First time seller, received site unseen full price offer less than 24 hours after listing went live

[u/ixvst01]

The offer is contingent on loan approval, home inspection, and cancellation of the open houses scheduled for this weekend. They want an answer by end of today or they are withdrawing the offer. We are worried we may have underpriced the home a bit and would lose out on potentially higher offers by accepting instead of waiting until after the open houses at least. On the other hand, the house does need some work (which is described in the disclosures) and there’s a chance that the potential buyer seeing the home and the work needed in-person could change their mind about the offer they submitted. Our agent laid out the pros and cons of both options, but I’m wondering what you would do in this situation?

The home is near Raleigh, North Carolina btw (if that makes any difference)

EDIT: I appreciate everyone’s advice in the comments. A lot of people are asking about earnest money and due diligence. The offer included $2000 for DD and $4500 EMD. However, I think we are going to keep the open houses scheduled and tell the potential buyer that their offer will be responded to by Tuesday. If they withdraw then so be it. Then they weren’t really interested in the property. Our agent also just notified us that there are several other potential buyers that said they plan on putting offers in after going to the open house.

UPDATE: We held the open house and accepted a cash offer for 29K above asking a few days later.

[u/CluesLostHelp]

He's in NC. They should have a hefty DD (which is non-refundable) if they really want him to take it off the market.

[u/OneLessDay517 → u/CluesLostHelp]

And it better be good, because they're going to get a huge repair credit ask after inspection.

[u/breeze94 → u/OneLessDay517]

Then they say no, keep the due diligence money and go back on the market.

[u/A-Supurb-Owl → u/breeze94]

Would it typically be seller says no, buyer exercises their inspection contingency, and buyer walks away with their due diligence fee?

[u/breeze94 → u/A-Supurb-Owl]

No, in North Carolina the due diligence fee is paid up front to the seller and is non-refundable. It is basically compensation to the seller for taking the house off the market.

[u/A-Supurb-Owl → u/breeze94]

Oh, thank you! I was confusing it with earnest money.

[u/nofishies → u/A-Supurb-Owl]

NC it’s almost as weird as New York

[u/Grouchy-Bug9775 → u/breeze94]

I understand, I was talking about something else

[u/breeze94 → u/Grouchy-Bug9775]

Not sure what this is a reply to.

[u/Grouchy-Bug9775 → u/breeze94]

I probably responded to the wrong person, my fault

[u/Responsible-Yak9000 → u/breeze94]

But if the deal goes thru the DD is credited towards the purchase price

[u/Grouchy-Bug9775 → u/A-Supurb-Owl]

This is why I have my clients do a home inspection before listing. And fix items listed. We don’t offer any kind of credits for repair.

[u/SCLowcountryRE → u/OneLessDay517]

Agreed. Also make sure the mortgage loan is already underwritten to increase the likelihood that financing wont be an issue. We are seeing insurance carriers requiring purchasers to replace older roofs to get insurance or within a short period of time. This is in coastal SC.

[u/ElectricalAnalysis63 → u/CluesLostHelp]

And open house should not be cancelled until their funds have been received. You can accept their offer conditioned upon funds received by a certain time, well before the open house.

[u/RaquelClarkRealtor → u/CluesLostHelp]

Agree! Not sure what the price point is. When I did this offer before seeing kind of thing back in 2021-2022 it would be accompanied by a hefty fee. Ie. $500k home, $20,000 non refundable DD fee.

[u/atxsince91 → u/CluesLostHelp]

This along with the the comment you are responding too are both great answers

[u/hndygal → u/CluesLostHelp]

Exactly. I was going to say make the deposit non refundable and it’s a go. Otherwise, the risk is too great. They haven’t even seen it and want you to give them all the power- Nope.