The average Due Diligence Associate salary in Greensboro, NC is $49,677 as of September 27, 2021, but the salary range typically falls between $41,530 and $59,863. Marianne really knows real estate and market she represents. All Rights Reserved. We highly recommended Marianne. Were very appreciative of Mariannes time, skill and care. You can see there isn't a huge difference in the scores. If a buyer terminates before the due diligence date, the earnest money is refunded to the buyer. She read more made the whole process extremely easy and everything went smoothly. Many Seller agents require a pre approval letter from a local lender with an offer. Have reviewed disclosures and homeowner documents. A: "Due Diligence" is the buyer's opportunity to engage in a process of further investigation of the property and the transaction as described in the Offer to Purchase form within a period of time agreed to by the seller and buyer. It is also important for the buyer to have the preapproval and be certain he can get the loan before putting the due diligence fee at risk. Our NC Offer to Purchase and Contract paperwork allows the buyer to specify a period of time that they will take to review everything they need to learn about the property before ownership is turned over to them. The buyer again appealed the district courts decision the NC Court of Appeals and then to the North Carolina Supreme Court. The amount of the due diligence fee varies between transactions depending on a range of factors, such as the listing price of the home and duration of the due diligence period along with local market conditions. about the Triangle, relationships with builders, and overall expertise kept us calm and our transactions moving smoothly. The first is a due diligence fee, and the second is an earnest money deposit. With the competitive market in 2021-2022 the Due Diligence Fees have gone really high. She was a pleasure to work. She is extremely knowledgeable about real estate in the Triangle Area. 5 days. so much experience and knowledge of the neighborhoods, schools, and services for our special needs child, and she was able to advise us on the best location for our family. 68 198 Related Topics NC Offer to PurchaseIve highlighted the Due Diligence sections. Thus, it is ideal for the buyer to send the fee directly to the seller via personal delivery, postal mail, wire transmission, or other electronic means. The selling agent will have confidence that the loan will close if you go through a well known local lender. Q: If the buyer decides to terminate the contract under the Due Diligence clause, must the seller agree? Strangely, even with the strong due diligence fees, many buyers are still doing weird things like using these fees to hold property until a better house comes along, at which time theyll put in an offer on the more appealing option. Much of it depends on price, interest and location. Any earnest money put down will be returned and the sellers will be left with no other option but to find another buyer. we lived in Chapel Hill for 20 years prior, we were retiring to Apex, NC and building a new home for the 1st time. So, due diligence is pretty much a gift to the seller. So, would you be comfortable giving $20k to a seller knowing that while they are legally required to disclose known defects, they are also shielded by the reality that you would have the daunting task and financial burden to prove they knew and lied. If a seller expects to get an offer on his home and a reasonable Earnest Money Deposit and Due Diligence Fee he will need to be prepared too. "When we made an offer on a house in Fayetteville, we actually only did a $500 due diligence fee," says McCall, adding, "However, you know, a number of the offers that we got were for multi-thousand dollars in due diligence.". A material breach of contract occurs when a party fails to satisfy a material condition or term of the contract. We couldn't have done it without them. Its customary, and things that are customary change as the market shifts. The Due Diligence Fee depends on a lot of factors, how long the house has been on the market, if there are other offers, price, condition of the home and the offer. Q: What might the buyer investigate during "Due Diligence"? Please read. Quote: Originally Posted by oofyeet. Its basically a no questions asked way for buyers to back out without any repercussions. Have been preapproved and can demonstrate the ability to get financing (or pay cash and has the verifications). If a buyer decides to do both fees, they will be writing two checks. Durham homes are listed for an average of $295,000, and are . Chapel Hill Neighborhoods & Triangle Area Real Estate. Even in the middle of a winter storm she was out looking at houses for us, taking detailed videos so we could see the homes from out of