Listing just went up - Immediate showings! (Dallas, Austin: apartments, lease)

[blairw8482]

Originally Posted by BayTexan

It's good to get 'on-the-field' updates. But what would make for better reality TV would be updates from potential buyers in this market. It would probably be a true soap opera - lots of drama, tears (losing out on a multiple-offer situation), highs turning to lows (when appraisals come in), cajoling/pleading (letters to sellers) etc.

Let's see how long before the shoe gets onto the other foot

This is my life!

[kira kira]

Originally Posted by unknown00

I don't know if this thread is suppose to be a showoff or something

Welcome to the past 2 years. Nothing new, multiple cash offers all above asking within 1 hour of listing is normal, move along

I asked the OP for an update. As someone who has been looking for some time and attending open houses, I wanted to know how bad (from a buyer's perspective, of course) things have gotten.

Congrats, OP!

[turf3]

This kind of thing is why I don't recommend buying a house right now if you can avoid it. It won't last.

Imagine the phrase: "Buy high..." Now imagine the second half of that phrase...

[unknown00]

Originally Posted by JJ09990

The update was requested via private message from a Dallas-area buyer seeking more true-to-life data.

Originally Posted by gagirlatl

I asked the OP for an update. As someone who has been looking for some time and attending open houses, I wanted to know how bad (from a buyer's perspective, of course) things have gotten.

Congrats, OP!

I was referring to this thread in general, not the response.

So is every single real estate agent on this forum (the hundreds) suppose to post a live update of each and every one of his or her listings (selling or buying) and how it goes? I mean if you want us to start spamming the forum

[kira kira]

Originally Posted by unknown00

I was referring to this thread in general, not the response.

So is every single real estate agent on this forum (the hundreds) suppose to post a live update of each and every one of his or her listings (selling or buying) and how it goes? I mean if you want us to start spamming the forum

The OP is the homeowner - not a real estate agent.

[unknown00]

Originally Posted by gagirlatl

The OP is the homeowner - not a real estate agent.

That makes no difference. If I'm an agent, and do my job, I know hundreds of homeowners too and can make the type of post

[mkx110]

For me, being new to the area I appreciate these topics. It would be nice if the sellers posted what it took for them to accept an offer. It would help potential new home owners know what they should/ will need to get an offer accepted.

[JTC Mom]

Originally Posted by mkx110

For me, being new to the area I appreciate these topics. It would be nice if the sellers posted what it took for them to accept an offer. It would help potential new home owners know what they should/ will need to get an offer accepted.

That would be interesting! When we moved to Dallas a few years ago, we left an area that had a super hot market, probsbly similar (or worse) than the DFW market is today. Some things commonly included in offers were:

1. Offer full price or more PLUS an "escalation" clause in which the buyer agrees to automatically increase their offer in set increments....say $1,000 or $2,000 up to a maximum(a trick was to use an unusual number to avoid escalation "ties"), if there were multiple offers. To invoke an escalation clause a seller would have to show the buyer the competing offer.
2. No inspection contingency
3. No appraisal contingency
4. No cost leaseback to seller for a set period of time
5. Willing to accept a seller HOC contingency. HOC stands for "home of choice" and when a buyer makes an offer on a house with an HOC contingency, they agree to delay closing and or possession until the seller is able to close on a house of the seller's choosing.

Some buyers also would write letters to the sellers describing their love for the house and why it is perfect for their family. I can't imagine that being very effective, but I guess when buyers are desperate they will try lots of things.

I have heard of #2,3, and 4 in Dallas, and obviously offering above asking price. I have not heard of #1 or #5. I am interested to know from agents what other similar tools buyers are using to be competitive?

[loves2read]

Our son and DIL sold their house in Denton (not what many would consider a "hot" market) in March--
Put it on market on a Thursday and had 18 showings signed up within 24 hrs...
Had multiple offers and took one well over asking...and had a backup for little less but with 50K downpayment--almost half price of house so more likely to qualify for mortgage...
The appraisal came back just 2K over the contract price which was over list===
Son and DIL were happy because no problem w/mortgage being covered and buyers were happy because they got a little bit of a deal...
They==the buyers--were also willing to wait a flexible period for our son and DIL to find place to move===and were willing to allow them to live in house rent free after closing if they needed to before actually moving ---which was stipulation negotiated in contract

And son and DIL are renting apt in Dallas-don't want to buy while market is so hot and they might move in couple of years anyway...
So very strategic sale for them...
Just hope they bank the money and don't need to use it until they are ready to buy

[AgJack]

Originally Posted by JTC Mom

That would be interesting! When we moved to Dallas a few years ago, we left an area that had a super hot market, probsbly similar (or worse) than the DFW market is today. Some things commonly included in offers were:

1. Offer full price or more PLUS an "escalation" clause in which the buyer agrees to automatically increase their offer in set increments....say $1,000 or $2,000 up to a maximum(a trick was to use an unusual number to avoid escalation "ties"), if there were multiple offers. To invoke an escalation clause a seller would have to show the buyer the competing offer.
2. No inspection contingency
3. No appraisal contingency
4. No cost leaseback to seller for a set period of time
5. Willing to accept a seller HOC contingency. HOC stands for "home of choice" and when a buyer makes an offer on a house with an HOC contingency, they agree to delay closing and or possession until the seller is able to close on a house of the seller's choosing.

Some buyers also would write letters to the sellers describing their love for the house and why it is perfect for their family. I can't imagine that being very effective, but I guess when buyers are desperate they will try lots of things.

I have heard of #2,3, and 4 in Dallas, and obviously offering above asking price. I have not heard of #1 or #5. I am interested to know from agents what other similar tools buyers are using to be competitive?

We just had an offer for a house under 250K in Flower Mound accepted, and I thought it would never happen after 3 straight rejections on offers that I thought were pretty competitive.

We offered 10K over asking, plus said we would pay all commissions (this was suggested to us, since we were financing and didn't want to run into the house not appraising). We had it inspected and appraised, but offered a no cost leaseback for a short period if needed, and did not ask them to pay for a home warranty.

We also did write a letter to go with our offer, and they wrote us a letter back, which was a very nice gesture, but I don't think it would have much effect unless the offers received are nearly identical.