Mailbag: Do I Need $50K in Due Diligence?
Hear about three different sellers who recently closed on their home in the Triangle with Angie and her team. Each had their own unique aspects while selling in today’s market.
In the Triangle market, there continues to be a low inventory, low interest rates, and then high prices. It is more of a seller’s market, but at least the buyer is getting better financing on their loan thanks to the low interest rates. On today’s podcast, Angie answers two questions related to today’s market and how a buyer can better their chances of winning an offer.
Ace in Raleigh wants to know if it’s okay to do a leaseback in today’s market. A leaseback allows the seller to rent the home for a short amount of time from the buyer. Right now, a lot of the buyers are allowing the sellers to do a leaseback, in order to make the offer more attractive. This helps make their transition easier and could help your chances of winning out on an offer.
Farah in Clayton says a friend just sold their house and the buyer offered $50,000 in due diligence. There’s no way they can offer that much but are worried, are they out of luck? There are a lot of buyers offering a high amount of due diligence, which makes the seller feel more comfortable with the offer. Buyers do need to have a good amount, with $10,000-$20,000 upfront becoming the norm right now. The vast majority of homes being sold right now are going with multiple offers.
In order for the buyer’s offer to be as strong as possible, Angie and her team are educating buyers with what to expect. Most offers are waiving inspection or the due diligence period. She’s seen the due diligence amount go as high as the entire price of the home. In today’s market, you have to be prepared to make it to the closing table.
Listen to the entire episode or click on the timestamps below to skip ahead.
0:38 - What is happening in the Triangle real estate market?
2:33 - Mailbag: Is it okay to do a leaseback?
5:22 - Mailbag: Do I need to have $50k in due diligence?
6:40 - How can buyers be as strong as possible in today’s market?
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