We are new to North Carolina. We are going through the escrow process. The house we’re buying had multiple offers so we put down more due diligence money. At inspection there were several issues found with the house. Nothing major but things that will cost us a bit of money to fix. Well and septic inspections haven’t been done yet. If we decide because of these issues we don’t want the house, our DD is gone! The way it should be is, the seller has a thorough inspection done by a neutral party that becomes part of the home’s disclosure. As a buyer I can decide if I want to deal with the house. When the buyer does their inspections there should be no surprises. Right now the seller has not said if they will fix or credit us anything for issues found and sadly they don’t have to.
My wife and I had our hearts set on a north Carolina house for retirement. Until we found out about the DD fee. We found a house in Tennessee instead now. It's just a nonsense fee that makes buying scary and stressful. Not playing those silly games.
NC has this due dilligence money AND earnest money. It is crazy. You lose your due dilligence money if you back out, but you can get your earnest back. I had a realtor tell me to offer 10k for due dilligence to show I was a serious buyer. Nope! I am not taking a chance of losing that money, especially knowing the house has been up for sale for 6 months in this market.
![[VC Unlocked] The Basics of Due Diligence](http://i.ytimg.com/vi/S8B2a-zeYng/mqdefault.jpg)
We are new to North Carolina. We are going through the escrow process. The house we’re buying had multiple offers so we put down more due diligence money. At inspection there were several issues found with the house. Nothing major but things that will cost us a bit of money to fix. Well and septic inspections haven’t been done yet. If we decide because of these issues we don’t want the house, our DD is gone! The way it should be is, the seller has a thorough inspection done by a neutral party that becomes part of the home’s disclosure. As a buyer I can decide if I want to deal with the house. When the buyer does their inspections there should be no surprises. Right now the seller has not said if they will fix or credit us anything for issues found and sadly they don’t have to.
Great video, thank you!
My wife and I had our hearts set on a north Carolina house for retirement. Until we found out about the DD fee. We found a house in Tennessee instead now. It's just a nonsense fee that makes buying scary and stressful. Not playing those silly games.
NC has this due dilligence money AND earnest money. It is crazy. You lose your due dilligence money if you back out, but you can get your earnest back. I had a realtor tell me to offer 10k for due dilligence to show I was a serious buyer. Nope! I am not taking a chance of losing that money, especially knowing the house has been up for sale for 6 months in this market.
Please assist Ironland!
Please assist ironland
Please assist ironlabd