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Home Buying in Far North Dallas : Real Estate Advice

  • All43
  • Local Info11
  • Home Buying7
  • Home Selling1
  • Market Conditions2

Activity 5
Wed Apr 10, 2013
Joe Fox answered:
It is all about who does the stucco. Some companies have done well, other's did not. If there is any question, hiring a Stucco Specialist is important.

www.stuccowettest.com
0 votes 12 answers Share Flag
Sat Apr 9, 2011
T.E. & Naima Sumner answered:
This home was listed for sale for about 8 months and was last priced at $294,000.

It went under contract about 4 months ago but has not yet closed. We don't know the exact amount of the contract price, since it has not closed.

It might return to market if it doesn't close soon.

If you're interested in homes like this one, there are 4 just north of that I could send you similarly sized and priced and in nice neighborhoods. Just send me an email.
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Wed Mar 16, 2011
T.E. & Naima Sumner answered:
I hope you're understanding there are 2 issues here and we're flipping between them because we don't recognize the term "nonwarranted, non FHA approved"

A. Properties that have multiple owners, like a condo or a townhouse, must not be owned mostly by investors. FHA will not approve a loan on properties in that development until the percentage of owners rises above a certain level. Condos where you can buy are "FHA approved".

B. FHA will not insure homes that have certain defects in them. Usually these, as Becky points out, are HUD foreclosures sold as-is, and are labeled "uninsurable". Those defects can be corrected using a renovation loan. FHA has a 203(k) loan that sets aside an escrow account for the repairs to be done after closing. Only certain lenders will offer a 203(k), because they are a lot of work on the lender's part.

So, if the problem is "A" (that the property is owned by too many investors and is not approved for FHA loans), there is not much you can do except use a conventional loan.
If the problem is "B" (that lender-required repairs must be completed to qualify the property), you can use a 203(k) loan from a lender who offers them. By the way sometimes a 203(b) will actually work, too.
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0 votes 9 answers Share Flag
Mon Aug 23, 2010
T.E. & Naima Sumner answered:
Without knowing the particulars of the property it would be difficult to give an answer that fits the situation.

It's possible the house is appraised well under market for its amenities and condition, but on the other hand the tax appraisal could be accurate or above market. Please remember that sellers don't offer properties at the lowest price they'll take - the list price is usually the highest they think they can get. Some will come down from that, others won't.

Ask your Realtor what comparable houses are selling for and from that decide a negotiating starting point.

Check out the area and prices at www.DallasHomeValueReport.info
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0 votes 17 answers Share Flag
Fri Aug 1, 2008
Viktor Taushanov answered:
City appraisal is not accurate. You need a comp based on the recent sales and current listed data and based on that to make your offer, so before I know the area and the market I can't advise you.

I would be glad to help!

Regards,

Viktor Taushanov
Realtor
Coldwell Banker Residential Brokerage
972-758-2045 Direct Line
214-697-6797 Cell
www.planorealty.blogspot.com
viktor.taushanov@cbdfw.com
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