Dallas Sellers Are in Trouble

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Some Dallas sellers are finding themselves in a financial trap: they need to sell, but they owe so much on the house that selling it may require bringing their own money to closing.

We just ran into one.

Our buyers found a house in Prosper listed for $1 million. We negotiated it down to $905,000, the seller accepted, and our buyers thought the hard part was over. Then we discovered the seller had borrowed $970,000 to buy the home just a few years earlier.

Suddenly, we had a much bigger problem. Could this seller actually afford to sell the house?

And this wasn’t simply a case of home values crashing. The prices of comparable homes in the neighborhood had been going up. So how did this seller get trapped?

In this video, I trace the decisions that put this homeowner in such a difficult position—from what they paid when they bought to builder upgrades, a premium lot, an expensive swimming pool, mortgage debt, and the costs that hit when it was time to sell.

This raises some important questions for Dallas homeowners and buyers. What happens if you owe more than your house can sell for? Can you overpay for a new construction home even in a neighborhood where values are rising? Are builder upgrades, pools, and premium lots really worth what you pay for them? And what happens if a job relocation or another unexpected life change forces you to sell much sooner than you planned?

The choices you make when you buy a house can determine how easy—or difficult—it will be to sell years later.

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