the transaction doesn’t close. Note that in North Carolina Due Diligence money and Earnest Money are two different things. Due Diligence money is paid to sellers directly to compensate them for taking the property off the market while the potential buyer conducts inspections. The Due Diligence money is paid directly to sellers to compensate them for removing the property from the market while the potential buyer conducts inspections. Typically, the Due Diligence money is non-refundable to the buyer if they choose not to purchase the property. However, this may change if the seller or their agent misrepresented the property. In North Carolina, Earnest Money is generally put into escrow after an offer is accepted. The money *may* be returned to the buyer if the sale doesn't go through. Please consult with your closing attorney to understand the differences between Due Diligence and Earnest Money.
Forgetting to Cancel/Switch Utilities and Insurance
Many sellers neglect to notify utility companies when they are moving or applying for service at their new home. Contact the utilities and your insurance company as soon as a contract is signed. Determine how many days of lead time they require to switch or cancel, then follow up with them once you have a confirmed closing date.
Letting Emotions Take Over
Stay calm throughout the selling process, especially during and after a house inspection, as this is often when problems arise. Be practical and assume that issues will come up. It’s not unusual to have to pay for some repairs. Don’t let a buyer’s request for a minor repair derail the deal. This is where guidance from an
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