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Scam Real Estate Pricing

Boy, If you were an agent and made your living in real estate, you would not believe what goes on in this industry. Oh! Buyer beware and then some…The only way you can detect fraud or unethical practices is to work in and study the market, know your numbers, it’s no surprise that first quarter results are down 30%.  If you read this blog and are a data geek you can find all you need here.  I’m sure you’ve read statements like Dallas market hasn’t taken a hit like the rest of the country.

First of all, you can’t make a blanket statement that sales are not so bad in the Dallas metro area, just take a look at the monthly market indicators as a whole and by area.  The part of the market that is good is the first time home buyer and anything under $300,000 – makes since due do the credit issues facing the world although on the mortgage front Fannie and Freddie are going to start buying jumbo paper (over 729K) starting on May 4th.  That could help the higher end market with financing.  We’ll see…

Anyway, watch out for this tactic by listing agents, especially in short sale scenarios.   Pricing the property 50% off of what the actual value is to get multiple offers.  Then the bank will do an appraisal and mark the property higher to get more offers to get the highest price.  This process could take 3 months or more and longer to close it.  The banks are relentless in these tactics but somehow I understand that and you should too.  Know the value and you’ll be fine – if not  – run, don’t walk away!

In real estate all parties are to be treated fairly, not the case in short sale and foreclosure dealings, sad to say.
Banks and government should not be in real estate but they are by their own doing.  Anything to do with them is frustrating and they have made the market more difficult to even buy a home.   As long as you have patience and are aware of all the strategies and tactics (made up daily) you can make a good buy.  Tons of open houses this weekend, watch out for short sales…by definition they are a pre foreclosure that a lender agrees to sell the home for less than the mortgage due, my experience is it might be better to wait till it goes to foreclosure, and if that happens it means the banks will spend more money to make less and that makes since too. Sad to say.

About Terry W. Smith

Passionate about real estate, positive problem solver, specialty boutique real estate brokerage that does things your way! A full-time Broker & REALTOR®, helping people buy and sell homes in the Dallas - Plano area. Whether you're a buyer just starting out or someone with luxury properties to sell. I have extensive knowledge and experience to help you with your real estate transaction. I am a native Dallasite & know stuff, ask me...

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