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Old 08-04-2016, 07:18 AM   #1
2014FusionM
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Well to start things off my Fiance and I are getting married in March and we have been looking at getting our own place. We don't want to throw money out on rent or a lease so We have been house hunting for a couple of months.

Well I think we have came across our perfect starter home! It is about 1,800sqft and on 1/3 of an acre of land, which for 22 (her) and 24 (me), that will be plenty of space.

It is also located close to friends and family which is another big plus and in a good school district for future reference! I hate getting this excited but cant help it. I am praying everything goes though and we can get it at the price we are asking!

There is a minor problem with it though, the people that have it now bought it for about 91k and did a total over hall on it and made it look very nice, that's no doubt! They have it listed for 165K but all the surrounding houses have been going for much less, 140K-145K. Our relator, long time friend, will be putting in an offer of 155K.

Sorry for the long rant but I am super excited and pray that everything will fall into place!
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Old 08-04-2016, 07:24 AM   #2
outlaw713
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Hey pit in your bid and have your realtor do the talking. Worse they can say is meet me in the middle. How long has it been on the market, will determine alot as well. Prayers up brother. Congratulations on your marriage coming up
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Old 08-04-2016, 07:28 AM   #3
shaft_slinger00
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Just some advise for buying a home the first time. Dont fall in love with it, cause it makes life very sucky if it doesnt work out.
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Old 08-04-2016, 07:28 AM   #4
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First question you have to ask yourself is when was the house purchased for 91k? Either way some of the houses in Arlington and the metro mess have appreciated for 20-40% over the last year. Some of those houses haven't even been touched. But count yourself lucky that the house has already been overhauled. We live in Arlington what neck of town is it in?

Good luck and hope everything goes according to plan.

And don't forget we just had some friends buy a house in Arlington. They had to put offers in on 6 houses before they had an offer accepted. It's a sellers market and some of the house are taking offers written for over the asking price.
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Old 08-04-2016, 07:28 AM   #5
2014FusionM
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Hey pit in your bid and have your realtor do the talking. Worse they can say is meet me in the middle. How long has it been on the market, will determine alot as well. Prayers up brother. Congratulations on your marriage coming up
Thanks a lot! and we are going to let her do the talking, she has been in the relator business for more than 30 years and really knows what she is talking about. It has been on the market for almost 20 days with no offers. I think people are scared of the price in this part of the market. So hopefully she can talk some sense into them and have them come down a little.
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Old 08-04-2016, 07:31 AM   #6
2014FusionM
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It is in the Burleson/Fort Worth area. It is in a funny place, we pay taxes for Fort Worth but if we had kids they would go to Burleson ISD.

Also the house was purchased for 91K in February I believe.
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Old 08-04-2016, 07:45 AM   #7
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The seller can ask what ever they want, but it will only bring what the market will bear. Most homes are priced by Comps in the area, if the Comps are 15-25 thousand less and the house has been on the market a long time the seller may be willing to talk. Specially if they bought the house to flip.
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Old 08-04-2016, 07:51 AM   #8
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Good luck, market in DFW area...most nice homes are going 5-10,000 over asking price!
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Old 08-04-2016, 07:53 AM   #9
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Quote:
Originally Posted by BETTERLUCKYTHANGOOD View Post
The seller can ask what ever they want, but it will only bring what the market will bear. Most homes are priced by Comps in the area, if the Comps are 15-25 thousand less and the house has been on the market a long time the seller may be willing to talk. Specially if they bought the house to flip.
this is the benefit you've got going for you! If you offer 155k and the bank will only appraise it for 140k, then they either sale it to you for that price, or hope someone shows up with cash... or another bank loans the asking price, but once the appraisal is out there, all the other lending agencies are going to be pretty close on price, since it will all be based on comps.


Also, make sure you get an inspection and ask the seller to pay for anything that may need fixing.
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Old 08-04-2016, 07:55 AM   #10
2014FusionM
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Good luck, market in DFW area...most nice homes are going 5-10,000 over asking price!
That's is the problem that our relator said though the house is already priced at 20-25K about what should be the listing price so when we ask it will be 10-12 over what should really be asked, or that is how she explained it to me.

I think we have a chance though, with multiple showings and no offers I would think the odds would be in our favor. We are the first offer on the house with no competition yet.
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Old 08-04-2016, 07:58 AM   #11
2014FusionM
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Originally Posted by Blake8504 View Post
this is the benefit you've got going for you! If you offer 155k and the bank will only appraise it for 140k, then they either sale it to you for that price, or hope someone shows up with cash... or another bank loans the asking price, but once the appraisal is out there, all the other lending agencies are going to be pretty close on price, since it will all be based on comps.


