Texas - Some Dallas real estate questions

I am currently based out of PHL and am in the process of moving down to DFW. I have got an offer from one company in DFW and was wondering if an offer letter is enough to get a mortgage (I am currently employed) as I am looking to buy a house before the March 31 deadline for the 8K tax credit.

Also if I putting down 80% of the house price, do banks do the extensive checks like if I was putting only 20%? E.g., the house appraisal?

Anyone recomend a good bank for a mortgage and home inspectors? and are there any rentals for just a month or two while we look for a house?

Dallas is more than a mouthful, the DFW metroplex stretching for miles in all directions. You need tio refine your search (and help us give answers) by giving us some idea of where you'll be working. You sure don't want to live in Allen and work in Grand Prairie.

If you have a decent credit history and are putting down 80%, even 50%, lenders are still going to run a credit report, but will react quickly. I can't imagine not being able to "do a deal" (house, loan, closing) in 6 weeks or less. I don't love "real estate agents", but in your case, one could be of great help. You and the seller, one way or another, will end up paying the 6% commission prevalent, so you might as well get some help.

I know a great one, 40ish, successful, with a modest but good firm, but would hesitate to recommend him unless I knew where you were looking to live. If you want an email contact, let me know by PM. An agent can find you a mortgage broker (or dozens of them). Currently, they all need the business and negotiation/arguing/sand-bagging can alter up front costs. Inspector? Agents find them also.

Lots of exec/corporate lodgings around. With relocates down, availability up, rates down or level. Again, where you will be working is the key.

Yeah, you're going to have to get a LOT more specific than "DFW".

Throughout DFW, there are a lot of houses/townhomes/condos on the market, more than a few with financially distressed situations, and many of them are available for rent at negotiable rates and terms.

For more city-specific information, I'd recommend the Dallas and/or Ft. Worth forums on www.city-data.com.

My work might be at Ennis and I am thinking of buying a house in Duncanville.

You're definitely on the right track by staying south of downtown.

Duncanville's OK, but I wouldn't rule out just finding something in Ennis. Ennis is a lot more "country" than Duncanville, though.

If you're single, you could even consider locating to one of the "hip" neighborhoods of Dallas and doing a reverse-commute to Ennis. If you have the spouse and kids scene, something like Duncanville might work better.

You're definitely on the right track by staying south of downtown.

Duncanville's OK, but I wouldn't rule out just finding something in Ennis. Ennis is a lot more "country" than Duncanville, though.

If you're single, you could even consider locating to one of the "hip" neighborhoods of Dallas and doing a reverse-commute to Ennis. If you have the spouse and kids scene, something like Duncanville might work better.

I am not keen on staying in Ennis, as my wife has not found a job and it be a long commute for her when she does get a job.

Well, you're making a trade already. Many (if not most) would consider Dallas's Southside, considerably more Redneck and in some parts almost "Outer Ruralia", as carrying far less socioeconomic cachet than is cultivated among the Northsiders (at least until you get to the pastures of Allen). It ain't the Mainline, and you'll be joining up with the Yahoos

On the other hand, houses will be cheaper, often much cheaper, but extreme care is advised in the choice of suburbs/neighborhoods/school districts, especially if your wagon comes laden with rugrats/ankle biters.

Bringing up your wife's potential employment also raises an issue or two, depending upon her profession/vocation/avocation/selectivity. South Dallas and environs may not be such a fertile field for her job search.

As for Ennis, I'd wouldn't leave out Waxahachie, a not unpleasant old town where, surprisingly, your wife might find more luck job-hunting. In any case, life can be miles cheaper than Philly.

On the other hand, houses will be cheaper, often much cheaper, but extreme care is advised in the choice of suburbs/neighborhoods/school districts, especially if your wagon comes laden with rugrats/ankle biters.

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Bolding mine, can you kindly explain the bolded portion? Thanks.

If you have kids, the issue of schools is a bit sticky in the southern part of the Metroplex. There really aren't any great choices down there.

Of the choices available, Duncanville is probably your best bet. I would rate it "OK" - there are several better school districts in the DFW area, but none anywhere near Ennis.

Is there a reason that you are shooting for March 31? I thought that
May 1 was the key date.

"The new bill extends the expiration date on signing a sales contract to May 1, 2010 and the home must now close before July 1, 2010. An additional year has been added to these dates for military personnel who have served extended duties outside of the U.S."

