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Old 06-02-2008, 12:13 AM
 
32,649 posts, read 51,310,120 times
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just a word of advice--
my husband and I have been house shopping for over 2 years--long story and several of them as to why we have not bought a house by now...
but today we went to open house for one that came on the market Saturday...
not a new house--we liked it though--had lot of the design/construction features we have wanted and don't usually find all together--
there were plenty of people at the open house--the agent showing it said that the owner and the listing agent were going to review offers tonight---

our agent was coming into her office later--she did not come with us--did not need to
we called her and said we wanted to see the comps and probably write up an offer--so we went home to get a check and did that--
we did not offer full price but we had flexible closing date and did not really need a contingency--
our agent faxed it over and we went to pick up a friend and get an early dinner...our agent called us about an hour later to tell us that the seller's agent had called her and said that they had 4 offers already--(house is on eht market less than 48 hrs)...
two of them were for MORE than the asking price--and one of those was basically a cash offer like ours--did we want to sweeten our offer...
so we went back to the office and did increase our offer some--but not like 12K so we have no idea what the others did
maybe the agent told their agent the same thing she told us--to get them to sweeten the pot...

there are some houses out there that are not selling that quickly--I see them every time I check the MLS listings--and there are reasons why they aren't selling that quickly---
but a house with a desireable floor plan, good location, and other positive factors--those houses are selling w/o a problem...I am seeing some homes in Southlake start to stall a little and some parts of Keller in the 450-550K range are also not selling like they did a year ago
I think that is partly due to the gas situation maybe--people don't want a longer drive in FTW or Dallas from there...
Colleyville seems to be the one that is very marketable (depending on the house of course)

even some of the million+ houses are starting to move--
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Old 06-02-2008, 12:30 AM
 
Location: Dallas/Fort Worth, Texas
4,194 posts, read 14,093,859 times
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Very true statement... if it's priced right, shows well, it will sell.

You may want to ask your agent to present the offer herself to the owners in case you aren't sure if there are really 4 offers on the table...

If they have 2 offers over asking price.. was it underpriced? Will it appraise at that price?

Naima
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Old 06-02-2008, 08:39 AM
 
3,087 posts, read 6,992,162 times
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The market is definitely fickle.

There is a house across the street..average 3/2/1 home with around 1400 sq ft. Nothing fantastic, but great for young family or first time buyers.

The owners got stuck in the mortgage nonsense and had their monthly payments jump from 750/month(which was high to begin with) to 1100/month and tried for months to get the bank to work with them in some manner. They refused to even discuss it with them, so they really had no choice but to let it go and the bank foreclosed on them.

It's been sitting empty since last August and the price is now about half what it was to begin with....has been shown probably at least 100 times and still no one has bought it. It does need a little work, like most older homes, but it's amazing to see that no one has bought it at such a low low price.
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Old 06-02-2008, 09:41 AM
 
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the house next to that one we bid on was on the market the week before--had contract offered/accepted within two days I am sure--
it was larger home with nice upgrades/colors -- over 4300 sq ft--was listed at $135 a ft with little big larger lot but only 2 car garage--it had a pool like ours and these lots have mature trees...very pretty landscaping...
homes were built back in the 1989-90---there are homes in the neighborhood that have sold for less than 120

I think this house was probably overpriced just a little based on the past 6 mo of comps but the fact that the house next door sold quickly at 135 a foot--and maybe over that but it was at least at full price--had a lot to do with how OTHER people may have been setting their bids--
there were many people at the open house and you could hear people talking about how much they could afford to pay--that is a lot different mind set than saying how much is the house worth---
frankly I think most home appraisers in a hot market will appraise for what the mortgage values/selling price require...there are very few appraisers that are going to low ball a house in a popular neighborhood and then have another appraiser come in and go with the flow---it cuts their business with real estate agents and mortgage companies too much---
this subdivision is well-located--close to upmarket retail but far enough away that there is not lot of traffic noise--house is not on a through street so our cat could get around w/o being worried he would get hit in traffic...
135 a ft would have priced it at 494235---and that is an expensive house for that neighborhood and age of home--no new A/C units, no newer appliances--still some upgrades in paint and decor to do which would come out of our pockets instead of theirs

pool pump/flter system were older as well--they would have passed inspection but think there would have been some heavy costs in future there as well...

frankly I think the recession will get worse and get around to DFW as well--paying a bit higher than we think fair might not hurt us since we have no plans to move and would eventually see value increase--but I think bidding things up is just part of a dangerous spiral...but around here people have money and are willing to spend it...

and hypocore--the one-car garage would be a deal breaker for most people--don't know about other homes in the neighborhood--but there are some things that price can't compensate for...
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Old 06-02-2008, 11:57 AM
 
3,087 posts, read 6,992,162 times
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Loves.....all houses in this particular development are 1-1 1/2 car garages and very few are used for cars even. There have been at least 3 go on the market and sell within a couple of months, so it's not that the type of house isn't wanted...just this particular one.
That's why I said smaller family and first time buyers.

The only reason we are here is because of financial issues that prevent us from buying at this moment and we are renting here.
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Old 06-02-2008, 03:09 PM
 
Location: Fort Worth, TX
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Loves - Sending you prayers and wellwishes on getting your offer accepted .
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Old 06-02-2008, 03:30 PM
 
32,649 posts, read 51,310,120 times
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heard from my realtor--our offer was #2--they had something to work out with #1 by 1pm and then they would go to us...
sadly--they were able to work it out and we are OOL...
my husband said they probably offered more and wanted to keep the mineral rights--
so don't know what they finally decided--maybe they came down in price and split the minerals--most of those leases won't amount to that much money after the signing bonus
but that was what so many of the people at the open house were talking about--
they should have been asking about the HVAC system or how old the water heaters were...
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Old 06-03-2008, 12:36 PM
 
117 posts, read 224,901 times
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I'm sorry,
In what area was the house?
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Old 06-03-2008, 09:17 PM
 
32,649 posts, read 51,310,120 times
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colleyville
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Old 06-03-2008, 09:28 PM
 
Location: Upstate NY native, now living in Houston
663 posts, read 2,115,672 times
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Quote:
Originally Posted by loves2read View Post
sadly--they were able to work it out and we are OOL...
Just remember ... things happen for a reason and something better will come along for you.
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