UA Fan

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?

TMOliver

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.

Gregory Nelson

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.

UA Fan

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

Gregory Nelson

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.

UA Fan

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.

TMOliver

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.

UA Fan

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

Gregory Nelson

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.

blueskeyes

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."

UA Fan

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?

UA Fan

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?

TMOliver

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).

UA Fan

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?

TMOliver

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.....