I am hearing some people say that due to the recent large bailouts, there will be high inflation and that house prices will soar again, is this true?

another question I have is whether it is a bad investment to buy a house built in the 70 and 80's. Since there are so many new houses available, I am assuming ppl in DFW try to buy new houses and so if I buy an older house and then try to resell, it will be difficult. Am I right? Why would anyone want an old house?

On the contrary, I see the potential of vast advantages (starting with price) in looking at older homes, perhaps even those older than the 70s/80s era.

Not the least of potential attractions (on the prairies of Texas, where new developments are simply bladed and created from last year's pasture land) are trees and shrubs (and lawns) . Waiting for trees/shrubs to provide a bit of color and landscape (unless you or the developer planted the usual round of "trash trees" can be an eternity. Nurturing new but dull Bermuda during the upcoming Summer will be a tribulation.

Then there's the neighborhood (and the neighbors)..... Whether we're talking Duncanville - not many older homes - or Highland Park, there are well-established "trade outs" in the older vs. new equation. Back in early '06, we moved from a suburban house, built originally in '66, where we had lived since '72. When built, it had been almost rural, but now "in town" in growing bedroom community. We kept it off the market for a couple of years while our daughter rented it and commuted 30 miles to work, more house than she needed but a better deal than a fancy apartment and as she said, the house in which she was an infant and the only "home' she had ever known. Counting improvements and sales-prep "rehab", it was a far better house than "as built", and finally (even in a sluggish market) sold for about the same price as slightly smaller "new" homes, netting about 4 times the original purchase price, and far more than repaying improvement and maintenance costs. No, it wasn't a California million dollar cottage, but the buyers received far more in habitability (bigger rooms, more storage, established yard, stable neighborhood, etc.) than in comparably priced or more expensive new homes.

Sure, there are ingredients essential to choosing an older home, all the expected ones, and in Texas double or triple priority on the age and condition of the AC side of the HVAC system.

These days, I notice no real difference in the "time on the market" period between older and new homes, other than the 'developer in trouble with his lender" syndrome which has lead to some price cuts.

I'm sorry your schedule will shorten your time to look, evaluate and shop. Like a wife (Well, maybe more so!), rushing into a house can be hazardous to your health and pocketbook. After all, would you chose a wife from a row of cookie-cutter copies, all displaying the same level of couth and culture, and the one next in line likely to be selected by a guy who keeps pit bulls and drives a "doolie" diesel pickup. Sometimes, a gently used, well-maintained bride, broken to the saddle, well-manicured, evident of frequent haircuts and well-chosen makeup, may be a better choice.

A thorough professional inspection (with you there the see and hear the comments) should highlight flaws and potential pitfalls, often as numerous and serious in new houses as in old. ....And then, all too many builders used to be used car dealers (or work for the corporate giants, about as responsive to complaints as some of the folks about whom FTers vent their anguish).

I am trying to decide on what kind of house to buy. I don't plan on staying in Duncanville, so after five years I would like to move north/west. If I want to rent the house in Duncanville, would it make sense to buy a condo or independent house now?

I am trying to decide on what kind of house to buy. I don't plan on staying in Duncanville, so after five years I would like to move north/west. If I want to rent the house in Duncanville, would it make sense to buy a condo or independent house now?

While Duncanville is not "Condo Country", there are some there, and while Texas housing markets - even DFW - have suffered far less than others, condos seem to have been harder to sell (and often had prices reduced). Given your 5 year or less projection, a condo might be a good choice (but beware of condo developments in which many of the units have been rented out).

Given your intentions and perspective (and as long as any kids are small and you don't have dogs), I would certainly look hard at available condos. The downside....if you believe as do most) that the real estate market will eventually recover and house prices will begin to appreciate/inflate, the record on Texas suburban condos increasing in value has been very, very spotty. If you can buy cheaply and foresee (and understand) getting out even, fine.....

The tax credit brings you a few $K. Entering into an ill-advised home purchase can cost you far more than that.

If you want or need a house, buy a house. If renting is a better choice, then rent. Don't let the tax credit entice you into an action that might not fit your current needs.

Given the negative reaction to your job conditions in the other thread, I suspect you might be looking for your next job as soon as you begin this one. You won't want to be stuck in Duncanville if your next job is located in McKinney.

