Is Buying a Home in North Carolina Risky?

[@undefined69695]

The due diligence form is a worthless piece of paper don’t make the mistake I did and put a large deposit down. NC has terrible home buyer protections. Even lying on the dd form doesn’t matter.

[@raleigh-durhamnc]

Thanks for sharing! I think you might be mixing up the due diligence with the property disclosure. The disclosure is something the seller fills out to address the condition of the home. For example, "are there any issues with the plumbing". Though they can choose "yes", "no", or "no representation" if they don't know an answer and don't wish to say. When they are all answered as NR it can definitely feel worthless on the buying side for sure! The due diligence is a deposit a buyer pays to the seller once under contract. Hope that is helpful! NC is a " buyer beware" state! Sellers have an upper hand on a contractural level for sure!

[@AnnaSzabo]

You’re amazing 🤩 I just visited Raleigh yesterday and fell in love! Ten hours of driving, and I discovered WHERE I BELONG, so I want to move there now.

[@raleigh-durhamnc]

That is so kind, Anna! We are thrilled you loved your visit! Hope we can meet sometime! :)

[@AnnaSzabo]

@@raleigh-durhamnc I’d love that

[@kristin2983]

Whoa. I’m not fully understanding the due diligence….. your money is NEVER refunded? Even if your offer is not accepted? Are you better off building a home there? Or SPEC home? Thanks.

[@raleigh-durhamnc]

Great question! It is credited to your purchase price as long as buy the home! It's just not refundable if you don't purchase the home you have under contract. This could be due to financing, inspection findings, or just choosing not to move. Regardless, the seller would keep those funds. New construction in many ways can be less risky because though you still have a deposit, everything is new and more likely to find less surprising. Builders typically will address all issues on a home inspection which is helpful too!

[@kristin2983]

@@raleigh-durhamnc thank you!

[@raleigh-durhamnc]

@@kristin2983 You are very welcome!

[@Rmm760]

Does the due diligence apply to new builds also? Do you have to put down a due diligence for all homes or can you opt not to?

[@raleigh-durhamnc]

@@Rmm760 good question! DD fees are different with new construction as builders have their own contracts. They will have a deposit but it is not the exactly the same! Each builder sets their own percentage and terms for receiving that deposit back. It can feel less risky as builders for the most part agree to most needed repair requests, whereas a homeowner doesn’t have a team onsite for repairs.