Also, make sure you get an inspection and ask the seller to pay for anything that may need fixing.
O yes and since I am doing a VA loan we have to get the appraisal price or pay out of pocket and we are not looking to do that!

We learned our lesson on that with her sisters house! they had an inspection done and said that they needed to replace the HVAC system. but they didn't have it done and were just ready to get into the house. Well it was late fall when they did it so temps were ok, well now it is summer and their system has problems keeping up.
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Old 08-04-2016, 08:37 AM   #12
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Quote:
Originally Posted by 2014FusionM View Post
That's is the problem that our relator said though the house is already priced at 20-25K about what should be the listing price so when we ask it will be 10-12 over what should really be asked, or that is how she explained it to me.

I think we have a chance though, with multiple showings and no offers I would think the odds would be in our favor. We are the first offer on the house with no competition yet.
Remember that while your realtor is telling you its overpriced, the seller's realtor is probably telling them that its not. Don't fall in love with any house in this market because you're more likely to lose one than to get one.

Good luck!
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Old 08-04-2016, 10:34 AM   #13
2014FusionM
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Alright so the contract with our price just got sent over to them now we are just waiting on the seller!
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Old 08-04-2016, 10:48 AM   #14
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If they bought it in February, fixed it up and are selling now then they are trying to flip it. It's probably priced high so they have some profit in there after all their costs are added up (purchase price, remodel, closing fees, etc...). In this situation, they may not have a lot of wiggle room between what they have in it and what they want to make on it. Good luck
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Old 08-04-2016, 11:21 AM   #15
2014FusionM
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Originally Posted by RealTreeHunter View Post
If they bought it in February, fixed it up and are selling now then they are trying to flip it. It's probably priced high so they have some profit in there after all their costs are added up (purchase price, remodel, closing fees, etc...). In this situation, they may not have a lot of wiggle room between what they have in it and what they want to make on it. Good luck
It is defiantly a flip house but the surrounding market will not support the price of the house they are asking.
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Old 08-04-2016, 11:21 AM   #16
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Sounds like a flip to me. Better get it inspected very good!
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Old 08-04-2016, 12:13 PM   #17
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dont let anyone talk you into an adjustable mortgage
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Old 08-04-2016, 04:28 PM   #18
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Congrats on looking for your first home hopefully it will work out to be a good experience that will leave you memories for life!
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Old 01-11-2017, 04:13 PM   #19
2014FusionM
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Ok so I have been away for a while! Lets just say life got real busy real fast after graduating and getting a full time job, quitting that job and getting hired on somewhere much more enjoyable!

Well we didn't get the house! it had a lot of issues once we took a look at it! I guess we were just so excited and read to move on we only saw the surface!

We did get a house though In the begging of Oct. 1700sqft and on a little more than 3/4ths of an acre! with a big green house/shed combo with a poured slab, a 20ft by 35ft barn! 3 bedroom 2 bath.

Hopefully now that I have more time I will be able to get on the ole interwebs again!
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Old 01-11-2017, 09:19 PM   #20
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Congrats!


Sent from my iPhone using Tapatalk
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Old 01-12-2017, 01:42 AM   #21
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I've sold a house to someone getting VA loan. Your gonna get an appraisal way lower than what they are asking.
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Old 01-12-2017, 06:24 AM   #22
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Originally Posted by txjustin View Post
Sounds like a flip to me. Better get it inspected very good!
x100^^^ flipped house are sometime a mess. It really depends on if they were trying to save money on the flip or do it right-(Most of the time it's save money). We call that "lipstick" put new carpet, paint, cabinets and most people think the whole house has been remodeled.
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Old 01-12-2017, 07:03 AM   #23
2014FusionM
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x100^^^ flipped house are sometime a mess. It really depends on if they were trying to save money on the flip or do it right-(Most of the time it's save money). We call that "lipstick" put new carpet, paint, cabinets and most people think the whole house has been remodeled.
O yes that was exactly what happened. I am glad to have my step dad who has been in construction for over 20 years and he pointed out all the flaws and cover ups done on the house.

Actually the house we got now was a VA foreclosure, it listed at 163,500 we put an offer of 173,318. we won the house and the house actually appraised for 195,000! After all the renovation we have done, new appliances, all new paint on all walls, trimmed all the trees, when it decides to stay warm we are going to replace some sighting on the top side of the house, have the outside of the house repainted and recocked.

Our relator who is a long time friend of the family who has about 30+ years in the business said after everything we have done to the house and plan on doing if we were to list today she would have no problem listing it for 225,000.
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