TREC 20-12 and Flexible Financing

1 Reply

I am interested in buying a relatively low cost building and I am not worried about financing, but I am still shopping for mortgages and would like to leave my options open. How can I do that using the 20-12 and still remain credible to the seller? My first step is to include a clause that I will not assign, but I am not sure what to put in Paragraphs 3 and 4 or on a 3rd party financing addendum. 

I was thinking of changing $ figures to percentage ranges, but again credibility is necessary. Should I just present the most likely option and include a clause in Paragraph 11 allowing me to modify financing arrangements?

I guess I don't understand your problem.  If you intend to pay all cash, then you won't have any financing to describe in paragraph 4.  If you intend to use purchase money financing, then how much of the purchase price will most likely be financed and how much will you pay in cash out of your pocket?  Seems straightforward enough.  

At the settlement table, all the seller sees is cash.  the seller will not care whether all the cash came from your pocket or from financing.  The TREC form is intended to be used by the licensed real estate community.  If you have a friend in the industry, you might try asking a licensed agent how to fill out the form to accommodate your circumstances.  

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here