Thanks all, is Duncanville a good area to be a rental investor? Is it easier to rent a condo/independent home?

One of the independent houses i am looking at is a short sale, in general do I need to keep anything in mind when buying such houses? Are they a safe buy?

Respectfully, given your questions, I have my doubts if buying a house is such a great idea for you.

Respectfully, given your questions, I have my doubts if buying a house is such a great idea for you.

Please be totally frank, kindly elaborate.

1. You don't know where your spouse will be working.
2. The south end of DFW is not as desirable as the north end.
3. Your job offer seems sub-optimal, which leads me to believe you are viewing this as a stepping-stone, rather than a long-term multi-year situation.

Just like uncertaintraveler, I'm saying this respectfully. A house can become an albatross very easily. Your situation doesn't appear to be "settled" enough to rush out and buy a house.

Please be totally frank, kindly elaborate.

Well, for starters, your posting history in OMNI indicates, to me, a lack of general real estate awareness.

For example, you created this thread (http://www.flyertalk.com/forum/omni/698270-refinancing-house-buying-tips.html), in which you started off by stating, "Since I have some free time this summer I was thinking of buying a house. This is my first one and would like any advise."

Then there was this thread, started roughly a year and a half later (http://www.flyertalk.com/forum/omni/889350-anyone-recently-bought-house-0-down.html), in which you seemed to not know what basic real estate terms were (VA loan; FHA; SFR).

Then you create another post (http://www.flyertalk.com/forum/omni/967057-tips-investing-real-estate.html), in which you ask for "tips on investing in real estate."

In a more recent post (http://www.flyertalk.com/forum/omni/999482-real-estate-measurement-q.html), you ask about square footage definitions.

There's certainly nothing wrong with asking these questions, and I don't mean to dissuade you from asking more of them, but if you are thinking of dropping an 80% down payment on a house, I would hope that you would have a more fundamental understanding of what it is that you buying and getting yourself into, and that you aren't relying solely on the opinions expressed on an anonymous bulletin board that (i) isn't devoted to real estate, and (ii) are proffered by those who, quite likely, have no skin in the game.

1. You don't know where your spouse will be working.
2. The south end of DFW is not as desirable as the north end.
3. Your job offer seems sub-optimal, which leads me to believe you are viewing this as a stepping-stone, rather than a long-term multi-year situation.

Just like uncertaintraveler, I'm saying this respectfully. A house can become an albatross very easily. Your situation doesn't appear to be "settled" enough to rush out and buy a house.

I selected Duncanville as it is within an hour of most DFW suburbs and has at least a decent school. So my wife can get a job within a commuting distance. My offer has been improved (see other thread). I can almost buy a house full cash down, so the savings in rent will offsett other loses right?

I am not meaning to be argumentative, the very reason i am posting here is to hear others opinion, so please please critique me. I am new to buying houses, so I want all the advise I can get.

I selected Duncanville as it is within an hour of most DFW suburbs and has at least a decent school. So my wife can get a job within a commuting distance. My offer has been improved (see other thread). I can almost buy a house full cash down, so the savings in rent will offsett other loses right?

I am not meaning to be argumentative, the very reason i am posting here is to hear others opinion, so please please critique me. I am new to buying houses, so I want all the advise I can get.

If you are moving to Dallas/Fort Worth due to your job, and you have never lived in the area before, I'd be inclined to rent a nice apartment for at least a year to get to know the area better, DFW traffic patterns, and to be sure of the job situation.

Thanks all, is Duncanville a good area to be a rental investor? Is it easier to rent a condo/independent home?

One of the independent houses i am looking at is a short sale, in general do I need to keep anything in mind when buying such houses? Are they a safe buy?

I would say that no, Duncanville is NOT a good area to be a rental investor. You'd be going up against many, many established local landlords with multiple properties in their inventory.

I would stay far away from buying a condo in the current DFW market, and certainly from buying one with the intention of renting it out.

It can takes months and months for a short sale to close. You're buying from someone who is obviously in dire financial straits, so maintaining the home is likely to have been a low priority for some time.

Does anyone recomend hiring a real estate agent? I found someone very helpful and asked to contact her even if we found properties that she was not selling. She said she can assist with the contracts. She seemed to imply that the buyer does not pay her anything, is that true?

older homes, perhaps even those older than the 70s/80s era.

