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Home Selling in 75016 : Real Estate Advice

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Activity 11
Fri Jun 7, 2013
Dallas Texas answered:
1, Requested repairs
2. Closing costs

Contact my office today if I can further assist you with listing for your home

Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
972-699-9111 100's of Dallas homes listed for sale or lease

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0 votes 8 answers Share Flag
Fri Aug 14, 2015
Are you asking for information on how to do a rehab on this home so that it can be ready to sell "as is, all fixed up?" Or do you want information on a buyer's loan to purchase it "as is," and do a rehab?

Barbara Coker
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas!
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0 votes 9 answers Share Flag
Fri Jul 30, 2010
Dallas Texas answered:
Happy to review your options

Currently on the market still active 125 days

Homes sold : 159

I love this area, on the natare trail every weekend running our dogs .

Many factors come into play on marketing homes for Sale in this area due to all the new construction.

We offer reduced seller flat fee listing service starting at $995 and up restrictions do apply

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
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Thu Jul 29, 2010
Kathy Weber answered:

That is true. Especially with FHA buyer's.

The guidelines state that the property cannot be listed for more than 20% above purchased price. (Worded differently than actual guidelines, but to simplify explanation).

To get past that guideline, lender's are doing "exceptions" to that rule by asking the investor to provide receipts showing the upgrades put into the property to resell. Many lender's look at it differently, but the bottom line is that the investor's are fixing the properties up, which in turn is rehabbing many run down neighborhoods, and should get credit for those monies.

Many times, when the receipts are added to the "purchase" price, it reduces the 20% guideline, therefore an
"exception", and the loan is approved.

Beyond that, some lender's are also requiring "2" appraisals to substantiate the list price.

Best of luck with your "flipping"!!
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Tue May 25, 2010
Dallas Texas answered:
We can't disclose that data. HOWEVER you can search county tax records.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
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0 votes 4 answers Share Flag
Fri Jun 16, 2017
T.E. & Naima Sumner answered:
Is it a total teardown? if so, you should sell for land value. If not, what is the extent of the damage and can it be repaired? I'll be happy to discuss with you your options.

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0 votes 6 answers Share Flag
Tue Aug 4, 2009
T.E. & Naima Sumner answered:
"Under Contract" is a general term Realtors use to indicate a contract to purchase the house has been signed. Often we use this term to indicate that contract is not merely an option to buy that the buyer holds, but rather the buyer and seller have agreed on a price, repairs, financing and a closing date. Usually we refer to these contracts as "Pending." But, a Realtor could use this term to mean "Option" also, because that is a contract, too, just one that a buyer could get out of simply by notifying the seller that he doesn't want to take the option. So, the 3 terms are option contract, pending contract, and under contract (meaning either).

A pending contract does not mean that the contract cannot fall through. It could for a variety of reason, but the vast majority of pending contracts these days do close. The main reason pending contracts fall through is for financing problems. The buyer apparently qualified when the contract was executed, but later his lender said he could not get the loan approved.

The typical stages of a contract are that the buyer makes an offer, some negotiation may occur between the buyer and seller (through their agents), and a contract is executed (it's now under contract). The contract may contain an option period for the buyer, who can use this time to consider the property, do inspections on the property, or whatever he wants to decide if he wants to proceed to close. Some negotiations may occur during the option period, too. The contract might be called an "option contract" during this time. The option period is not automatic and the buyer pays for the option. The buyer does not need to state a reason for backing out of the contract during the option period.

Usually the time after the option period is over is when we call the contract "pending."

Once the option period is over, the next milestone is the end of the financing notice period. Usually a contract has an addendum stating that the contract is contingent on the buyer's ability to get a loan at a certain interest rate of a certain length. Sellers usually ask to see a conditional qualification letter from a lender before execution, but other documents are needed by the lender to approve financing. If the lender decides that the borrower will not be approved, he sends a notice to the buyer/borrower. The buyer in turn can notify the seller that his financing fell through. The buyer still gets his earnest money back when he properly notifies the seller of the problem. No, he won't get back the fees he paid for inspections or the option fee, but his earnest money will be returned if he notified the seller by the date in the financing addendum. This is usually during the pending phase of the contract.

The property must also be appraised by the lender. Some Realtors are confused that approval by the lender includes the appraisal, but it doesn't. If the lender appraised the property prior to the end of the financing notice period, then the approval can include the property's suitability for lending. If the property is appraised after that financing period is over and found too low a value, the lender can again send a notice to the borrower that the property is unsuitable for lending the amount requested. Even though the financing notice period is over, the buyer can then back out of the contract and still get his earnest money back. Typically, this does not happen. Sellers recognize that appraised values limit the amount buyers can borrow, and often will negotiate further to close the sale.

Once financing is approved, title matters organized and documents prepared (mostly by the lender), the closing may proceed. Until the deal is closed the property is still considered "under contract" from the time the contract was originally executed.

Remember, as with most things in life, people use terms somewhat loosely on occasion, but now knowing better what the process is, you can interpret what they mean.
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Sat Oct 26, 2013
Bill Eckler answered:

Agents that do open houses regularly will tell you that open houses are definitly beneficial. Selling a home is all about Price and visibility and a open house promotes visibility.

Experienced agents will take a copy of purchase contract with them to all open houses because they know there is potential to use it.

Open houses should be a part of every seller's marketing plan.
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0 votes 10 answers Share Flag
Sun Aug 2, 2009
Dallas Texas answered:
FYI based on MLS posted sales:
SOLD 105 homes past 6 months
NOTE: most likely these pending contracts will close within next 30 days

Add those 2 figures
148 homes would have sold since 2.09

If I can offer assistance please contact my office

Lynn A. Crosby ~ National Featured Realtor
"...Specializing in Residential, Commercial Properties and Loans..."
Dallas Realtor, and Credit Repair Consultant -
The Michael Group - "Dallas Business Journal 07’ & 08' list top realtors"
Dallas Loan Officer -
Dallas Real Estate Office: (972) 699-9111
Dallas Real Estate Website: 60,000 listings Dallas homes for sale
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Sat Oct 24, 2009
Mattye P. Smith answered:
Hi Newbie,

Both Actually! Rates are very low, many homes to choose from, motivated sellers and buyers. However a lot depends on what you really want to do and your time frame.

If you would like a free market analysis, and specific marketing goals ,for your home, contact me for an appointment .

Best regards,

Mattye P. Smith

American Realtors
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Mon Feb 24, 2014
T.E. & Naima Sumner answered:
That's not an easy question to answer because there are singly family homes and then the townhomes. Which do you have?

Townhomes are the toughest to resell right now because there is lots of competition from the builders still, and they are going to be there for a while. There are 51 listed on the market in La Villita right now ranging from 1600SF to 2500SF. The DOM would be very difficult to figure out because builders have these put in the MLS before they are built and even if they have a contract on them, they don't change the status until it sells...

However the resale ones, there has only been one in the entire 2007 year and it was on the market for 245 days.

On the single family homes, there are right now 9 homes in the MLS...ranging from 1600-3900SF. Of those 9, 5 are resale. They have been on the market for 25, 135, 59, 97 and 18 days and counting.

There has been also 9 resale homes in 2007 with the following DOM 82, 15, 29, 243, 617, 191, 16 and 7.
All these homes ranged from 2700 to 3800SF.

I hope this helps. Let me know if you want a more detailed market analysis for your house.
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