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Old 06-23-2007, 05:55 PM
 
Location: Dallas
452 posts, read 1,195,439 times
Reputation: 95

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This may not be the appropriate venue for this question, so please forgive me if that is the case.

Hypothetically speaking: in the buyer's market we have in Dallas now, what seems reasonable?

A house is on the market for $224,000 but the area doesn't really warrant the price. However, it has been recently remodeled, but it's empty. The Dcad has it appraised at $203,000.

Does the Dallas market tell us that offering less than the Dcad estimate is viable?
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Old 06-23-2007, 09:22 PM
 
Location: Topeka, KS
1,560 posts, read 6,456,541 times
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What are similar homes in the area assessed at by DCAD? Is it close?
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Old 06-23-2007, 09:25 PM
 
5,092 posts, read 9,603,162 times
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I guess your question is if it is okay to low-ball an offer?

mho, sure. I would. Real deal is prices are made up things. Sometimes they are up. Sometimes they are down. So you knock off $10K or $20K or more on your offer. If the alternative is for the seller to set on the house (while at risk of going lower, and continuing to make payments, including taxes and insurance for the next year) you might be doing them a favor by taking it off their hands a lower price.

A bunch of the imaginary value of Real Estate comes from what it has been financed for. If a prior owner has it maxed on loans, hoping for a "Greater Fool" to come along and take on that debt by buying it at a high price -- you do not want to be that Greater Fool.
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Old 06-23-2007, 10:42 PM
 
27 posts, read 86,981 times
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Default Wwyd?

Can I ask what is Dcad? Are you talking about propert assessement? If so,
isn't that lower than market value? I know it is here in Illinois.
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Old 06-23-2007, 11:18 PM
 
Location: Dallas, Texas
455 posts, read 1,834,763 times
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DCAD is the Dallas Central Appraisal District website - Dallas Central Appraisal District - and it includes all properties in Dallas County. I always felt like the county appraisals lagged slightly behind market value.
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Old 06-23-2007, 11:44 PM
 
27 posts, read 86,981 times
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Default Wwyd?

Thank you kt2le!
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Old 06-24-2007, 12:12 AM
 
27,461 posts, read 44,959,956 times
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appraisals usually are depending on how old the neighborhood is and if there has been lots of turnover--think more active neighborhoods tend to be upped more often...not all areas are every year but past two years have been pretty bad all around--they are reading the press that says Dallas FTW is hot place to live...
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Old 06-24-2007, 08:51 AM
 
Location: Dallas
452 posts, read 1,195,439 times
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Quote:
Originally Posted by GoPadge View Post
What are similar homes in the area assessed at by DCAD? Is it close?
You? are brilliant. The homes around it on the same side of the street (which is important since it backs up to a creek) start in the 120s and go up to 200. However, the only one that is 200 has a pool, so that skews that result.
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Old 06-24-2007, 08:56 AM
 
Location: Dallas
452 posts, read 1,195,439 times
Reputation: 95
Quote:
Originally Posted by Philip T View Post
I guess your question is if it is okay to low-ball an offer?

mho, sure. I would. Real deal is prices are made up things. Sometimes they are up. Sometimes they are down. So you knock off $10K or $20K or more on your offer. If the alternative is for the seller to set on the house (while at risk of going lower, and continuing to make payments, including taxes and insurance for the next year) you might be doing them a favor by taking it off their hands a lower price.

A bunch of the imaginary value of Real Estate comes from what it has been financed for. If a prior owner has it maxed on loans, hoping for a "Greater Fool" to come along and take on that debt by buying it at a high price -- you do not want to be that Greater Fool.
That is the case with the other house we had initially decided to buy. The owners paid way too much for it and are expecting to get their money out of it so they priced it $20,000 over the neighborhood. After looking at the houses around this house I see that it is similarly overpriced. I think this is a flip house and they are expecting to make money on it. Shame they chose some really odd design details.
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Old 06-24-2007, 09:24 AM
 
Location: Collin County
71 posts, read 309,153 times
Reputation: 41
Most of the time you will not know why the seller has the home on the market. It never hurts to try. You do not want to live with the question "Would they have taken less?"
With making a low offer the only risk you take is making the seller mad. Sometimes they will no longer deal with you because they are insulted.
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