Home Buying in 75206>Question Details

June Salas, Home Buyer in 75205

Our daughter will start SMU Law in August. We live about 45 miles away, so she needs an apartment/condo close (75205 or 75206).

Asked by June Salas, 75205 Fri Jul 6, 2012

We have the cash to purchase rather than rent & will keep as rental income for future. Some of the condo seem really overpriced & sellers want us to take over their upside-down mortgages. Any deals out there for cash offers?

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Investment properties http://www.NewWestern.com
The only choice in DFW for cash buyers. Might as well get something with some equity.
0 votes Thank Flag Link Wed Jul 11, 2012
Hi June,

Having cash def can help at the closing table. Especially with bank owned properties.

You can check out a list of properties in uptown here:


Please let me know if you see anything you like. I would be more than happy to help!


JP and Assocaite
0 votes Thank Flag Link Wed Jul 11, 2012
Hi, June. I graduated from SMU, live in 75205 and own rental property in 75206 so know the area well. You will find that cash isn't usually much of a bargaining chip in this part of town. A cash deal isn't all that uncommon and each year there are many SMU parents in your shoes, looking to purchase nearby condos while their kids attend school. The overall net to the seller is what matters.

If your daughter thinks Dallas is going to be where she ends up long-term then purchasing could be a good deal for you in the long run, but if not you need to consider whether you really want to be a landlord to a potentially revolving door of SMU students. If you only own the condo for a few years and then decide to sell, the sales charge involved (commission, transaction fees, etc.) may make the rent vs. own decision lean toward renting.

Please contact me if you would like information on the SMU-area market for renting or purchasing.

Anne Bentley
William Davis Realty
214 683-7301
0 votes Thank Flag Link Sat Jul 7, 2012
I have a client/friend who owns properties very close to SMU & may be interested. Are you working with a Realtor?
0 votes Thank Flag Link Sat Jul 7, 2012
Contact me and I know we can help you. I assist in Apts., Condos, Foreclosures etc... Do not take over payments until I show you what is out there!

Best Regards,

John Greer
United Real Estate Dallas
214-460-8381 Cell/Text
0 votes Thank Flag Link Fri Jul 6, 2012
How close does she want to be to school?
Does she want to be able to walk or bike or does she mind driving.

I have some nice deals not far away.

You're probably looking at $100K to $150,000K.

One thing you have to remember, is cash does not normally net the seller more money.
Typically it is the same to them cash or financed. Some people see a cash deal as less risky, but others see it more risky. We probably see as many cash deals fall apart as we do financed ones, but for different reasons.

We're now seeing multiple offers on many of the lower priced condos and townhomes, and other that have been on the market a year or more get snatched up in the past couple of months. One I saw that was not a looker near Snyder Plaza was under contract in just a couple of days.
0 votes Thank Flag Link Fri Jul 6, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
I have worked with many families searching purchase their child or children a condo / townhome in the SMU area. I would require details on the amount you would like to purchase. therefore allows me the ability to search .

I just snagged a deal for a girlfriend of mine in an area approx. 12 minute drive from SMU .

If you only want to lease her apartment I work with residential leasing .

Contact my office today where I can show you many amazing homes work with your family specifications.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer

Follow me on Facebook
0 votes Thank Flag Link Fri Jul 6, 2012
If you're looking for a rental, Ebby has a division that can assist you. I had them help a good friend whose son was starting at SMU. Click on the link below for my contact info if you would like for me to set up the contact. If a purchase is in the picture, I live in the aarea and would be glad to assist as well.


Web Reference: http://jimrooks.com
0 votes Thank Flag Link Fri Jul 6, 2012
I have a townhome that's coming into the market early next week. It's going to be priced in the $220k's. In fact, the girl I'm selling it for, was in the same situation as your daughter when she bought it.

It's close to White Rock Lake, has gated security, and would be an excellent investment for future rental.

Please let me know if you'd like more info.

Beau Beasley
Coldwell Banker Lakewood
214 966-2100
0 votes Thank Flag Link Fri Jul 6, 2012
I lived in that area for many years. You can get some great deals East of 75 which is just minutes from SMU. I wish I knew your price range. I would not place your daughter anywhere that I would not live personally and I have high standards as far as safety, resale value etc.. Feel free to click on my picture for my bio and phone #. It would be a pleasure working with you and your daughter.
0 votes Thank Flag Link Fri Jul 6, 2012
Cash is always king the trite but true saying applies to your situation. Yes it is possible to make deals with cash, but if the current offer is "upside-down" as you say and is carrying a note on the property the bank who owns the note still must okay/ release the note. That is generally done one of two ways: first (and simplest) seller pays the difference between you and the sellers agreed upon price that satisfies the note and the bank releases the deed to you. The second, and much more time consuming, is a Short Sale (often in the news these days). In a Short Sale the bank agrees to accept your offer as payment in full for the note the bank owns and agrees to write off / forgive the difference.

As far as overpriced, house values are similar to antiques / collectable cars, etc. They are worth ultimately what the consumer will pay. In 75205/75206 condo's / duplex/ fourplex are very much desirable. The price per square foot those units command generally reflect the demand.
0 votes Thank Flag Link Fri Jul 6, 2012
Hello. I specialize in that area and would be happy to work with you and your daughter. Please contact me so I can share some specifics for properties in that area.

Kay Caldwell
Coldwell Banker Residential
Telephone: 214-679-2239
0 votes Thank Flag Link Fri Jul 6, 2012
Hi June,

Cash offers really don't hold much sway over sellers. Even if a buyer has a mortgage the seller gets paid all the same. The advantage to a cash offer is your ability to close faster, which could provide a bit more negotiating power if a seller needs to sell quickly. Value is determined by market demand - what buyers are willing to pay and sellers are willing to accept. This is what ultimately drives sales prices in any given area.

I regularly work the areas surrounding SMU and would be happy to assist with your search. Please call me at 469-450-1326.

Best regards,

Andrea Brooks
Keller Williams
0 votes Thank Flag Link Fri Jul 6, 2012
Give me a shout and I will be happy to assist you in finding her a place.

0 votes Thank Flag Link Fri Jul 6, 2012
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