If the buyer doesn't have the money to purchase out right and needs to go to the bank for financing then the bank requires an appraisal and loan amount is determined by that.
Sure...but some of these pond properties are weekend get-a-ways, 2nd homes...and thus sometimes buyers are not the typical paycheck to paycheck clients buying a cookie cutter home in the city...as usual "it depends". If a property is enhanced by "bling" it could mean a seller is less likely to be "beat down" on price, it could mean the property sells faster than properties without any "bling", it can mean it might sell for above list price due to a bidding war.
In Texas houses are selling like crazy....sometimes over asking price. Look at this story from a Facebook friend of mine just today:
Pete Kerrigan3 hrs ago · McKinney, Tx ·
Received a referral from a past client 3 hours ago traveling here this weekend from Arkansas to buy a home
2:30PM. Called the client in Arkansas, introduced myself and made arrangements to meet with them this weekend to find them a home
3:30PM. Did extensive research on brand-new homes which they requested in northeast and east of the metroplex under $250,000. Just happen to find a brand new loaded 2500 sq ft completed home that came back on the market in Grand Heritage a few hours ago for $244900
3:45PM. Called client to inform him of this property and the likelihood that it would sell in the next 24 hours. I sent him photos and subdivision information along with estimated commute time to his workplace. He was very excited and stated that would be our first stop on Saturday
4:30PM. Client called me back and said he does not want to take a chance on the property and wants to move forward on buying it
5:00PM. Called the builder sales rep and told him we wanted to move forward on the house under the conditions of a stainless steel refrigerator, 2 inch blinds, and $3000 towards his closing costs be paid by the builder in the price we negotiated.
5:15PM. SOLD!!! From client introduction by telephone to contract on home purchase ........total 2 1/2 hours. Look forward to meeting my buyer for the first time and touring the house for the first time that neither I or my buyer have yet to see in person. What a crazy Dallas-Fort Worth Real Estate market!!!!
