Personal Residence Found Off-Market
I've been living in an apartment in Uptown Dallas since I moved here for a job. I recently put in my 60-day notice and started my house hunt throughout the Dallas-Fort Worth area on the MLS. I put in four offers on homes in Coppell, Lewisville, Dallas, and Euless... ALL over asking price (some as much as $10k over asking).
Frustrated, I decided to run a direct mail campaign to areas that I really wanted to live (Las Colinas/Irving/Coppell). I mailed 200 postcards (most of my mailings are 1000+) and received five phone calls. I narrowed my options down to 3 homes and FINALLY put a home under contract as of Friday. In a fast-paced, competitive market, there is nothing better than dealing directly with sellers. Best part is I was able to grab the home at a slight discount.
Here are the #'s: ARV: $310k Repairs: $15k Purchase Price: $270k
The seller wanted $295k, but I held strong at $270k and walked her through the #'s of what she would receive if she listed the home on the retail market.
Bottom line - If you're thinking of purchasing a primary residence in a HOT market, dealing directly with sellers via direct mail may be the best play.