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Paul, Home Buyer in Dallas, TX

Will the owner Accept 900K?

Asked by Paul, Dallas, TX Fri May 15, 2009

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This question is about this property: http://www.trulia.com/property/1078272440-11031-Tibbs-St-Dal…

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6
Paul,

As they say, you never know until you try. However, here are some facts to help you put this in perspective.

Facts: Your max offer of $900K is $250K less than the asking price. The list price is within $81.5K of the DCAD taxable value of $1,068,470. Considering the features of this home, the listing price does not appear to be out of line with the market. Actually, when you look at the properties sold (comparables), this home is priced less than all them, with the exception of the one foreclosure.

Rough estimates from the public records show current owners probably owe about mid-$800s on the mortgages. That’s figuring two notes and amortizing them out from mid-2003. When you add the fees for selling the home and closing costs, it’s already over your max offer of $900K by about the cost of a decent automobile. It would be very difficult to attempt to negotiate your way up to $900K, because you’d have to start much lower to make it appear to be a win-win situation. Otherwise, it appears more like a win-lose and those situations are difficult if not impossible transactions with current owners. Home sales are emotional. Remember, they love their home and everyone thinks their home is worth more – because it’s worth so much to them. Luckily, you don’t have that emotional tie when purchasing a foreclosure – but then you’ve got the bank to deal with. Sidebar: Considering the deal I’m working now on a foreclosure, I think I’d rather deal with seller emotions and a home in move-in condition. :-)

HUD has averages of how much homes resell for after a foreclosure and they range from 88% to 82% of the appraised value depending on the number of days on the market. The longer the home is on the market, the lower the average. IF this home was a foreclosure and based on the DCAD 2008 value (the lowest, most conservative value), you might expect to pay $940K today and possibly as low as $876K a few months from now. Since your max offer is similar to a foreclosure sale, and foreclosures typically do not have appliances and carry a higher risk to the buyer, it will most likely insult the current owners to where they will ignore your offer. That said, you never know until you try.

I hope this helps. Contact our office if you'd like to discuss it further.

Best Regards,

Rich
RE/MAX Urban
rich@richpatterson.net
1 vote Thank Flag Link Sat May 16, 2009
Hi Paul,

The best way to see is to make an offer in writing because then it has to be taken to the owners.
Would you like for me to prepare a written offer? If so, email here: NicoleArenas@ymail.com

Nicole Arenas, Realtor
0 votes Thank Flag Link Sat May 16, 2009
House currently been listed for on 27 days, however based on other documents I have reviewed $900K less realtors and closing costs owner would have a negative upon closing.

GREAT area of Dallas I know it very well. In order submit any offer bank letter purchase in cash OR lender qualifications statement You are requesting $250K reduction in list price certain ways approach a listing agent/ seller with "turning them off immediately"

Happy to schedule a showing for you with proof of lending required, we can determine if you like property and proceed with offer.

If you are seeking homes for sale within this price point direct link
Click on Dallas
http://sites.google.com/site/dallasbankforeclosureslistings/


CONTACT OUR OFFICE TODAY
972-699-9111
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"...Specializing in Residential, Commercial Properties and Loans..."
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0 votes Thank Flag Link Fri May 15, 2009
the only way to know is ask. if you would like to submit an offer let me know. a great thing about working with me especially at this price range is I rebate up to 40% of my commission back to you after the sale. please dont hesitate to call 214-682-0598 at anytime to discuss.

Thanks
RJ Avery
0 votes Thank Flag Link Fri May 15, 2009
The only sure way to find out if the seller would accept $900,000 is to make an offer in writing. I would be glad to assist you in the process.
0 votes Thank Flag Link Fri May 15, 2009
That property is currently listed at $1,150,000. None of us ever know what a buyer or seller will do on a given day as far as price is concerned. Sometimes terms are more important than price (close date, cash vs. financing etc.) i would be happy to submit an offer for you and try to negotiate the terms you want.

MaryBeth Harrison
The Harrison Group
214-365-6500 office direct
214-535-8377 cell
mbh@dallasnative.com
Web Reference: http://www.dallasnative.com
0 votes Thank Flag Link Fri May 15, 2009
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