Things just got real in North Carolina’s housing market. In a recent video of WRAL’s 5 on Your Side, Monica Laliberte shows just how competitive the current sellers’ market is.
Sellers are getting multiple offers, doing lots of showings on their homes—and it doesn’t take long for them to go under contract. In order for buyers to show they’re committed to purchasing a home, they’ll often offer a large “due diligence” payment, which is an addition to earnest money paid when signing a contract that goes toward the purchase price. Though due diligence isn’t required, it helps ensure that buyers won’t lose out on the home they want.
Robby Oakes, who boasts 20 years of experience in the local mortgage industry, says that due diligence fees used to be around $100 to $1,000. Now, depending on price, interest, and location, due diligence fees can be upwards of $100,000. If a buyer backs out of a deal, the seller keeps that due diligence money, so it’s important that the buyer is serious about going all-in on an offer.
In such a competitive housing market, having a real estate agent on your side is crucial for navigating all the terminology, contracts, fees, and more that both buyers and sellers have to deal with.
As a real estate agent, I can act as a buffer for sellers to take the spam out of your property showings and field calls that lead to nowhere, saving you time and helping you find serious buyers who are ready to make an offer. I have an intimate knowledge of our local neighborhoods and can help you with pricing your home and marketing it correctly.
As for buyers, I can guide you through all the necessary steps in looking for and buying a home that’s just right for you.