As an aside from a non-DFWer: 'round here, when there's a 1960s house on the block, it's known as "the new place down the street". ;) OK, please return to regular programming.

How is Grand Prairie area? Specifically the area south of I-20 and near Joe Pool Lake?

Echoing other's suggestions, I strongly suggest that you consider renting for at least a year. Here are the issues to keep in mind:

1. Financially, the best deal is to rent in Dallas. There is no state income tax and property taxes are relatively high. Assume that you'll pay about 2.5% of the value of the house in property taxes every year. Without the homestead exemption (i.e., if you rent it out later), the taxes are higher, so assume around 3%. If you look around, you can rent cheaper than the after-tax cost of mortgage, maintenance, property taxes, etc...

2. South Dallas is not a desirable place to live in the metroplex and the property values are pretty stagnant. Although you may love it there, it is risky and once you buy the house you'll be stuck with it.

3. South Dallas is not centrally located, so it could be a very long commute for your wife. Until you both have jobs, it doesn't make sense to buy.

4. Renting is cheap in Dallas. Just shop around. There are short-term corporate apartments, but you pay extra for that. It would probably make more sense to get a 6-month lease somewhere to start out with.

5. You shouldn't make your decision based on the $8k credit. Closing costs on both sides of the transaction (buy/sell) and potential loss if you have to sell quickly (including real estate commissions and title insurance) will cost you more than $8k.

6. Don't assume you'll convert it to a rental. Rents are cheap in Dallas, so it may not make financial sense and if you are in Duncanville, it may be difficult to rent it out.

Thanks Mr. Morris I have decided against Duncanville and have moved to Grand Prairie (Westchester area). I am most probably putting all cash down for the house and so renting for a year will cost more than the property tax per month

One last caveat....

Don't let the $8,000 potential tax credit spur you to precipitous decision making. The harsh reality of the present real estate market is its capacity to rise and fall as a result of unintended consequence of events. The day after the tax credit expires, homes on the market in the Metroplex and across the country will each be worth less than they were the day before. No, perhaps not $8,000 or even $6,500, but less, likely several thousand dollars less in the case of houses that were priced "in line" with real value.

I'll agree that S. Grand Prairie may be better than Duncanville, but shucks, you're getting closer to Midlothian and Waxahachie every day. Grand Prairie was in its early years the quintessential homeground for blue collar rednecks, so be careful of streets where there are more than one or two front yard planters made from old tires slashed like starfish. ;-P (or flower beds curbed with old car batteries, pink flamingos or large plastic sunflowers)

A clue relating to making an offer on a house.....
Check the number of days the house has been "on the market". The longer on the market (without evidence of major price drops), the less you can optimistically offer. Whether you're talking about a homeowner or a builder/developer, desperation eventually sets in. I know a builder with 2 nice new suburban homes (less glamorous area, much more house than in upscale areas) on the market 4 months originally priced at $175,000. Offer him $150,000 today, he'd leap. Offer $10,000 less, and depending upon how many anti-depressants he's taken, he might jump at that.

Grand Praire is a more central area to commute to downtown Dallas, Fort Worth, Arlington (Mid-cities), Los Colinas/Irving area, or Preston Hollow/North Dallas. Considering where your job is, Grand Praire should be a good option. Nevertheless, before you buy the house, check the commuting time in a real world situation (i.e., on a Monday - Thursday morning). The traffic feature on google maps will give you a rough idea.

I agree that if you pay all cash, you're saving money versus renting. If it is an older home, get an inspection of the plumbing system as well as the typical other things in the house, since there could be some tree roots in the pipes, which won't show up until later. Other potential issues could be termites, foundation problems, the roof, and the major appliances. Also make sure the house is well insulated, since it gets hot here in the summer and electric bills in a poorly insulated home are very high; it may be worth getting the insulation tested before you decide whether to buy it. You als may be able to get a home warranty, which is worth checking into. Sorry, but I don't know of a home inspector to recommend for you, but the real estate agent you use should be able to help. Finally, try to negotiate with your real estate agent to get a rebate on part of their fee. If you use Ziprealty.com, they'll automatically give you a rebate.

