Unrealistic sellers

Shorts

TGT Addict
TGT Supporter
Mar 28, 2008
4,594
38
Texas
Ahh....house hunting :banghead:

I might be slow at looking at comps but I'm no sucker.

You know, its not as fun as haggling with a car salesman
 

kingofwylietx

Well-Known
Feb 29, 2008
1,424
36
DFW area.....Wylie.
Being pre-approved tends to help you a bit. It gives you a little leverage since they don't have to worry whether or not you will get financed. Also, if you see something of theirs you like, don't be shy about asking them to include it with the house. Normally, the longer a home has been on the market, the more willing they will be to negotiate with you.
 

Shorts

TGT Addict
TGT Supporter
Mar 28, 2008
4,594
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Texas
Being pre-approved tends to help you a bit. It gives you a little leverage since they don't have to worry whether or not you will get financed. Also, if you see something of theirs you like, don't be shy about asking them to include it with the house. Normally, the longer a home has been on the market, the more willing they will be to negotiate with you.

Ah good point. We are using our VA Loan and we do have our preapproval letter in hand. Trouble is getting the house figure we agree on to reflect a realistic appraisal value. VA won't lend for more than appraisal. If there's a gap, we'd have to fill it. That isn't going to happen. We're certainly eligible for much more than what we've decided to spend, but that doesn't mean it would be smart for us to spend it


The right house will come along, just waiting on it is the challenge.
 

SIG_Fiend

Administrator
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Admin
Feb 21, 2008
7,128
48
Austin, TX
Having previously worked in the real estate appraisal industry, I can tell you from personal experience that there have been a TON of realtors, appraisers, and loan officers out there that just don't have a clue what they are doing. ;) The one benefit of the whole "crash" of the real estate industry is that it has forced a lot of the lower quality people out of the industry, which is generally true of pretty much any industry when it comes to tough times. All that being said, I am still amazed that I occasionally hear stuff from people on various sides of the RE industry that is the same old unrealistic nonsense you'd hear back in ~'04-'06 at the height of the RE industry. Heck, there are still those ridiculous "no money down" RE investment infomercials on TV which is laughable considering the reality at this point in time.

The worst part about everything, and I may catch some flack on this considering I am not even a home owner myself, is more often than not I have found that many home owners have completely unrealistic ideas about their home's value. Many people just do not understand that, for the past 10 years or so (primarily in the past ~5-7yrs), RE has generally appreciated at an unrealistic "artificial" rate in many areas. Some areas haven't been as bad. Texas didn't ever get as bad as say Las Vegas, California, etc though there were still areas in Texas where this was experienced to some degree. It's the whole snowball effect. Lower requirements, more lending, more investors, etc etc and it's not hard to see how things start appreciating at an unrealistic and unsustainable rate. No, we're definitely not going to continue seeing a steady 15%+ minimum appreciation across the board like many home owners have become used to. Even worse is many don't understand things expanded "artificially" because of all that, so in many cases home values are going to depreciate a certain amount or maybe remain even to basically readjust to a more realistic level. I have heard of some areas that have still seen some appreciation in the past couple of years, however it is not near the level of appreciation seen just a couple of years ago.

Hey Shorts, I forget but, did you say you guys were moving to Dallas, or was it Fort Worth? If it's either of those two cities, a good friend of mine is an appraiser up there (I used to work for him mainly around San Antonio) and is a great guy to deal with. If you find a property you're interested in and might want an appraisal on, let me know and I can get you his contact info. He's a straight shooter when it comes to that sort of stuff, and he may even be able to put you in touch with a good realtor.
 

Shorts

TGT Addict
TGT Supporter
Mar 28, 2008
4,594
38
Texas
SF, you explained it well. I think lenders/agents pretty much handed out rose-colored glasses to their customers at all closings.

Folks got use to buy-low, sell-high, easy money but in real times,it just doesn't work that way. Now all those sellers trying to get out are attempting to tack on their losses to my cost. Not gonna happen.

I find it almost scary but mostly infuriating that we understand this better than the active players in this problem. We stood on the sideline as renters watching this frantic real estate game. I'm waiting for the sellers to start screaming soon about how "unfair it is" that buyers are getting "great deals", uh I mean realistic deals.

It's probably a good thing that we have agents to communicate through. Our conversations are very frank and such basic language would probably immediately turn off the seller


We are up in Lewisville..looking around here and Flower Mound. We have taken a real liking to the area and DHs commute this last week and a half has been manageable. We'll need an appraiser before everything is good to close. I don't know off hand if it is our responsibility to get ahold of one or if NavyFed has specific guys they use. Either way, we want to work with the best people through this process. We'd appreciate the contact info :) Thanks!
 

DCortez

TGT Addict
Jan 28, 2009
6,607
36
Houston, Cy-Fair
Check these sites for more listings. Some of the properties I've personally visited were in great shape. Examples included one listed for 45k, appraised at 140k, sold for 74k. Was in excellent shape. Another, not so good but still great was 58k for a 95k valued, sold for 65k.

[url]https://www.reotrans.com/index.cfm[/URL]

[url]http://www.privatesalepartners.com/foreclosures.php[/URL]


Don't pay for a membership, there are lots of ways around if you use public tax records. In the Houston area, I use stuff like:

[url]http://www.tax.co.harris.tx.us/propertytax/current/currentsearch.asp#ASearch[/URL]

[url]http://www.hcad.org/records/real.asp?search=addr[/URL]

[url]http://www.cclerk.hctx.net/[/URL]


Don't be afraid to get jiggy with it!
 

Pawdog

Member
Jun 21, 2008
90
18
Lake Kimble, Texas
Deals are out there to be found. We purchased a bank foreclosure in February, a 1995 two story brick 2230 sf house on 1.25 acres for 1/3 of it's value! Had to replace the AC units and some wiring due to methhead copper thieves, but still got a great deal for the $$$.

The closing took only 10 minutes as it was a cash sale. No mortgage payments are great!!!
 

navyguy

TGT Addict
Oct 22, 2008
2,987
38
DFW Keller
Hey Shorts, so have you found a house to make an offer on, and just trying to get the deal done, or are you still looking for the right house?
 

Shorts

TGT Addict
TGT Supporter
Mar 28, 2008
4,594
38
Texas
Hey Shorts, so have you found a house to make an offer on, and just trying to get the deal done, or are you still looking for the right house?

So far we've done 2 offers but they didn't work out. First the seller received several bids and negotiated the other, the second the seller was firm on a number that the house wouldn't appraise for.

I think we're a bit disappointed that when it seems we find a great house, the negotiation doesn't pan out. Ultimately though, we're waiting on the right house. We'd be unhappy if we offered on a house just to get it done. It wouldn't be right.

The hard part is waiting. We can wait, we have no deadlines. But there is a reason patience is a virtue.
 

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