Would You Expect to Win this Bid on a House?

[TheFalls]

Well...it didn't.
Said house was listed for $330K. On the county tax roll for $302K
I offered $355K. If appraisal wasn't met, I offered up to $15K up to sale price! Offered to pay all closing costs and not ask for any repairs. lol
A bad joke that writes itself.

In reality...I bid on 7 houses in the DFW area this weekend and came up 0-fer.
Please help me understand what I'm doing wrong.

It doesn't help that I'm bidding in literally the hottest areas of the hottest region in the nation. Just reaffirms I'm sitting out for a little while longer. We currently rent a condo.

 

[PatsFanatic]

It's tough out there right now (for buyers)....with inventory so low everyone is over spending.

 

[CoachCB]

Dallas is the hottest market?

If you're looking for yourself, possibly find a realtor who knows of houses that are "about" to go on the market so you can make an offer before it's actually listed. Check craigslist often as well - often people will list their house FSBO on craigslist for a few weeks to see if they can get a buyer without having to list and pay the 5%-6% real estate commission.

 

[Betallsports]

Well...it didn't.
Said house was listed for $330K. On the county tax roll for $302K
I offered $355K. If appraisal wasn't met, I offered up to $15K up to sale price! Offered to pay all closing costs and not ask for any repairs. lol
A bad joke that writes itself.

In reality...I bid on 7 houses in the DFW area this weekend and came up 0-fer.
Please help me understand what I'm doing wrong.

It doesn't help that I'm bidding in literally the hottest areas of the hottest region in the nation. Just reaffirms I'm sitting out for a little while longer. We currently rent a condo.

that's usually the way to do it, going about $15k above list

guess it is a Hot area

 

[seldomseen]

County assessed means very little. Zillow for the matter too. I would take a buyers agent opinion over either of those anyday. Pull up recently sold homes in that area of similar Sq footage and br/ba count. That will give you a much better idea of fair market value.

Good luck getting the home.

 

[PatsFan1283]

Don't Houston/Dallas and the other Texas metros have pretty lax zoning/building requirements that keeps housing prices relatively affordable compared to other major metros?

 

[festeringZit]

Well...it didn't.
Said house was listed for $330K. On the county tax roll for $302K
I offered $355K. If appraisal wasn't met, I offered up to $15K up to sale price! Offered to pay all closing costs and not ask for any repairs. lol
A bad joke that writes itself.

In reality...I bid on 7 houses in the DFW area this weekend and came up 0-fer.
Please help me understand what I'm doing wrong.

It doesn't help that I'm bidding in literally the hottest areas of the hottest region in the nation. Just reaffirms I'm sitting out for a little while longer. We currently rent a condo.

Other areas in Texas are growing faster than the Dallas area... At least from the sources I've read:

https://www.texastribune.org/2016/03/24/suburban-population-counties-surge-texas/

[h=1]Ten Fastest-Growing Counties in Texas[/h][FONT=&quot]Between 2010 and 2015, suburban and West Texas counties made up most of the 10 fastest-growing Texas counties with populations greater than 10,000.[/FONT]
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County	2010 pop.	2015 pop.	Percent change
Hays	158,275	194,739	23.0%
Andrews	14,835	18,105	22.0%
Fort Bend	590,581	716,087	21.3%
Kendall	33,645	40,384	20.0%
Williamson	426,488	508,514	19.2%
Comal	109,299	129,048	18.1%
Midland	136,990	161,077	17.6%
Denton	666,962	780,612	17.0%
Montgomery	459,336	537,559	17.0%
Ector	137,078	159,436	16.3%

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[FONT=&quot]

• Source: U.S. Census Bureau

[/FONT]

 

[festeringZit]

n/m[font=&amp]

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[TheFalls]

^^^house prices have gone up 40+% in the last 4 years...and they are on a hype train that isn't stopping.

 

[SgtLanquel]

fwiw, Denton County pretty much renamed Far Northeast Dallas these days.

I hear that even the very forward thinking highway builders for that reason are well behind with regard to the I35 corridor between Carrollton and Denton

 

[festeringZit]

A house just sold in my neighborhood for $1.1 million.

I'm guessing they built it w/in the last 10 years for around $500K, and then added a pool for < $100K... nice profit.

 

[TheFalls]

fwiw, Denton County pretty much renamed Far Northeast Dallas these days.

I hear that even the very forward thinking highway builders for that reason are well behind with regard to the I35 corridor between Carrollton and Denton

Denton County is NW from Dallas...but we are looking in Flower Mound in that county...along with everyone else. I haven't been on that stretch in a while...but there is a point on I35 in Corinth which condenses to 2 lanes...and mentally kills people while backing cars up for miles.

Odd finding from the past several open houses (which are a waste of time btw) in that area...we are usually the 2 out 4-6 caucasions out of 20ish people.

 

[TheFalls]

A house just sold in my neighborhood for $1.1 million.

I'm guessing they built it w/in the last 10 years for around $500K, and then added a pool for < $100K... nice profit.

I know a guy who sold his 1600 SF house in ATX early last year...for $950K!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[festeringZit]

I know a guy who sold his 1600 SF house in ATX early last year...for $950K!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Sick...

 

[GREENHEAD]

I know a guy who sold his 1600 SF house in ATX early last year...for $950K!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Should of held on to it. Probably worth 1.2 now.Homes and rents are out of control. 2 bedroom 2 bath homes in the peninsula going for
$4,000 a month.

 

[Phonebook]

Craft your offer up differently. Using an escalation clause stating you will pay $500 over any offer up to $xxx,xxx. No need to give away $. You will also need to bake in verbiage that allows you to see the competing offer.

 

[SgtLanquel]

Denton County is NW from Dallas...but we are looking in Flower Mound in that county...along with everyone else. I haven't been on that stretch in a while...but there is a point on I35 in Corinth which condenses to 2 lanes...and mentally kills people while backing cars up for miles.

Odd finding from the past several open houses (which are a waste of time btw) in that area...we are usually the 2 out 4-6 caucasions out of 20ish people.

yah....typo on my part...NW of Dallas County

 

[TheFalls]

Craft your offer up differently. Using an escalation clause stating you will pay $500 over any offer up to $xxx,xxx. No need to give away $. You will also need to bake in verbiage that allows you to see the competing offer.

Can you see other competing offers? I didn't think you legally could. My realtor def hasn't mentioned anything like that.

 

[Phonebook]

You can stipulate that upon acceptance (you winning) you will see the offer that you beat.....thus justifying the $500 over the competing bid.

I am an associate broker in SW Colorado. This is my game!

 

[TheFalls]

You can stipulate that upon acceptance (you winning) you will see the offer that you beat.....thus justifying the $500 over the competing bid.

I am an associate broker in SW Colorado. This is my game!

So how should I have approached this house?
Do I submit my bid as I did, but then add some kind of addendum that says if there is a bid higher than mine, I'll go to that level and then pay an extra $500?
Or do I just submit a bid that says i'll offer $500 above the highest price.

And then what would you suggest I offer in terms of paying above sell price if appraisal isn't met?

Seems like the seller could easily have a friend submit a ridiculous bid under the assumption that I would follow through with my contract to pay $500 over.