A free worksheet for buyers in North Carolina and South Carolina
Winning an offer only counts if the home still works for you after the ink dries. This worksheet walks you through setting your limits, building a price case, reading listing statuses, competing in multiple offer situations, and deciding which terms you can improve without giving up the protections that keep you safe. Complete it with your agent, lender and closing attorney before you authorize an offer.
What the Full Worksheet Covers
- How to Use This Worksheet
- 1. Define What Winning Means
- 2. Build the Price Case
- 3. Read the Listing Status
- 4. See the Offer Through the Seller’s Eyes
- 5. Consider Different Offer Approaches
- 6. Multiple Offers and Escalation Clauses
- 7. Appraisal Gaps
- 8. Make Financing and Cash Credible
- 9. Understand the Risk Before Improving Terms
- 10. Compare Three Complete Packages
- 11. Plan the Counteroffer and Submit Clearly
- 12. After the Offer
Common Questions
What happens if the appraisal is lower than my agreed purchase price?
You, the seller, or both will need to bridge the gap, or you may end the contract if your contract allows it at that point. Common outcomes are paying the difference in cash, a price reduction, a split, or a reconsideration of value request with better comparable sales. In North Carolina the standard contract has no appraisal contingency, so the due diligence period is your main window, except for FHA and VA loans, which carry a federally required appraisal clause. Ask your closing attorney how your specific contract handles it.
How much cash would I need to cover an appraisal gap?
More than the gap itself in many cases, because the lender bases the loan on the lower appraised value. Your cash need equals the contract price minus the new, smaller loan amount, plus closing costs. Use the table in section 7 with your lender’s numbers, and only promise a capped amount you can pay while keeping reserves.
Can I make an offer contingent on selling my current home?
Yes, if the seller agrees, but it usually makes an offer less attractive. In North Carolina it requires a custom attorney drafted addendum because the standard contract is not contingent on selling your home. A seller may agree only with a kick-out clause, or you can use a longer due diligence period, a bridge loan, or a rent back instead.
What is a kick-out clause?
It is a term that lets a seller who accepted your home sale contingency keep marketing the home. If another acceptable offer comes in, you get a short, defined period to remove your contingency or let the seller move on. It is a custom provision, so have your attorney review the notice method and deadline.
What is an escalation clause, and do Carolina sellers accept them?
It automatically raises your price by a set amount above a competing offer, up to a cap you choose. Many sellers in both states will consider them, while others prefer a single best and final round. In North Carolina there is no standard statewide form, and attorney drafting is recommended.
What is a backup offer?
It is a complete contract that moves into first position only if the current contract ends. In North Carolina it uses the Back-up Contract Addendum, your due diligence fee is not due until you get written notice that you are primary, and you can terminate before that. It costs little and sometimes wins the home.
What does coming soon mean, and can I see it?
It means the seller has signed a listing agreement and the home will go active on a set date. In the regional MLS that serves our area, showings and open houses are not allowed during coming soon. Use the time to get your financing letter and offer plan ready.
What is the difference between active, pending, and contingent?
Active means available for showings and offers. Under contract, sometimes shown online as pending or contingent, means the seller accepted an offer. In our regional MLS, an under contract listing may still allow showings and backup offers or may have stopped them, and your agent can tell you which.
Can I tour a pending house?
Often yes, if the listing is marked as under contract but still showing, which means the seller is inviting backup offers. If it is marked no showings, you generally cannot tour it unless the status changes. Your agent can confirm the current status.
Are off market and coming soon listings real opportunities?
They can be, but they are not secret bargains. Coming soon homes still go to the full market on their active date, and public marketing triggers MLS entry within one business day under regional rules, so truly private listings are uncommon. Judge any of them on the comparable sales, not on exclusivity.
Should I buy a house that has been on the market for 60 days?
It may be a good opportunity, especially if the original price was high or the timing was poor. Ask why it has not sold, check the price history, and compare it to recent sales. Longer market time often means more room to negotiate, but keep your inspection protections.
How fast do I need to submit an offer in this market?
For in demand homes, often within a day or two of the home going active, and sometimes before an announced deadline. You can only move that fast safely if your financing, proof of funds, limits and protection decisions are ready beforehand.
How many showings should I do before offering?
There is no set number. You are ready when you have seen enough comparable homes to recognize value and this home meets your essential needs. If you are still unsure what you want, more showings are cheaper than buyer’s remorse.
Should I waive the inspection?
Usually not. Keeping a shorter inspection period with a promise not to ask for minor repairs is often a safer way to compete. Talk with your agent and attorney before giving up any investigation right.
Should I waive the appraisal?
A lender usually still requires one, so waiving it really means agreeing to cover any gap with your own cash. Do that only up to an amount you can pay and only if the home is worth it to you at that price.
Should I write a personal letter to the seller?
Many agents advise against it because letters can reveal personal characteristics that raise fair housing concerns, and some will not deliver them. Let your terms and your agent’s summary make your case instead.
Should I ask for repairs or a credit?
A credit lets you choose your own contractor but must fit your lender’s limits on seller contributions. Repairs make sense for items that must be fixed before closing or that your lender requires. Section 12 compares the options.
What is a due diligence request and repair agreement?
In North Carolina, it is the Due Diligence Request and Agreement (Form 310-T), the form buyers use during the due diligence period to ask for repairs or other changes. The seller can agree, counter, or decline. Once both sides sign, the agreed items become part of the contract.
What should I do differently after losing several offers?
Ask for feedback, compare winning prices to your comparable sales, and look at which terms beat you. Then adjust your range, area, readiness, or use of backup offers, without abandoning your section 1 limits.
Get the Complete Worksheet
Plan a credible offer, compete with confidence, and keep the protections that matter to you. It is free from the SitRep Realty Intel Hub Library.
This page provides general real estate information for North Carolina and South Carolina. It is not legal, tax, lending or insurance advice and does not create an agency relationship. Laws and forms change, and every property is different, so consult a licensed real estate broker and, where appropriate, a licensed real estate attorney about your situation. SitRep Realty is a member of the DW Realty Team. Equal Housing Opportunity.