state. Again, this change is being made to discourage buyers from . You can contact us at https://www.triangletrusted.com/contact-us. Reasonable Amount for due diligence fee, North Carolina, 5 replies View detailed profiles of: Charlotte, North Carolina. If not paid and the buyer terminates, the Due Diligence Fee is still payable to the seller. That contract stipulated that the buyer would pay a $2,000 Due Diligence Fee and a $2,500 Earnest Money Deposit. As we were moving across country and building a custom house we relied on Marianne to be our eyes and ears on the ground. A new road is being built near my house: Do I need to tell buyers about it when I sell? "I have some colleagues, real estate closing attorneys, that tell me theyve seen upwards of $100,000 in due diligence fees. We actually see an increase in cancellations. Its easy to figure out what to do when you know what sellers will expect. To avoid any misunderstandings, provide any extension agreed to by the seller to the buyer in writing. We wanted to move there but this whole due diligence process leaves a bad taste in my mouth which is compounded by the fact it is not even a legally required process or document. That contract stipulated that the buyer would pay a $2,000 Due Diligence Fee and a $2,500 Earnest Money Deposit. Marianne helped us find the home of our dreams. The buyer pays the seller to keep the property off the market while the buyer uses due diligence to inspect the property and arrange financing. Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Application Booklet: "Real Estate Licensing in North Carolina", Applicants who are licensed in other Jurisdictions, Apply for a Limited Nonresident Commercial License, License Examination Performance by Education Provider, Rosters of Exam Candidates and New Licensees, Commercial Property Management Guides/Other Resources, NCAR Residential Property Management Legal Handbook, Commission Guidelines and Other Information, Local Rules for the North Carolina Real Estate Commission, Jocelyn Mitnaul Mallette of Raleigh Appointed to North Carolina Real Estate Commission, Dual Agency Authorization, Disclosure and Safeguarding Confidential Information. $350K. In most cases, closing costs are simply deducted from the seller's total profits. She provided assistance and support through the entire process and was readily available to answer questions when I had them. This fee is paid directly to the seller. I was told that if you want to buy a house in the Triangle you must put down at least $75,000 in a DUE DILIGENCE payment or your offer will be rejected. Continuing Education: The Clock is Ticking! There is a Warning to the buyer in paragraph 4 of Form 2-T advising termination if the seller does not agree to a requested extension of the Due Diligence period. Simple answer: It could range $250-$10,000 depending on the price of the home. 4 0 obj Thats a big deal! ", She recently helped Alana McCall sell her home in Wake Forest. The due diligence fee is paid directly to the seller, generally at the time the contract is executed. CH^dkZU9{:d:L}T L=zkz,r5/E^PtVE-|}^9la? Austin! How much did you put down? Representations are important because they provide valuable information to parties but some representations may not rise to the level of materiality. Current Stats: Monthly Licensee Count as of April 1, 2021 May 2021 eBulletin License Renewal Period is May 15-June 30 May 2021 eBulletin Be sure to renew your license, even if you haven't completed CE. She did a fantastic job at understanding us and what we did and did not like which helped make navigating the process much easier. Even in the middle of a winter storm she was out looking at houses for us, taking detailed videos so we could see the homes from out of state. We are just using a list of our most common questions. Even if you win, you now have to pursue a dishonest person to get the money back since it was not paid into an escrow. I have a website for Cary too! The money goes toward the purchase price and is in addition to earnest money paid when signing contract. The Contingent Sale Addendum (2A2-T) states in Paragraph 2 that if a seller, in accordance with that addendum, terminates the contract during the due diligence period then the seller must refund the due diligence fee to the buyer. (Listen up, if you are working with a Lender who is not familiar with NC Contracts). When the buyer appealed that decision to the district court, the seller hired an attorney. The forms are updated often. My husband and I enjoyed watching Mariannes YouTube videos and wanted to work with her on what we figured would be a simple in-town move. To read the judgement in its entirety, click here. The seller responded to the email claiming the buyer had not paid the Due Diligence Fee and was therefore in breach of the contract. So, termination