Dallas-Fort Worth Real Estate Investor Club

Questions Regarding Purchase Contract

  • 23 Apr 2012 9:41 PM
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    Message # 899496
    Deleted user
    Hello everyone!

    I'm new to this arena and I'm trying to get my feet wet. I had some questions regarding a purchase contract for wholesaling houses. I'm just looking for a happy medium that doesn't confuse me or any prospective sellers.

    What purchase contract is used when locking up a home from a motivated seller?

    Are one page non-TREC purchase contracts enforceable?

    If a one page contract is enforceable, where would I obtain such a contract?

    Does anyone have any referrals for a title company that is as happy to work with the greenest of the green as well as the seasoned investor?


    I appreciate any input that I receive and look forward to participating in the forums. Since I'm new to all of this, I'm looking to build my buyers list as well.
  • 24 Apr 2012 8:21 AM
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    Reply # 900272 on 899496
    Jesus Galaviz
    You might want to try bird-dogging for awhile until you get more familiar with REI.  You can also review the TREC contract class that is available from this site/club to get more familiar with the TREC contract.  Keep in mind that the TREC contract is a standardized form propagated by the Texas Real Estate Commission, so it's pretty comprehensive and well-vetted, i.e. it is the happy medium.  Using a one-page contract would probably just open up you and your seller to unforeseen problems.
    Last modified: 24 Apr 2012 8:22 AM | Jesus Galaviz
  • 24 Apr 2012 11:04 AM
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    Reply # 900398 on 899496
    Robin Carriger (Administrator)

    Welcome to the game, David.  You definitely want to use the TREC One-to-Four Family (Resale) contract.  If you're wholesaling, you'll also need a separate contract for that.  Feel free to give me a call at 817-300-1132, and I'll be happy to chat with you about some options.

    Thanks,

    Robin
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