How Does North Carolina's New Due Diligence Process Affect You?

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Hello, and welcome back to another market update! One change you may not have noticed in North Carolina, especially if you haven't bought a home in the last few years, is something called the Due Diligence Process (DDP). 

This is a new process in which the buyer is paying a Due Diligence fee to the seller. The purpose of the fee is to compensate the seller for taking the home off the market and give the buyer a certain period of time to check out the property with home inspections, surveys, appraisers, or anything else they may want. As part of the fee, the Due Diligence Process gives the buyer the option to walk away for any or no reason any time during this period. 

This is a really good tool for the buyer and seller alike. The seller is compensated for taking their home off the market, and the buyer is given protection by being allowed to walk away from any issues that may be found. Now, the earnest-money deposit can come any time during or after the DDP. Once the buyer decides they are satisfied with the house, they give earnest money to show their intention of closing the deal. If the buyer chooses to walk away after the DDP has ended, the earnest money is at risk. 

This is just one of many changes that have recently been made to the real estate process. In future videos, we will cover some of those changes in order to keep you in the loop!

For now, whether you're buying or selling, keep in mind that the Due Diligence Process applies to ALL types of real estate! 

Give us a call or shoot us a quick email if you have any questions about this new process, or if you need real estate assistance of any kind. We would love to hear from you, and look forward to seeing you soon!