All Forum Posts by: Bart H.

Hey BP!

My very first post here! Anyways, here goes. I think I already know the answer, but figured I'd double check anyways.

My question is with regards to how Ernest Money is to be handled in a specific situation: An offer was made in Dallas, TX, and the deal was put under contract with a 14 day contingency for securing financing. However, it turns out the mortgage person was not the greatest, said all was OK...until AFTER the 14 day period (it was really the friday before a monday close, but who's counting). Long story short, the contract was extended once to try to make it work, but the mortgage company was still unable to fund.

Under these circumstances, the buyer, would lose their earnest money. However, in this case, the seller somehow found another buyer ...and rather then extend the contract, opted to switch to this new buyer (& understandably so).

In the above scenario, does the buyer have any recourse to recover the Ernest money? Whether from the mortgage company or from the seller?

Thanks!

There is a Choose FI Dallas group that meets on occasion. They have Grant Sabatier coming to speak in March. Have not participated yet in any meetings but would like to and am all in favor of more such meetups happening. Especially coming from the perspective of RE as the primary driver of reaching FI. 

I think there are multiple areas of South Dallas you could reference as well.

Take the Cedars area. I think that is best positioned towards young professionals who work in downtown and wish to live closer to work. Depending on the target demographic (like Cedars for example) schools are less relevant because these residents generally do not have kids. I think younger generations are definitely willing and wanting to live closer to work and will go so far as to live in areas they might not have considered otherwise (Deep Ellum, Bishop Arts, Oak Cliff, etc.) as these areas become more appealing through investment. 

Further south of Cedars and towards Fair Park I think will take longer but it might make sense if the area improves marginally, to a young professional over living much farther, like McKinney or Allen.

So I find this deal on FB market place the first house the guy sent me to was a great house but needed 118k in repairs and the numbers weren't there I asked the guy if he had any other properties he sends me to another house in Dallas this house is actually in great shape 155k arv only needs cosmetics windows and new hvac I like it I want to buy it. I find his listing on FB says 75k purchase price ok that's fine look at the kids profile he's 18 maybe 19 he has some post about having a brain tumor asking for money....I tell him I want to buy it here is where it gets weird he says he can owner finance it 90k purchase 15k down $1000 a month 0% interest I've never heard of such a thing but the house would rent for 1300 a month not really cash flowing but it would pay itself off in 6 years so seems like a good deal to me. We go back and forth about the details I tell him I want to do all the paper work through my attorney he says his attorney  has already drawn it up he says he can close today was on a Sunday I told him need to close at a title company he says no we don't since its owner financed 2 questions how do I make sure that this deal is legit and if it's not how can I find the person who actually owns the house...He also offered the first house 0% interest I feel like you would have to own  the house free and clear to do that yes??

I am looking at several properties in Zip code 75246 in Dallas? I have checked the crime rate, and am wondering from anyone else buying in Dallas whether this zip is ok or should be avoided? Thank you in advance.

I am looking at several properties in Zip code 75246 in Dallas? I have checked the crime rate, and am wondering from anyone else buying in Dallas whether this zip is ok or should be avoided? Thank you in advance.

We have a flip going near Dallas, about 75% of the house has the original 1.5” wide hardwood planks. We want to continue with that through the rest of the house, has anyone around Dallas been able to find these that don’t cost an arm and a leg? Thank you in advance.

Hunter

We looked at houses in Dallas Spring 2018, felt the market was very over priced.  Fast forward September-December 2018started looking again.  Sellers were cutting prices 10% Plus.  Several of the properties still were not selling.  Sellers removed their properties over the holidays, and are now relisting them as ‘new listings’  at even lower prices.  We are looking in the $400-$550 range.  A house now needs to be priced very competitive and in good/updated condition to sell in 30 days.  We will continue to look, but from what we are seeing by fall 2019 the prices will be even less lower and we will not have to settle.  Dallas did not experience the drop much of the rest of the country did in 2007, they are about th experience a housing price adjustment.  Which may trip one off across the country, if there is an economic downturn.  Consumer debt is at a record.