IRVING — Seems like buying a home in DFW is getting harder and harder.
“We put offers on 10 different houses bid 20 thousand dollars over, got outbid, cash bids,” said homeowner Daniel Compter. “It’s a little ridiculous but that is just they way the market is right now.”
Compter and his wife looked all over for a place to call home. Finding that dream home was becoming a nightmare.
“We walked into three different houses in a week and each house they said you can’t buy unless it’s a cash offer or the house isn`t going to go for the asking price, you’re going to have to bid over,” said Compter.
Eventually, he and his wife were able to get into a home, but the demand is high in DFW making buying a home tough. According to a new survey from Redfin, millennial buyers are more likely to put in an offer on a home, sight unseen.
“Most sight unseen, I see come from investors and they’re just buying it to try to flip the home or get it for a rental,” Jonathan Wheeler told Newsfix.
Wheeler, with home savvy, flips homes for a living and says as far as DFW buyers are concerned, he’s not surprised many millennials are resorting to quick picks from online sites. But if you plan on flying blind on your purchase, there are some things to keep in mind.
“There could be a crater in the middle of the house and if you didn’t know it was there but you’re buying it with cash, well you’ve got a house with a crater in the middle of it,” he said. “But if you have a conventional loan or an FHA loan or something like that, they are going to find that when you make your offer sight unseen. Because they’re going to want an inspection. They’re going to want an appraiser to go and appraise the property because that’s the lender’s collateral.”
Keep that in mind, because when you invest your cash into a home, you better hope the bang is worth the buck