Grand Prairie was in its early years the quintessential homeground for blue collar rednecks, so be careful of streets where there are more than one or two front yard planters made from old tires slashed like starfish. ;-P (or flower beds curbed with old car batteries, pink flamingos or large plastic sunflowers)
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bolding mine, sorry may I know what you mean by the bolded?

bolding mine, sorry may I know what you mean by the bolded?

I am not the poster but I think watching any Jeff Foxworthy video might explain this to you. ("You Might Be a Redneck If...")

If you are considering Grand Prairie, you might as well go ahead and consider Arlington too. A bit more going on, not as stagnant.

I'd suggest working with a Realtor. You asked about "hiring" one. You don't hire one... you work with one. There is no cost to you and a good relocation specialist (which is what I'd look for) can help you better understand the tone and pros/cons of various neighborhoods.

DFW is a large area with a LOT of variability. Where you live largely influences your social patterns and many other factors of life here. I would not pick a neighborhood off of a map on the internet. The people are different (in some cases like from another planet) from area to area.

I am not the poster but I think watching any Jeff Foxworthy video might explain this to you. ("You Might Be a Redneck If...")

If you are considering Grand Prairie, you might as well go ahead and consider Arlington too. A bit more going on, not as stagnant.

I'd suggest working with a Realtor. You asked about "hiring" one. You don't hire one... you work with one. There is no cost to you and a good relocation specialist (which is what I'd look for) can help you better understand the tone and pros/cons of various neighborhoods.

DFW is a large area with a LOT of variability. Where you live largely influences your social patterns and many other factors of life here. I would not pick a neighborhood off of a map on the internet. The people are different (in some cases like from another planet) from area to area.

Thanks. More than an adequate explanation.

I suspect that the OP has had minimal Southern exposure and does not drivea "Doolie". If he moves to Grand Prairie, six months from now, he'll be sporting a mullet, a Skoal can in the back pocket of his jeans, and be thinking about buying a '69 Camaro to rebuild.

Isn't Duncanville the tornado and hail capital of Texas?

If you are considering Grand Prairie, you might as well go ahead and consider Arlington too. A bit more going on, not as stagnant.

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Isn't Arlington considered a bad school district?

For the purposes of resale/renting which is better: independent house/condo?

Dude, you need to rent.

I'm in a bit of dilema. I like a townhouse built in 06 that is 3 BD, 2.5 Bath and is 90K and another independent house that is 130K, built in 85, has three bed and 2 bath. I am worried if house which is already so old will depreciate over time. Since new houses are plenty in Dallas, I don't understand why someone would look for an old house.

Also I plan to move out and give my first house on rent and I know I will get more for the house than the townhouse. But getting tenants willing to pay for so much will be more difficult than in the townhouse.

Is there any chance that house prices will skyrocket again? In that case I might as well go for the house as it is good enough for a permanent place. Recently met someone who feels it will as there is just so much money out there and such low interest rates, it is similar to the recovery of the 01 recession.

Any thoughts?

I'm in a bit of dilema. I like a townhouse built in 06 that is 3 BD, 2.5 Bath and is 90K and another independent house that is 130K, built in 85, has three bed and 2 bath. I am worried if house which is already so old will depreciate over time. Since new houses are plenty in Dallas, I don't understand why someone would look for an old house.

And, yet, you are looking at two older homes. :confused:

Some people like older homes because they believe, rightly or wrongly, that such homes offer better construction. Older homes may be in more desireable school districts. Or in more established neighborhoods.


Is there any chance that house prices will skyrocket again? In that case I might as well go for the house as it is good enough for a permanent place. Recently met someone who feels it will as there is just so much money out there and such low interest rates, it is similar to the recovery of the 01 recession.

Any thoughts?

Sure, there is a chance. Is it a realistic chance? Who knows?

Are you buying a house as an investment, or as a place to live?

If it is the former, I question your wisdom. If it is the latter, I question why you are seemingly willing to settle for a place that is merely "good enough for a permanent place."

I live in a house in Houston built in 1981. I have big old trees, much more land than I could hope for with a newer house, and am closer to amenities and transportation options than I would be if I bought in a new subdivision. My house is built for the climate - it's not a two-storey behemouth with a wall of west-facing windows that make the A/C bills skyrocket, it's a nice ranch house with lots of shade and a huge porch.

If I were to move I would definitely look in an older home... in fact I am looking at moving in the next year or so and have been looking pretty much exclusively at older homes.

