Dallas-Fort Worth Real Estate Investor Club

Contract for Wholesale

  • 28 May 2014 10:35 AM
    Message # 1558112

    I have looked back through older posts and could not find this question.  I am sure it’s been covered somewhere else.  If so, sorry for the rehash.

    Does anyone use one of the many one page contracts found on the internet for purchasing for Wholesale? Or.  Do you use the standard forms on the Texas Real Estate Commission’s site?

    I am also curious why you use what you do?

    Dave

  • 28 May 2014 7:58 PM
    Reply # 1558301 on 1558112
    Robin Carriger (Administrator)

    I ONLY use the TREC contract.  Some of the reasons are:

    1. It's the contract every Real Estate agent in Texas uses for One-to-Four Family Resale Real Estate.
    2. It's regularly reviewed/updated by full-time Real Estate professionals and Real Estate attorneys.
    3. Both 1. and 2. above make sellers as well as buyers more comfortable than they would be with a contract that was drawn up by "God knows who" that may or may not stand up to legal scrutiny.

    Robin Carriger - 817-300-1132
    Accelerated Property Solutions, Inc.

    Last modified: 28 May 2014 8:01 PM | Robin Carriger (Administrator)
  • 28 May 2014 10:55 PM
    Reply # 1558337 on 1558112
    Deleted user
    TREC form. There is no good reason to use anything other.

    Kyle McCaw
    817-559-3163
  • 29 May 2014 6:52 AM
    Reply # 1558408 on 1558112
    Deleted user

    Agreed 100%.  Use the TREC Contract and addenda.

    Tip:  get someone to teach you how to fill it out.  I thought, somewhat arrogantly, that I didn't need anyone to tell me how to fill out a fill-in-the-blank form, and filled out my first contract without any education.  I then second-guessed myself and asked a pro to review it.  I was mortified at how many mistakes I'd made, some of which were potentially very costly.  

    Learn from my mistake, and ask a pro to teach you what to do before you're signing with the seller.  If you've got a good relationship with an experienced realtor or investor, ask them to teach you how to fill it out and what the different clauses mean (because some sellers will ask).  Otherwise, ask around until you find someone who will meet with you, and use it as a way to kick off a new relationship.  Failing that, buy the course available through this website.  

    This will increase your confidence when you're at the table with your seller, it will increase the seller's confidence that you know what you're doing, and it will keep you from avoiding potentially costly mistakes. 

    Good luck!
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