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Old 10-01-2015, 12:57 PM
 
32 posts, read 33,945 times
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Most of this hype is created by builder/agents who wants to make a quick buck. Don't believe all this. There are tons of old homes available throughout Dallas for lot less...Don't rush into buying new homes! Take your time before before you spend all that big money on the new homes.
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Old 10-01-2015, 02:18 PM
 
1,017 posts, read 1,143,944 times
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Quote:
Originally Posted by mikestrong View Post
Lennar and Beazer have went up a huge amount from the very first phase. They are having apprasial issues already with closing them.
Are they? I'm sure they'll keep raising prices
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Old 10-01-2015, 02:27 PM
 
Location: North Texas
23,976 posts, read 32,720,138 times
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Quote:
Originally Posted by mikestrong View Post
Lennar and Beazer have went up a huge amount from the very first phase. They are having apprasial issues already with closing them.
Is it still common for buyers to have to bring money to closing because the property didn't appraise for the asking price?
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Old 10-01-2015, 02:39 PM
 
1,017 posts, read 1,143,944 times
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Originally Posted by BigDGeek View Post
Is it still common for buyers to have to bring money to closing because the property didn't appraise for the asking price?
Common? I don't know, but it states in all contracts if it doesn't appraise then buyers need to pay out of pocket with cash
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Old 10-01-2015, 02:41 PM
 
Location: North Texas
23,976 posts, read 32,720,138 times
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Originally Posted by unknown00 View Post
Common? I don't know, but it states in all contracts if it doesn't appraise then buyers need to pay out of pocket with cash
I think perhaps I didn't phrase my question accurately enough.

I've heard that in years past due to our hot market, buyers would offer well over asking price in some circumstances, and the lender appraisals were below what the buyers were offering...forcing the buyers to pay the difference at closing.

I know this is always POSSIBLE, but what I wanted to know was is it still as (perhaps anecdotally) common as it was a couple of years ago?
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Old 10-01-2015, 02:46 PM
 
1,017 posts, read 1,143,944 times
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Quote:
Originally Posted by BigDGeek View Post
I think perhaps I didn't phrase my question accurately enough.

I've heard that in years past due to our hot market, buyers would offer well over asking price in some circumstances, and the lender appraisals were below what the buyers were offering...forcing the buyers to pay the difference at closing.

I know this is always POSSIBLE, but what I wanted to know was is it still as (perhaps anecdotally) common as it was a couple of years ago?
Ah I get you. From my "professional" experience - not common.

Why? The seller is not stupid, they will know what their house is really worth. First of all, cash is king. Cash takes priority. Secondly, if seller knows the offer is way above appraiser, they will also know it won't appraise, and the offer will fall through. I have plenty of selling clients that took a lower offer because of what I just said. Of course, there are exceptions. I also know people that have made ridiculous high above ask offers (obviously contingent on bank/lender), they have the cash to make the difference if needed, but they still lose.
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Old 10-01-2015, 04:27 PM
 
Location: Mckinney
995 posts, read 1,098,447 times
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Quote:
Originally Posted by BigDGeek View Post
Is it still common for buyers to have to bring money to closing because the property didn't appraise for the asking price?
It is now days. Alot of the builders will just cancel them if they dont want to pay the difference.

Of course with builders, people are not paying above asking but the regular price increase will eventually make appraisals difficult.
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Old 10-01-2015, 07:57 PM
 
399 posts, read 543,575 times
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+1, our builder told us that would be the case if the house didn't appraise -- pay the difference or walk (and they'll just sell it to another). What's odd to me, and why I still question the entire process, is we had an appraisal from 1 lender come in exactly at the sale price. 3 days later, my other lender's appraisal comes in it at $15K more
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Old 10-01-2015, 08:19 PM
 
9,240 posts, read 10,875,510 times
Reputation: 9886
Quote:
Originally Posted by rambo999 View Post
Most of this hype is created by builder/agents who wants to make a quick buck. Don't believe all this. There are tons of old homes available throughout Dallas for lot less...Don't rush into buying new homes! Take your time before before you spend all that big money on the new homes.
I think those camping out really had their hearts set on a new home. Having said that, I do suspect that the hype was created by builders and agents. It just seemed suspect to me since the entire area is expanding constantly.
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Old 10-01-2015, 09:06 PM
 
Location: Shady Drifter
2,444 posts, read 1,880,633 times
Reputation: 4083
Quote:
Originally Posted by unknown00 View Post
Common? I don't know, but it states in all contracts if it doesn't appraise then buyers need to pay out of pocket with cash

Are you referring to new build only contracts? Because this is otherwise 100% false.
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