So don't let the fact that the house is older deter you. It's easy to update a well-located older home and make it attractive to occupiers and buyers.

Location, location, location! Also, School Districts and Electricity Bills! It's easy to run up a $500/month bill in Texas :(

I live in a house in Houston built in 1981. I have big old trees, much more land than I could hope for with a newer house, and am closer to amenities and transportation options than I would be if I bought in a new subdivision. My house is built for the climate - it's not a two-storey behemouth with a wall of west-facing windows that make the A/C bills skyrocket, it's a nice ranch house with lots of shade and a huge porch.

If I were to move I would definitely look in an older home... in fact I am looking at moving in the next year or so and have been looking pretty much exclusively at older homes.

So don't let the fact that the house is older deter you. It's easy to update a well-located older home and make it attractive to occupiers and buyers.

Location, location, location! Also, School Districts and Electricity Bills! It's easy to run up a $500/month bill in Texas :(

I can only add a resounding echo to ElkeNorEast's post. Aside from the condition and need for upgrades/replacement of HVAC systems, hot water heaters and the condition of the roof, "old" (1980 old? Sheeeut!) houses can offer substantial advantages over much of the new construction around.

I'd no more want a house with cathedral ceilings and glass walls than I'd want to live in a cathedral with high stained glass windows.

Old? I grew up in a house built in 1911. We spent much of our married life (1972-2005) in a house built in 1966 (in which we were constantly having to "fix" things for the first few years, until it got old and everything worked). Our current house, sort of a patio home in a PUD, was built in 1980. I've a cousin who lives in Galveston in a house built by one of our mutual great-grandfathers in 1871 (in case you want to look: http://www.galvestonhistory.org/2010press/2010hometours/1515Broadway.jpg ). Having survived several major hurricanes with little/minimal damage, it falls well into the "Better Built" category, although the 14' ceilings do require an AC about equal to a Las Vegas hotel (except with a lot bigger condensate drain). I suspect that she draws from her tenancy the same sort of warmth and security which I've drawn from connubial bliss in our marital bed, first occupied at some point prior to 1849 (and hauled from Tennessee in that year) by one set of my great-great grandparents (other than the occasional sense of somebody looking over my shoulder).

As the real estate folks say: "Location! Location! Location!". Add the conditions and comfort coming from living there and pleasure resulting therefrom, and what else matters? With crumb-snatchers in the house, unless you're private-school-tuition-affluent, school district/attendance zone can be a factor, but that's a part of the location equation.

I'm in a bit of dilema. I like a townhouse built in 06 that is 3 BD, 2.5 Bath and is 90K and another independent house that is 130K, built in 85, has three bed and 2 bath. I am worried if house which is already so old will depreciate over time. Since new houses are plenty in Dallas, I don't understand why someone would look for an old house.

Also I plan to move out and give my first house on rent and I know I will get more for the house than the townhouse. But getting tenants willing to pay for so much will be more difficult than in the townhouse.

Is there any chance that house prices will skyrocket again? In that case I might as well go for the house as it is good enough for a permanent place. Recently met someone who feels it will as there is just so much money out there and such low interest rates, it is similar to the recovery of the 01 recession.

Any thoughts?

The trouble with new construction in Dallas is that there is always more room to build more homes, so recent construction values stay capped by the new construction it competes with. Why will somebody want to buy your 10 year old condo in 2016 when they can drive a few miles down the road and get a brand new one straight from the developer?

An older home with a good location can have a bigger upside. For example, I bought a home in Hollywood Heights in 1998 that sold for a 50% profit in 2001. All I did to that house was paint two rooms. The condo I owned in Oak Lawn between 2003 and 2008 only went up $4,000 in 5 years and I put at least 25K into it.

I think it's also very important to think about the lifestyle you want to have.

- Do you want to be close to bars, shopping, groceries, schools?

Think about the relationship you want to have with your neighbors.

- Do you want to argue with your neighbors about how much to pay for pin striping the parking lot?

Think about how much time you want to spend fixing things?

- Do you want to mow the yard?

Ultimately, the buyer of your next home will probably value the same things you do, so better understanding what is important to you about where and how you live will help you make an informed choice that will serve you both as you live there and later when you rent or resell.

