immediately in a bidding war, IF it even makes it to list…so many “coming soon” properties are getting sight unseen offers (craziness). Apple coming to this area will only make it worse I think.