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Seven months behind us now and we are beginning to see the challenges with the new purchase agreements in North Carolina. Buyers are requesting just about anything and everything of Sellers after the home inspections are complete. Requests that in the past could be dismissed by the Sellers as not being a “repair” but an “improvement”. Buyers are also requesting that items outside of the home be addressed, cracked driveways and aging outbuildings just to name a few. Sellers who are trying to buy a home are often times not in a position to or don’t feel comfortable saying “no” to a Buyer. I am also hearing about many more Buyers walking away from contracts because of many reasons. To name a few, “a better home comes on the market”, “we just had a change of heart”, “the dogs next door are too loud”.
The new due diligence rules have posed new challenges and I suspect it will take some time before agents and consumers get adjusted. Until then I must admit that I don’t have a tremendous amount of confidence in any of my contracts until that due diligence period expires.