Consistently Outbid in Flower Mound, Grapevine, HEB, Trophy Club (Keller: sales, buyer)

[Rakin]

One of the problems Sellers face today is Buyers who put out 7 bids, get several accepted then walk on the ones they don't want.

It's one reason I want a very high Option Fee. If you want Sellers to write off other Buyers and you walk on the deal, you should have to pay some big bucks.

Making 7 offers compounds the problem and causes prices to be bid up.

[CREW747]

Originally Posted by CREW747

A few comments...

-We moved to the metroplex about 10 years ago and we never imagined seeing price increases like this so quickly.It is unreal.

-The $350,000-$400,000 price range seems most brutal.Ridiculoaly competitive.

-Anyone who is waiting to buy better not wait long.I think prices will level out in the next 4-5 years and keep climbing until then.

-Rumors are swirling about another major corporate relocation to the Legacy area.Hello traffic.I really hope the infastructure and roads can handle what is coming into that area...

This is great news...

https://www.google.com/amp/www.wfaa....s-hq/428894648

[Persdawg]

Well...I wasn't going to reply until months down the road and I was in a house.
But this was the nail in the coffin...not worth the stress/heartache getting mixed up with capitalistic greed just now.


Get this: 0 for 6.5...one house is pending.


The highlights: Bid 3-10% over on all houses. Offered to pay all closing costs and not ask for any repairs.


The one that is pending is only because the seller and the buyer are trying to hash out the legal documents pertaining to the buyer paying x-amount over the appraisal if it doesn't meet the sell price.


Bid 12% higher on one house...conceded to pay 3% of appraisal price out of pocket if sell price wasn't met. Not good enough.


Was the final 2 of one house where I bid 5% over...but only conceded 1.5% over appraisal if selling price wasn't met.


#sadface


Good luck out there. I'm out unless something ridiculous comes out in the next two weeks.


The upside is that we found what type of house and location we both finally loved after a year of looking and probably won't settle.
Our savings rate is exceeding appreciation rates which will allow for a bigger down payment...in a higher price range.


It's really funny when I say these things to coworkers (who obviously aren't selling right now). They are in awe.
But I even found it hilarious when I said these things to myself.


Here's a real one I actually submitted. Just say these things out loud and think how ridiculous it sounds.


Said house was $330K. I offered $355K. If appraisal wasn't met, I offered up to $15K as essentially a cash gift! lol
A bad joke that writes itself.

Shalom!

[calgirlinnc]

Originally Posted by Persdawg

Said house was $330K. I offered $355K. If appraisal wasn't met, I offered up to $15K as essentially a cash gift! lol
A bad joke that writes itself.

Shalom!

I'm sorry nothing worked. I don't understand though. If you can afford $15,000 as a "cash gift", why not look for a more expensive house in a less competitive price range, and put that $15,000 towards the down payment? It would then lower your monthly payment and your risk, wouldn't it?

[EDS_]

Originally Posted by calgirlinnc

I'm sorry nothing worked. I don't understand though. If you can afford $15,000 as a "cash gift", why not look for a more expensive house in a less competitive price range, and put that $15,000 towards the down payment? It would then lower your monthly payment and your risk, wouldn't it?

1. He's not talking about a gift of any kind. He's talking about using that money to cover any spread between the agreed price and the appraised value.

2. Covering similar gaps would likely be part of any deal on houses costing a little more.

[calgirlinnc]

Originally Posted by EDS_

1. He's not talking about a gift of any kind. He's talking about using that money to cover any spread between the agreed price and the appraised value.

2. Covering similar gaps would likely be part of any deal on houses costing a little more.

Yes I get that it isn't a cash gift; I was quoting his language.

[WorldKlas]

Originally Posted by Persdawg

Well...I wasn't going to reply until months down the road and I was in a house.
But this was the nail in the coffin...not worth the stress/heartache getting mixed up with capitalistic greed just now.


The upside is that we found what type of house and location we both finally loved after a year of looking and probably won't settle.
Our savings rate is exceeding appreciation rates which will allow for a bigger down payment...in a higher price

Said house was $330K. I offered $355K. If appraisal wasn't met, I offered up to $15K as essentially a cash gift! lol
A bad joke that writes itself.

Shalom!

I am just sick for you; so very sorry! Had no idea how challenging it is.

Are you willing to share your now-locked in location? Simply curious.

[EDS_]

Originally Posted by calgirlinnc

Yes I get that it isn't a cash gift; I was quoting his language.

Sorry I missed your point.

[stephwin]

Originally Posted by calgirlinnc

I'm sorry nothing worked. I don't understand though. If you can afford $15,000 as a "cash gift", why not look for a more expensive house in a less competitive price range, and put that $15,000 towards the down payment? It would then lower your monthly payment and your risk, wouldn't it?

My guess is that even if he used the $15k "gift" and shopped for houses in a higher price point, the competition wouldn't be any less stiff. I think $400k is still a very competitive market in places like Flower Mound. You'd probably have to be $450k+ to really see a smaller pool of buyers.

[Waterdragon8212]

There's been a pretty massive uptick in price point from Fall to Spring. We've been trying to help my niece and her husband buy their first home and one house they toured in November was pulled off the market over the holidays and relisted for $12K more in the Spring without any noticeable upgrades. They are similarly discouraged by the market and are considering not buying ($300K price point). It seems ridiculous that you can't get much of anything without sacrificing schools and/or commute for three hundred thousand dollars.