Although this thread is perfectly OK in OMNI, we're going to move it to our Regional Forum that covers Dallas. That move will likely reach additional FT'ers who might want to weigh-in.

Please follow in its new home.


_____________________

Cholula
OMNI Co-Moderator

Recently met someone who feels it will as there is just so much money out there and such low interest rates, it is similar to the recovery of the 01 recession.

Any thoughts?


I'm skeptical to take financial advice of the magnitude of buying a home from anyone I've "recently met." The '01 recession was not as far reaching nor long as the current recession. Consumers have cut back spending (due to lost/reduced income, ARM's finally adjusting, credit limit decreases, fear, etc.); but most Americans are still laden with debt and fearful to lose their job. The pace of hiring is still VERY slow.

Also, as a former Dallas resident, I'd steer clear of the south suburban area. I'd be looking at the "M Streets," Lakewood, and (select areas of the) Lake Highlands neighborhoods of east Dallas from a location, location, location perspective. From a school district perspective, you'd be in Dallas. The kids would have to go to private schools.

I have several friends in McKinney who love it, and the school district is one of the highest-rated in the USA. And as builders keep building farther north (Melissa, Anna, etc.), I suspect there might be home value increases in Allen/McKinney/North Plano as these suburbs are closer to jobs, nicer dining options, malls, etc.

I am looking at a house built in '86 that does not have a sprinkler system, considering how bad foundation problems can be, is it worth going for this?

Also, as a former Dallas resident, I'd steer clear of the south suburban area. I'd be looking at the "M Streets," Lakewood, and (select areas of the) Lake Highlands neighborhoods of east Dallas from a location, location, location perspective. From a school district perspective, you'd be in Dallas. The kids would have to go to private schools.


May i know what you mean by "M Streets"?

May i know what you mean by "M Streets"?

The "M Streets" is a neighborhood - it should be familiar to any reputable Realtor you work with. They are the streets (mostly beginning with "M") that are east of I-75 north of Knox/Henderson, south of Mockingbird, that surround the Greenville Avenue corridor. This has been a very desirable neighborhood, particularly since the mid-90s when lots of young professionals started buying these houses as their occupants aged/died and refurbishing them.

The Fort Worth equiv of the "M Streets" is Arlington Heights although we are about a decade behind the curve on the refurbishment.

I am looking at a house built in '86 that does not have a sprinkler system, considering how bad foundation problems can be, is it worth going for this?

Would buying a house that has always been a rental property, be a risky one? especially something that does not have a sprinkler system? I'm thinking that the tenant would not have taken good care of the property. This house also has a lot of updates done to it.

When you mention "sprinkler system", I gather you're referring to the outside variety. Yes, they are more cosmetic than hoses, etc., but can become troublesome (like children) as they age. Maintenance-intensive may describe some well. Look at it this way....Come July, a brown yard needs less mowing! A couple of tractor tires converted to flower planters, old car batteries edging the flower bed, and an occupied double gunrack in the back of your pickup, and the neighbors won't complain.

Previously rented or owner-occupied? Well, owners and their families are generally less destructive than your average renter, but updates and cosmetics by the owner can remedy a lot of shortcomings.

Keys? A good inspector; HVAC (age, condition); Roof; Plumbing, inc. HWH; Electrical, inc. adequate circuits; insulation (attic/walls); Windows and doors, operating hardware and exfiltration/infiltration, Foundation condition? Place tennis ball on floor inside front door. If it rolls to back corner of house, selective subsidence has occurred. If dining room has 6" step in middle of room, situation worse. Consult Starwood Lurker for remedies or suicide pills.

If it looks and feels comfortable and the price matches comparables close by, you only live once, so go for ti.

When you mention "sprinkler system", I gather you're referring to the outside variety. Yes, they are more cosmetic than hoses, etc., but can become troublesome (like children) as they age. Maintenance-intensive may describe some well. Look at it this way....Come July, a brown yard needs less mowing! A couple of tractor tires converted to flower planters, old car batteries edging the flower bed, and an occupied double gunrack in the back of your pickup, and the neighbors won't complain.

Previously rented or owner-occupied? Well, owners and their families are generally less destructive than your average renter, but updates and cosmetics by the owner can remedy a lot of shortcomings.

