Found a property now what?

6 Replies

I've been doing the "Drive for Dollars" and realized that I wouldn't know what to do if I did find a motivated seller. If I have someone who agrees to sell what's next? Are real estate agents involved or are there forms I can do? If I do the forms myself what do I do next? Thank you.  I'm in DFW Texas if that helps.

You can use TREC contract form. It's a couple of pages long and has all boilerplate language. All you need is to fill the blanks and add whatever special provisions you and the seller agreed on.

Then you bring this contract to the title company. They'll open the escrow and guide you through the rest of the process. 

On the closing date you will have to sign the closing statement at the title company office and wire the money into the escrow account. 

The seller will do their part on the same day. You don't have to be at the same place at the same time.

@Nick B. Pretty much covered the basics. You can get an agent involved the first time. Pay them to teach you how to do it correctly the first time; then go and do it by yourself every other time after that knowing that you didn't miss everything. 

The BiggerPockets Real estate Podcast Episode 446 just covered doing things like that! 

@Federico Curiel once you've found a lead/motivated seller...there's 3 main things you can do. Knock on their door (ooo scary), send them a mailer, OR skip trace them and call/text them. Try to have an idea of what to say before you do either of these, there is tons of verbiage on what to say all over BP and YouTube. 

The "forms" you need are just a Purchase Agreement (between you and seller) - you can get this from a local investor-friendly title company. And then, if you are wholesaling it (assigning it), you'd need an Assignment Agreement, which the same title company may have, OR you can check Wholesaling FB groups, there's plenty of assignment agreements out there in the "Files" sections of those groups.