of the contract was tied to repairs. Marianne Howell Wright Triangle Area Real Estate 919-274-4365 Chapel Hill, NC. She was available to us each and every time we needed her. Indoor pools in Chapel Hill, Chapel Hill Neighborhoods with a Community Pool, Chapel Hill and Triangle NC, Best Places to Retire, Homes for Sale in the Chapel Hill/Carrboro School District, Homes for sale in the East Chapel High Attendance Area, Briar Chapel, a Chapel Hill NC Neighborhood, Briar Chapel Update, Veranda Commercial and Infocenter, Lake Hogan Farms, a Chapel Hill Neighborhood, Meadowmont, a Walkable Chapel Hill Neighborhood, Guide to Building a New Construction Home in Cary, Chapel Hill and the Triangle, Watch out for these pitfalls when building a new home, Choosing the best lot in a new construction neighborhood, Home Builder Deposits in a New Construction Neighborhood. Marianne was our agent when we purchased our home in Chatham County. Here is how. With the competitive market in 2021-2022 the Due Diligence Fees have gone really high. Marianne was always available to provide us with any additional information, videos, pictures, and visits when we couldn't be present. If you havent bought or sold a home lately, you might not believe whats going on. When we got to Chapel Hill, Marianne gave us several different tours, and even took the time to show our son playgrounds all over town. It is important to note that in most transactions, regardless of whether the transaction is successful, the seller will retain the due diligence fee. If the buyer is unable to fulfill the contract the seller can keep the earnest money. This Home is staged and pre inspected- ready for the market. So, if your new home costs $200,000, expect to pay about $4,000 to $10,000 for these items. We contacted her and right from the start we felt confident that she was the perfect fit to guide us on our transition to North Carolina. Selling homes in Apex, Cary, Fuquay-Varina, Garner, Holly Springs, Raleigh and Willow Spring. Is Fall the Right Time to Sell your Home? Her and her closing coordinator were both wonderful to work with. Both upheld the decision of the district court. In the event a seller materially breaches the contract, the buyer may be entitled to a full refund of the due diligence money, earnest money, and reasonable costs incurred in connection with the buyers due diligence. Basically with fees this high you are waiving inspections and appraisal. Powered by Charlotte Real Estate Website Services. It provides an additional fee to help compensate if a buyer takes advantage or fails to act in a timely manner. A buyer may terminate the Offer to Purchase and Contract if a seller materially breaches the contract. Marianne is professional, easy to work with and knows so much about the Triangle area. This is called the due diligence time period. If a buyer decides to walk away from the contract, then the due diligence fee will help compensate the sellers for the time they tied up with this seller. They are both awesome! Q: What might the buyer investigate during Due Diligence? Unless you have bought a home in North Carolina within the last few years, the concept of a due diligence fee will seem like a peculiar idea. When we decided to move back to the Triangle, we knew we'd be calling Marianne. My Wife and I were looking to move to North Carolina from New York. Does the buyer get due diligence money back? Quiz: Where should you REALLY live in the Triangle? Both upheld the decision of the district court. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. She was very responsive and always available to answer our many questions about the area. Time on Redfin. Marianne and Chip were amazing. I would highly recommend Marianne especially if you are relocated to North Carolina. The house was ready for my family in a month. In standard form 2-T, Paragraph 1(i) states that the due diligence fee is nonrefundable unless the seller materially breaches the contract, the buyer terminates the contract under Paragraph 8 (Seller Obligations) or Paragraph 12 (Risk of Loss), or in accordance with any addendum attached to the contract. The standard form Offer to Purchase and Contract (Form 2-T) is used in the majority of residential transactions in North Carolina. To be our eyes and ears on the price of the contract if you relocated. Money is refunded to the seller agree Chatham County # x27 ; s total profits with lender... Most common questions lender who is not familiar with NC Contracts ) paid and the buyer had not paid Due... Not believe whats going on read the judgement in its entirety, here!: Where should you really live in the majority of residential transactions in North Carolina time. To us each and every time we needed her courts decision the NC Court Appeals! 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