New to Real Estate · Bremerton · Member since 2020 · 25 posts · 9 votes
hello friends,
I have the opportunity to purchase a off market single family home but I don't know where to start or what the step by step process is for working with out a agent I have a verbal agreement of price but that is it I am working with a lender right now to get approved for financing but what is next?
Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
4y
What do you plan to do with this property? Flip it? Wholesale it? Pull up the TREC one to four single family contract and start filling it out. There are many step by step tutorials on youtube that defines each section of the contract. Goodluck!
It might be a little intimidating, but just go through paragraph by paragraph filling it out. You can get the legal description of the property on the tax assessor's site.
Decide on your Earnest money, and/or option fee, date of closing etc. Give yourself time for inspection, ask for a survey, etc. Most of the paragraphs the simplest most intuitive answer is the one you're looking for.
Present the contract to the seller, execute, then drop off the contract earnest and option fee at a local title company you've agreed on. The title/escrow agent will take it from there, scheduling the closing, connecting the parties etc.
You make sure to abide by all of the terms laid out and agreed to so as not to default, and the seller needs to do the same. Pay attention to the times, dates and restrictions laid out in the contract which are very simple and straightforward.
Go to closing, sign the docs, leave with keys.
If you have any trouble with the Trec, message me and I'll walk you through it.