Updated about 5 years ago on . Most recent reply
Idiosyncrasies of different markets
Good morning! I am a new investor and after picking the Charlotte market and learning about the due diligence fee, I was wondering what other nuances there are for other markets that are specific to that market and not real estate in general? For example, the LLC transfer fee for Florida. Things to keep in mind when evaluating other markets to invest in. Thanks!
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#2 Real Estate Agent Contributor
- Real Estate Broker
- Coppell, TX
Yes...in Texas we have option fee, which basically sounds like the same thing. No set fee...for years is was about $100 for 10 days....walk away and seller keeps it....move forward and it goes towards your purchase price.....Gradually it has gone up and the # of days has gone down....from 10 it went to 7 days...last 3 years or so I have seen go to 5 and often 3 days...and not uncommon now to have NO due diligence period. You wan the house, you bought it...no backing out....so NO days, no Money offered. If there is 3 days...then we'll see anywhere from $250-$1500 option money now. Get those inspections done quickly...and you're probably only backing out if it is something catastrophic....like a roof that the seller has no interest replacing....or extensive mold or extensive termite damage...or something like that. People want to write winning offers.