Keys? A good inspector; HVAC (age, condition); Roof; Plumbing, inc. HWH; Electrical, inc. adequate circuits; insulation (attic/walls); Windows and doors, operating hardware and exfiltration/infiltration, Foundation condition? Place tennis ball on floor inside front door. If it rolls to back corner of house, selective subsidence has occurred. If dining room has 6" step in middle of room, situation worse. Consult Starwood Lurker for remedies or suicide pills.

If it looks and feels comfortable and the price matches comparables close by, you only live once, so go for ti.

The reason I was looking for sprinkler system is b/c foundation problems are less for houses that have and use them.

May I know what you mean by the bolded portion?

before establishing permanence, i would do a couple driving practice runs from the chosen site to the place of employment.

although not on a par with washington dc, many of the traffic routes get really bogged down during rush hours.

also, remember to budget a couple hundred dollars a month for texas tollways expenses. they are now more expensive than the italian autoroutes.

before establishing permanence, i would do a couple driving practice runs from the chosen site to the place of employment.

although not on a par with washington dc, many of the traffic routes get really bogged down during rush hours.

also, remember to budget a couple hundred dollars a month for texas tollways expenses. they are now more expensive than the italian autoroutes.

I currently live very close to the area I am buying a house. My route does not use toll routes, but is it really couple hundred a month?

I currently live very close to the area I am buying a house. My route does not use toll routes, but is it really couple hundred a month?

it seems to me that the toll roads are over a dime a mile. thousand miles a month in a place as spread out as dallas is not hard to do. add another thousand for the wife, and that's a couple hundred.

http://www.ntta.org/NR/rdonlyres/72F20864-BB9E-4F86-ACE5-089BCCE2EA8C/0/NTTASTollMatrices_PGBT.pdf

looks like $100 is a bit high if you have a toll tag. i did not realize the discount was so big.

i have a toll tag, have used it quite a bit, but never been charged, so i did not know what the toll tag rates were. i only see the money amounts on the booths.

The reason I was looking for sprinkler system is b/c foundation problems are less for houses that have and use them.

May I know what you mean by the bolded portion?

That's a truly visible symptom of a cracked foundation.....

Will a sprinkler system help in preventing foundation problems? Not unless the sprinkleres are close enough to the house to actually maintain moisture content in the soil structure beneath the foundation 9and even then, theoretical solutions often don't work or turn out to be unnecessay. If a house has been there 10-20 years and displays no visible signs of foundation cracking/subsidence, I wouldn't worry. If concerned, I'd seek a reputable (BBB comfortable) foundation company to inspect the foundation.

The entire issue is simply not one to lose sleep over....

1. You don't know where your spouse will be working.
2. The south end of DFW is not as desirable as the north end.
3. Your job offer seems sub-optimal, which leads me to believe you are viewing this as a stepping-stone, rather than a long-term multi-year situation.

Just like uncertaintraveler, I'm saying this respectfully. A house can become an albatross very easily. Your situation doesn't appear to be "settled" enough to rush out and buy a house.

I agree with this fully. Also, my recommendation would be to rent an apartment for a few months, just to get the feel of the DFW market and get a better grip on your personal job situation. It's not fun to sink $200,000 into a property that doesn't meet your needs, doesn't produce income and doesn't subsequently sell, and then have to turn around and move elsewhere and not be able to afford a home that really suits you (because your money is all tied up in the other home). So, take it slow, is my advice.

I am looking at one house that is in a good school zone but which had foundation problems but it looks like its been fixed. Once foundation problems occur and is fixed (they say there is a lifetime transferable warranty) is it very risky?

I am looking at one house that is in a good school zone but which had foundation problems but it looks like its been fixed. Once foundation problems occur and is fixed (they say there is a lifetime transferable warranty) is it very risky?

If I could locate (on the ground and in the phonebook, also) the company which issued the guarantee, I'd be comfortable with the transaction (barring one of those 6 inch stepups in the dining room).

Life is a crap shoot and you can't pass the dice.....

Are settling issues a major area of concern? I am interested in one house that has settling issues and sprinkler system.

Are settling issues a major area of concern? I am interested in one house that has settling issues and sprinkler system.

I'm curious: Who else are you asking these questions to?

Are settling issues a major area of concern? I am interested in one house that has settling issues and sprinkler system.

Who cares dude? It's not going to make a hill of beans difference when that Caldera in Yellowstone blows it's top in three years.

(j/k) :p