Buyer's have unique needs that are different than sellers. A buyer's agent also does not cost you anything, but may save you tons in the long run. Have you been here yet to check out McKinney, Frisco and Prosper and the specific areas where you're looking at the homes? What's important to you? What's your lifestyle? What do you like to be near? Where are homes selling the best? Where will you get the best resale? What is planned to go up around that area? If you had to leave in 2 years, where would be the best investment? What do the local comps look like?
Would you be open to talking to someone like us to see if there's a fit and we can help you with this process? I hate to see you just throw bids at the wall and see what sticks. We can help you do this where you can get the home you love, but you do it with your eyes wide open.
If you want a win win situation always put yourself in the other person's shoes. Unfortunately today the home buying process has become so impersonal that we often forget that we are dealing with real people. Most people are looking for a fair deal. Do your research and make sure the house is priced within market to begin with, if so don't be afraid of making an offer to get the ball rolling. If you are within market range (even at the low end) usually you will get a counter and that will give you an indication of what a seller is willing to do. Don't be afraid to negotiate, it's all a part of the process. But remember to be respectful of the other party, this is an important investment for them too and nobody wants to feel like they are being taken advantage of. If they are not willing to negotiate to a fair market deal then be prepared to move on. That's my advise..best of luck!
From the tone of your post, I take it you don't have a buyer's agent. I'll add my voice to the others and say that you need to work with a realtor. It sounds like that is the next step for you.
When you say "bid" if you mean that you are bidding on a HUD foreclosure only realtors can submit bids to HUD through the electronic bidding system. If you meet you're planning to bid on an on-line auction, be careful.
Another question: have you actually seen these 9 houses? I would discourage you from buying something sight-unseen. I worked with an out-of-state client who wanted to do that and had never even been to Texas. When she actually came done to look, she didn't like any of the houses she'd loved on the internet and ended up building new.
I hope you are working with a local agent, as we know our local markets.
1. Get prequalified and provide your prequalification with your offer.
2. Write the offer with your realtor on the appropriate contract forms.
3. There are lots of different considerations for offer price and you describe one appropriately.
4. You offer an interesting idea in a down market, and that is getting sellers to bid for your business.
Some might bite at this idea, some will ignore you, but if you want to try to put something together to work this proposal, I'd certainly be willing to work with you to structure it the right way. I will tell you though it is very unusual for one buyer to find 9 homes that they are equally interested in. Have you been inside all the homes? Let me know if I can assist you.
CONCERN: Never purchase a home or lease a home UNLESS you have your own real estate agent not deal direct with a builder, seller, listing agent, or the bank. We answer soooooooooo many calls and emails on a daily bases where buyers have made that mistake at that time EXTREMELY tooooo late for a realtor to become involved
NOTE: When you have a real estate agent who reprsents you'll fall under their E & O insurance, a realtor and their broker who can defend you, getting involved with real estate without proper representation you can be sued. Besides there are many particulars a seller must follow in the State of Texas must comply with the law if they don't using a Dallas real estate agent can enforce the seller comply with the manadated laws
QUESTION: I don't know what you mean in regarding "bid on homes" are you talking about Dallas HUD home, Dallas bank foreclosure, Dallas builder property? I am at a lost in order to answer that question
ANSWER: "Make sense to offer the avg. per sq. ft of sold homes" ... How do you know what the average sq. ft is if you don't have a real estate agent working with the CMA's on the property to secure a winning bid. There is more involved in order to submit an offer on a property to win a bid, and determining what price tooooo offer.
LOW BALL OFFER: If you wanted to low ball an offer it depends on many factors if you low ball in an incorrect way it can insult the seller, bank, builder, listing agent it can turn against you where you loose that opportunity, shut down the negotiations, it can cost you $1000's more at closing. There is a right way to do so
DALLAS REAL ESTATE TO SUBMIT an offer: In order to submit an offer you must be pre-approved for a loan, the letter must be attached to an offer. No builder, seller, listing agent, bank, will consider an offer unless you have the lender letter
TEXAS LENDING: I am a Dallas home mortgage loan officer & Dallas real estate agent, there are many nationwide consideration that recently took place your financial files need to be in order. I just declined an offer on one of my listings I know what works the buyer was no longer qualified to purchase the property that changed over the past 30 days I hated to decline the offer however lenders are now tough
DALLAS REAL ESTATE: McKinney, Prosper, Frisco, I just had a GREAT couple who is relocating in this area YES I showed over 215 homes to them, I have been in many GREAT foreclosures below market value move in quality, and either Dallas new home foreclosures from a builder, or less than a few years old
BUYER REBATE PROGRAM: We offer a buyer rebate program where you can earn up to 50% of our commissions which saves you $1000's .
Contact my office if I can be of any further assistance
Making an offer on a home is the easy part...negotiation is a little more difficult and is almost becoming an art form because of the numerous ways to structure the offer. To answer your question, offering the average price per sqft would only get you an average deal. In this market, a Buyer should not set their sites on average but instead shoot for a great deal which means that you would pay less than the average. And, in addition to the actual Sales Price, this could include such things as a Seller contribution to your closing costs, home warranties and other items that would not only be to your benefit but also make the home an overall better value which will help you at resale time.
You will hear a lot of Realtors talk about being a strong negotiator. Well, there is a better way to negotiate and that's being a smart negotiator...knowing how to structure an offer so that it provides the maximum benefit to you the Buyer.
You can certainly do this on your own. But you do run the risk of not taking advantage of every possible bit of leverage that you have as a Buyer in a Buyers market.
Thank you for using Trulia Voices and if I can answer any questions you may have, please feel free to call or email. I am happy to help in any way that I can.
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