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Have you ever heard of a state where you pay a non-refundable fee just for the right to change your mind about buying a house?
In North Carolina, we have a “due diligence fee” that often shocks people from other states. It is a non-refundable payment from the buyer to the seller that allows the buyer to walk away from the deal for any reason at all.
About nine years ago, North Carolina put this in place to keep buyers and sellers out of court. It compensates the seller for the time their home is off the market. If a buyer walks away, the seller is paid for that lost time.
The strategy changes depending on your goals:
As a buyer’s agent, my job is to protect my buyers. That usually means keeping the due diligence fee as reasonable as possible.
From a seller’s perspective, listing agents often want to see a stronger fee because it shows the buyer is serious and committed.
It is all about balance. The fee protects the seller’s time while giving the buyer the freedom to investigate the property.
If you have questions about how this fee affects your next move, call us at (919) 830-9051 or cynthia@cqrealtygroup.com. We’re here to help.
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