Driving Towards FIRE,  Our Story

Offer Not Accepted

Ok so listen, never in a million years did I think being an all CASH offer wouldn’t be competitive enough! 🤷🏻‍♂️. But then we discovered here in North Carolina that it’s less about your purchase price & more about how much free money you are comfortable giving away to the seller. Confused? We were too. I’ll explain, but first a few deets about this awesome home.

Built in 1928…

It has all the Bungalow charm one would expect from something built nearly a century ago. It also ONLY has 1 bathroom, but it has 4 bedrooms & 2 without closets. 10 foot ceilings throughout, an awesome covered porch with a swing & a cozy firepit in the quarter of an acre backyard. It’s located in a pretty small town near downtown with tree lined streets & sidewalks. As an added bonus, the house’s foundation is pretty solid with a full encapsulated cellar. There is, however, evidence of knob & tube wiring and a few smaller concerns.

Ok back to the offer…

We offered all cash over the asking price but with a small due diligence FEE. Yes, in NC as a buyer who may want to back out of an accepted contract you have to put up a fee for due diligence that doesn’t include your out of pocket cost to hire an inspector to review the property for issues. That fee is directly payable to the seller if you decide to cancel the contract.

Apparently, sellers are equating your seriousness by how much of a fee you are willing to pay…

Yet another indication of a lop-sided sellers market. This home was also listed with an agent who requested “highest & best” offers. Usually a tactic to drive up the cost of a home and pushing buyers to forgo contingencies. We knew going in that it was likely not going to work out, but you miss your chance if you don’t take your shot, right?

We will NEVER opt out of contingencies, regardless of the house. We offered a fair price and had the proof we can close without approval from a bank.

Did we lose? Nah, the search continues. Are we disappointed, Yes, it had 90% of what we are looking for. This time around we were more informed than the last. We have a limited budget & we plan to stick to it.

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