Trying to buy a house in Dallas SUCKS!!

[supermilano]

I have been trying to buy a house in Dallas (From Dallas CBD all the way up to North Dallas) for like 6 months now and the past 3 months I been trying in Plano, Richardson, Los Colinas, & even Frisco! Every offer I put into a house even if it's 10k- 20k over asking price I keep getting outbid by "cash buyers".

I think I am destined to just rent for another couple years. I considered looking into Rockwall, Wylie, Little Elm, Prosper, and any outlier city, but that would make the commute insane.

 

[Rebel]

Sounds like when the Chinese were moving into Silicon Valley a few years ago. You couldn't buy a home unless you were willing to pay 20-40k above list.

 

[supermilano]

Sounds like when the Chinese were moving into Silicon Valley a few years ago. You couldn't buy a home unless you were willing to pay 20-40k above list.

I actually looked into this, and there is merit to what you are saying. I guess in Asia there's villages and/or smaller communities that are close knit and they are pooling their money together and buying up real estate in America. I think if it's foreign investment they should be taxed at a higher rate on property taxes. I don't know how good that would work lol but it might help curve all the foreign money being dumped into here, and shafting actual Americans trying to buy a home.

 

[joking]

Same story here in Houston. I got outbid by those cash buyers 7 or 8 time already.

 

[busykngt]

California "cash" buyers.... especially if they sold their house in Kalifornia!

 

[Younggun]

Yep.

They leave their hell hole to come to Texas for the milk and honey, then they want to "fix" it like CA.




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[Recoil45]

It's a crazy hot market right now. There are 20k new jobs opening in frisco in the next year from companies like liberty mutual and Toyota.


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[BigBoss0311]

We had this same issue in early to mid 2015. We were offering usually 10k over list, plus offering double the holding fee or whatever its called, plus writing letters. We were the best and highest offer on all 11 houses we offered on. Our main issue was we were using VA loan versus all the cash buyers coming in from Cali. People would rather take list or lower than list if you have cash versus waiting for a bank to approve everything. My wife did most of it on her own and it was practically hell on earth. We got very very lucky in our purchase. Property values are through the roof and are only going up still. Good luck to you and keep at it. We liked redfin the best for searching.

 

[Recoil45]

I actually looked into this, and there is merit to what you are saying. I guess in Asia there's villages and/or smaller communities that are close knit and they are pooling their money together and buying up real estate in America. I think if it's foreign investment they should be taxed at a higher rate on property taxes. I don't know how good that would work lol but it might help curve all the foreign money being dumped into here, and shafting actual Americans trying to buy a home.

It's everywhere. My house up north had 4 couples bid it up over 40k above asking the first day on the market. All Americans, one couple were teachers, another was local3, another a retired couple and the last guy was NYC fire.


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[beatnix]

I live in Dallas, I could realize a 50K profit from my purchase price of 5 yrs ago if I sold now,. But like you said, I'd have to move 40-50 miles out of Dallas to replace it! Not a fan of commuting.


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[Darkpriest667]

Dood if you're trying to buy a house in Frisco Plano or Richardson good luck, that is the booming part of the metro right now.

 

[Coiled]

WANTING to buy a house in Dallas SUCKS!!

That seems better.

 

[busykngt]

I live in Dallas, I could realize a 50K profit from my purchase price of 5 yrs ago if I sold now,. But like you said, I'd have to move 40-50 miles out of Dallas to replace it! Not a fan of commuting.

That describes my situation too. But I was lucky enough to catch a 'short sell' and the bank was happy to have a cash buyer so they didn't have to go through the foreclosure process on the previous owner. (And he was happy to keep a foreclosure off his record...or what was left of it). That's the "upside" to it.... now the question remains: is it worth the 'extra' traffic & taxes? I now see McDonalds restaurants where cattle use to graze (not all that many years ago...). . Oh(!) the irony of it all...


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[ROGER4314]

I've owned 3 other homes in other states and had no problems of any kind. In Texas, everything was different.

The mortgage people absolutely ran me through the meat grinder, delved into every aspect of my life and that went on for weeks! Every day, it was a new issue. I have a spectacular credit rating, good income and virtually zero debt. Still, the interrogation continued.

I had a pile of money in savings so they asked me to sign a statement that the money was mine, not borrowed or encumbered. It was understandable why they needed a statement like that so I was glad to comply. A few more days of being put through the ringer passed, then they wanted me to account for every Dollar of that savings. How and when I received it was also required. I refused to do that and told them that I was fed up with the interrogation process. The guy said "I'll just disallow the loan!" I replied "Get after it!"

The loan went through but at closing, it became clear that the bastard bumped up the interest rate far above the rate that we "locked in". I called the guy at closing and he said "take it or leave it." I went ahead and took the beating but later refinanced at a much lower rate.

Buying property in Texas? Don't believe a word that they say, don't trust them and be prepared to fight. Buying property in Texas is a blood sport.

Flash

 

[pbpvusa]

McKinney has lots of houses and has not gone up like crazy, McKinney ISD is not as good as Plano or Frisco, They are also building new houses in Parker and Melisa. Hopefully one of those works.

 

[Noggin]

Should I feel guilty reading this thread? Back in 2013 I bought 2 houses in College Station one to live in, one for investment, paid cash for both of them. I was able to do that because I sold the family home in UK (3 bed 3 bath 2000sqft no garage) for the then equivalent $770,000.

 

[Eli]

I'm a Realtor in Houston - the amount of cash flowing into the market is insane! I have more than once seen over-priced junk sell for above asking price, with the comps nowhere near justifying either price. The issue isn't helped by every idiot capable of filling out a 1-4 getting licensed in recent years, with most of them caring more about commission checks than actually taking care of clients...

Eli

 

[Recoil45]

McKinney has lots of houses and has not gone up like crazy, McKinney ISD is not as good as Plano or Frisco, They are also building new houses in Parker and Melisa. Hopefully one of those works.

Prices in Melissa should be very good still.


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[jlaval]

I feel your pain. I moved to Tx about 22 months ago. My wife received an outstanding offer for a job in Dallas. She was already working part time in TX and flying back home to GA. Well, they offered a full time postion with a lot more money..so it was a know brainer to move here.
We stayed with some friends who live just north of Allen while we looked for a house. I was shocked that as soon as we inquired about a house that was just posted on the market...there were already offers on it. Heck, it seemed like everytime our realtor showed us a house there was another couple right behind us going to look at it.
We finally found a new home in Forney...but man its a sellers market here for sure.

 

[motorcarman]

The problem you have is that you will 'buy-high' and if/when the market 'corrects' itself, you will be 'upside-down'!!
20 something years ago I moved from Fort Worth to rural Wise County. I lost 30K on the house I sold in Tarrant County but I paid a little less than $100k off the asking price where I live now. The market was 'in-the-toilet' back in the early 1990s. I lost money (as a seller) and the seller lost money.

I guess people from high-home-price areas like California bring enough money that they can buy twice the house here so they don't really care. It is a bargain compared to where they came from. They pay off the mortgage on the Cali home and pay CASH here with the left-over. Or they sell the little 1200 sq foot house in Cali for 900K and buy an ESTATE here for the same money.

bob