New House!

[2014FusionM]

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!

[El Forajido]

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

[Mayhem]

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.

[muley4x4]

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.

[2014FusionM]

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.

[2014FusionM]

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.

[BETTERLUCKYTHANGOOD]

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.

[bbqfan5909]

Good luck, market in DFW area...most nice homes are going 5-10,000 over asking price!

[Blake8504]

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.

[2014FusionM]

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.

[2014FusionM]

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.

[Throwin Darts]

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!

[2014FusionM]

Alright so the contract with our price just got sent over to them now we are just waiting on the seller!

[RealTreeHunter]

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

[2014FusionM]

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.