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Old 02-22-2016, 09:19 PM
 
37,315 posts, read 59,869,570 times
Reputation: 25341

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My son and his wife bought home in Denton soon after they married about 4 yrs ago and put it on MLS this weekend...they both work in Richardson and it is a long drive--especially for her--
House is entry level--under 1500 sq ft, 3/2/2---nice kitchen...they had more than 20 showings this weekend and had several offers...none for less than full price...
Their realtor did good job with the photos, they had house cleaned and really pruned their stuff so the photos looks great and it showed well...
The offer they will likely accept is almost 20k over asking--he says their realtor says the appraisal won't be a problem--she suggested they price low end to get bidding war, which seemed to be the case...

Happy for them but they are having tough time finding rental in Dallas area they are looking in--
Don't want to buy right now--think if they wait couple of years maybe prices will have dropped some but frankly I think they might even look for work in other cities or even states....his wife is from NC and would prefer someplace like NYC although they likely could never afford to live there
Their risk...

But market seems to be alive and strong in Denton...
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Old 03-06-2016, 05:25 PM
 
52 posts, read 57,110 times
Reputation: 61
I guess that is the downside of owning a house, isn't it. You are now stuck there, can't move like you can if you rent.
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Old 03-07-2016, 08:07 AM
 
Location: 89052 & 75206
8,151 posts, read 8,350,911 times
Reputation: 20081
Curious how this all turned out..... Did they get an acceptable contract and have they found a rental in Dallas?
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Old 03-07-2016, 09:25 PM
 
37,315 posts, read 59,869,570 times
Reputation: 25341
Yes--I was worried the house wouldn't meet appraisal because it was FHA but it appraised for 5K over the contract which was 20K over list--
He got good deal when he bought but the house was on top of hill and had large backyard that sloped upward and very steep driveway---not one I would have chosen but when he was buying the market was getting hot and this house had been remodeled--had new kitchen--so the interior was nicer than most they saw...
Their realtor gave them good advice to price/list low and tell the buyers they were taking all offers until Monday and then would decide...
Their backup offer was for little less but with 100K down payment so the appraisal was much less of an issue...

They used a different Dallas realtor from first person "helping" them and found a duplex--
top floor of 2 story house--close to Knox-Henderson area in Dallas...it is larger than their house although has only 2 bedrooms and no garage...
They seem very happy with it--a little too vintage for my taste (kitchen is really small) but she (especially) is very excited...

Market now is just so strong--I use local RE agent in Southlake's website--
She has map that shows all areas north of Arlington and south of Denton:
Argyle, Keller, HEB, N and Far North FTW, NRHills, Flower Mound, Coppell, Southlake, Trophy Club, Grapevine, Colleyville...
On her map she has three colors and almost every listing shows UNDER CONTRACT--because she tracks those on her website--which I find very valuable...
Anything under 300K goes under contract within a week--
There is just no inventory...
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Old 03-07-2016, 09:35 PM
 
Location: 89052 & 75206
8,151 posts, read 8,350,911 times
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Thanks for the update! I can walk to Knox Henderson area on the Katy Trail from my place and its an exciting area with lots of restaurants and shops. And the Katy Trail is great for biking and walking. Glad it all went well and you son's wife likes the new situation. "Happy wife, happy life!"
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Old 03-27-2016, 06:50 AM
 
37,315 posts, read 59,869,570 times
Reputation: 25341
FWIW--the duplex they rented was loaded with rodents, had leaking roof w/holes for entry points, had windows w/no locks and Windows that would not open----all discovered after the signed the lease and had a cleaning crew in who told them about rodents/Windows...they got pest control company out and were told about roof and attic-infestation...The landlord said he would cancel the lease when he could not repair the duplex with a reasonable (5-10 day) time frame...he really didn't want to do any work on repairs..suggested cats could take care of rodent problem...

The realtor they used returned the fee the landlord paid realtor for bringing them in but son and DIL have gotten nothing back from landlord so attorney friend is sending demand letter w/threat they will take him to small claims court...
Landlord wanted them to pay rent even wo occupancy until he got new renter...but he has done nothing to acquire new renters like reposting ad on Craig's List --no incentive to do that if he can make them pay rent...
So will have to see what happens...

Duplex was occupied when they had their initial visit and things like rodent droppings/bad Windows were not in open view...
Something to consider when searching for place to rent...

Last edited by loves2read; 03-27-2016 at 07:07 AM..
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Old 03-27-2016, 07:57 AM
 
1,783 posts, read 2,572,396 times
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Renting sucks. You're at the mercy of others. We bought in Nov. of 2014 and it was a big stress relief.
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Old 03-27-2016, 09:51 AM
 
1,009 posts, read 1,572,107 times
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Quote:
Originally Posted by Aceraceae View Post
Renting sucks. You're at the mercy of others. We bought in Nov. of 2014 and it was a big stress relief.
We rented in a small city that we did not intend to live in for very long. It was awful!
The first house was beautiful, but the landlord couldn't afford it anymore, and stopped paying the mortgage.
It went into a short sale situation, and we were told we had to leave.

The second place we rented needed a lot of repair -- carpets, paint, sprinklers...
The owner decided to sell and intended to give us 15 days notice to vacate per the contract. Luckily we gave notice the day prior to it selling, which gave us 30 days to find a new place.
We had to say goodbye to one of our old dogs at the same time. It was traumatic.

Then there's the way you're treated by the leasing companies! Because you're renting, they assume you're some sort of degenerate.

Owning a house is an expensive PITA sometimes, but the comfort of knowing that you have some control over your life is so worth it.

I'm going to go paint my walls purple and orange now!!
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Old 03-27-2016, 12:53 PM
 
Location: Allen
283 posts, read 404,464 times
Reputation: 39
Anything under 300k goes under contract within a week.... including those 30 year old houses ?


Quote:
Originally Posted by loves2read View Post
Yes--I was worried the house wouldn't meet appraisal because it was FHA but it appraised for 5K over the contract which was 20K over list--
He got good deal when he bought but the house was on top of hill and had large backyard that sloped upward and very steep driveway---not one I would have chosen but when he was buying the market was getting hot and this house had been remodeled--had new kitchen--so the interior was nicer than most they saw...
Their realtor gave them good advice to price/list low and tell the buyers they were taking all offers until Monday and then would decide...
Their backup offer was for little less but with 100K down payment so the appraisal was much less of an issue...

They used a different Dallas realtor from first person "helping" them and found a duplex--
top floor of 2 story house--close to Knox-Henderson area in Dallas...it is larger than their house although has only 2 bedrooms and no garage...
They seem very happy with it--a little too vintage for my taste (kitchen is really small) but she (especially) is very excited...

Market now is just so strong--I use local RE agent in Southlake's website--
She has map that shows all areas north of Arlington and south of Denton:
Argyle, Keller, HEB, N and Far North FTW, NRHills, Flower Mound, Coppell, Southlake, Trophy Club, Grapevine, Colleyville...
On her map she has three colors and almost every listing shows UNDER CONTRACT--because she tracks those on her website--which I find very valuable...
Anything under 300K goes under contract within a week--
There is just no inventory...
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Old 03-27-2016, 03:38 PM
 
37,315 posts, read 59,869,570 times
Reputation: 25341
Depends on neighborhood
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