cash is king in this market, but not everyone can "guarantee" the appraisal.

You made the right move in any case.

Diggity said:

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cash is king in this market, but not everyone can "guarantee" the appraisal.

You made the right move in any case.

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Well isn't that exactly the point? If everyone could guarantee the appraisal then it wouldn't be what made your offer stick out. Not everyone can pay over asking price either. Not everyone can show proof of funds either.

If you want your offer to stand out, then guarantee that your offer won't change when the appraisal comes back too low.

knoxtom said:

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Diggity said:

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cash is king in this market, but not everyone can "guarantee" the appraisal.

You made the right move in any case.

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Well isn't that exactly the point? If everyone could guarantee the appraisal then it wouldn't be what made your offer stick out. Not everyone can pay over asking price either. Not everyone can show proof of funds either.

If you want your offer to stand out, then guarantee that your offer won't change when the appraisal comes back too low.

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We are listing our house tomorrow. Asked the realtor what they expect and it was basically "expect a block party at your open house" and I'll make sure to tell all the respective buyer agents that if the offer doesn't come with a appraisal contingency, it won't be considered.

We are listing at market which is below $400K, so I'm sure it's going to be a mad house.

Home offer tip for a hot market that just worked for me:

1. Find the neighborhood you want to buy.
2. Determine # beds/baths, sq ft you think you can afford.
3. Go on the county CAD website and search for all the homes that meet your criteria.
4. When did they last sell? Look for ones that last sold 20, 30, 40 years ago. Old people who may have been talking about downsizing, but can't quite pull the trigger.
5. Do research on the owners. Google, facebook, etc. Find common interests.
6. Write a letter to them explaining to them why you want to buy in the neighborhood, but haven't been able to because of the competition of cash buyers. Be truthful. Try to slip in any details from #5 (without them finding out you're a stalker).
7. Wait 2 weeks and write another letter. Include an offer that is reasonable. Maybe include a photo of your family. Maybe mention "this offer is equivalent to $___" since there is no realtor commission. i.e. the 6% over list mentioned on the previous page is already part of your offer.

We did this. Wrote 12 letters and heard back from 4. Two didn't want to sell, but appreciated the letter. Two wanted to sell, one backed out. I'm closing on the other one shortly.

You cannot compete with 57 other offers. The frenzy is too overwhelming and stressful. Making off market offers takes the pressure off of everyone, but it takes a whole lot more work.

I get that.

Was just saying that your "lesson" doesn't help or apply to the 70% of the population that can't do that.

We listed our house at 3PM today at $385. We received an offer of $400K by 6:30

One other thing to consider to get accepted.

When we moved back to Texas we put in an offer on a home in Colleyville the day it listed, didn't get it.

We put in an offer on one in Southlake within hours of listing... didn't get it.

Put in another on a home in Colleyville listed that day... bidding war... didn't get it


Finally found a home in Keller that was an earlier offer fell though on. It showed on MLS/Zillow as being listed for 30ish days. It had zero action and we were the only offer.


possible lesson - I think the action is all on the homes listed that day. Try looking at homes that have been on the market for more than a couple weeks. In this rush to buy, I think psychologically all the buyers are rushing on the just listeds and not even looking at the homes that have been there a few weeks.

PeekingDuck said:

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You're overpaying either way but at least it's new and you can build what you want. Existing home prices are comical right now.

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Tarrant County recent buyer. Agree on prices being comical but feel like I had a good experience.

Home was two years old. My current neighborhood is selling new homes 25-30% more expensive than our 2018 home. The homes are identical after visiting. Full buildout 2023. No brainer to take the slightly older home in our case. House we got was advertised at $320. We offered $305. Accepted. Appraised at $290 and sellers came down to meet.

New builds, depending on area, feel like buying a car in that you lose value after getting it. Feels like a bubble. I saw 20% markups on new homes with each new building phase. Worst was Aledo with MUD and 3.5% annual taxes on $450,000 homes..... there goes $1400 a month to taxes alone.

Update on our listing in North DFW.

Listed on Friday, had over 75 showings before and right after the Sunday Open house. Ended up with 17 offers last night. Ranging to a couple at or right above asking and the rest at 6-10% above asking.