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Home Buying in Dallas : Real Estate Advice

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  • Home Buying2
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Activity 6
Francisco Ga…, Real Estate Pro in Salem, OR
Sat Dec 28, 2013
Francisco Garcia answered:
As you can see many hands will raise to try to get your business, the true is the all realtors are licensed, and most of them will do a great job to help you out, all I can say is to try to get some one familiar with this particular city/area to make sure they can advice you about changes in Dallas flood zones, the premiums for flood insurance are just not affordable and just wait until you try to sell your property, no one wants to see them, just few weeks ago a new area was tagged flood zone and the prices went down about 10% but the houses are still there, during the 1996 flood some of Dallas areas got some street water but the government went ahead and labeled a large area and all those homes went down in value, the flood deal is just one of many issues your realtor need to take care of for you, hope you find the one that will make your dreams come true. There are some great areas in Dallas I just sold two homes in the North side of town ... more
0 votes 11 answers Share Flag
Lana Lavenba…, Real Estate Pro in Grants Pass, OR
Mon Dec 31, 2012
Lana Lavenbarg answered:
Yes - OBAMA has created a tax that will be added should you not close escrow til Januray first that you would not have to pay if you close December 31st this year. That is why some sellers have said if it does not close by today - you will not close at all! ... more
0 votes 3 answers Share Flag
Michael Cheng, Real Estate Pro in San Jose, CA
Wed Nov 28, 2012
Michael Cheng answered:
A good appraisal should cover the three main theories of asset valuation: replacement cost, sales comparable, and income. While estimates of value are derived using all three approaches, usually one is more useful than others. A competent appraiser will select the best one with consideration of the following:

For a single family home, the sales comparables would show you what the closest matched home recently sold for. This gives you the best estimate of what somebody would pay for your home. But, it still has serious limitations in that the sold price is a snapshot of the market in history, usually at least 3-4 months ago. So, prices may have moved significantly in the meantime.

For an investment unit, the income approach is best since the largest target market of buyers are other investors and they value properties based on income generated.

The replacement cost approach is really useless in real estate, except for the insurance company's sake. A 50 year old home may cost $500K to replace but has only $50K in value to buyers. You may get some use out of this approach for a brand new home.
... more
0 votes 1 answer Share Flag
Michael Cheng, Real Estate Pro in San Jose, CA
Wed Nov 28, 2012
Michael Cheng answered:
A good appraisal should cover the three main theories of asset valuation: replacement cost, sales comparable, and income. While estimates of value are derived using all three approaches, usually one is more useful than others. The appraiser will likely select one for you based on the following:

For a single family home, the sales comparables would show you what the closest matched home recently sold for. This gives you the best estimate of what somebody would pay for your home. But, it still has serious limitations in that the sold price is a snapshot of the market in history, usually at least 3-4 months ago. So, prices may have moved significantly in the meantime.

For an investment unit, the income approach is best since the largest target market of buyers are other investors and they value properties based on income generated.

The replacement cost approach is really useless in real estate, except for the insurance company's sake. A 50 year old home may cost $500K to replace but has only $50K in value to buyers.
... more
0 votes 1 answer Share Flag
Michael Cheng, Real Estate Pro in San Jose, CA
Wed Nov 28, 2012
Michael Cheng answered:
If you are a USPAP licensed appraiser, then you would know how to do an appraisal. If you're not licensed, then you can't do a professional appraisal. You can give a price opinion, which is what brokers and analysts do.

A good appraisal should cover the three main theories of asset valuation: replacement cost, sales comparable, and income. While estimates of value are derived using all three approaches, usually one is more useful than others.

For a single family home, the sales comparables would show you what the closest matched home recently sold for. This gives you the best estimate of what somebody would pay for your home. But, it still has serious limitations in that the sold price is a snapshot of the market in history, usually at least 3-4 months ago. So, prices may have moved significantly in the meantime.

For an investment unit, the income approach is best since the largest target market of buyers are other investors and they value properties based on income generated.

The replacement cost approach is really useless in real estate, except for the insurance company's sake. A 50 year old home may cost $500K to replace but has only $50K in value to buyers.
... more
0 votes 1 answer Share Flag
Dave Sutton, Real Estate Pro in Portland, OR
Mon Jan 30, 2012
Dave Sutton answered:
Also, the Oregon State Bar Association will refer you to a local attorney for an in-office consultation for no more than $35. http://www.osbar.org/public/ris/ris.html#referral
0 votes 2 answers Share Flag
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