All Forum Posts by: Doug Saylor

Thanks, Steve.  I'm new to this forum.  Is there another/better place to post a language question for an informal offer in Texas?  I did change the title to be more specific. 

We've agreed verbally but are meeting this afternoon to sign the offer.  I'm gleaning this from DeCima's book. 

McLennan CAD Property ID:xxx

Legal Description (partial):xxx Block 3 Lot 4B 5 Acres 0.2083

ADDRESS: 2222 xxxx Ave.

Waco, Texas 76706-2906

DWELLING: The house and outbuilding(s) located at the above address

SELLER:Maria S xxx

BUYER:Waco House BUYER, LLC

TERMS:$xxx Cash

Terms and Conditions

SELLER warrants there are no outstanding “fix-it” letters or letters of demand for repairs, code violations, hazardous conditions or red tags from the city, county, or any other government agency.

Offer is contingent upon BUYER being able to obtain a standard fire insurance policy.

BUYER agrees to waive standard lead-based paint and asbestos tests required for older properties—years built from 1938 to 1952.

SELLER warrants DWELLING is “hooked up” and serviced by city/county water and sewer providers.

BUYER has observed marginal condition of roof on the DWELLING. BUYER will waive roof inspections and hold SELLER harmless for leaks in the DWELLING.

BUYER is aware that there are floor issues. BUYER will waive foundation inspections and hold SELLER harmless for foundation problems.

BUYER has observed possible termite damage. BUYER will waive the termite inspection and accept the DWELLING in “as is” condition.

SELLER warrants there are no unpaid utility assessments or undisclosed debts or liens, recorded or unrecorded, secured by the DWELLING and property being purchased.

SELLER shall remove all personal items, furniture, food or other items that are not part of the real estate within seven (7) days after acceptance of this offer.

BUYER shall have the right to inspect and approve DWELLING and property (inside and outside) with SELLER or her agent within seven (7) days after acceptance of this offer.

SELLER agrees that the heating and cooling unit that was removed from the DWELLING’S front room shall be returned in good working order.

BUYER and SELLER agree to the customary split of closing costs.

SELLER agrees to furnish at SELLER’s cost a Title Policy as part of this transaction.

Upon acceptance of this offer, BUYER or his agent will deliver a deposit of $1,000 to the closing Title Company (to be agreed upon). Closing shall be set for 60 days or sooner and the Balance of the purchase price will be paid at closing.

__________________________________________________________

BUYER’s AcceptanceDateSELLER’s AcceptanceDate

@Jason Carter

We are in a situation where we bought a property at the tax auction here in Texas.  It is not a homestead so the former owner can redeem it for 125% of "Costs" within 6 months.  The question is the definition of "Costs."  

I found that Costs includes "the amount reasonably spent by the purchaser for maintaining, preserving, and safekeeping the property, including the cost of: property insurance, repairs or improvements required by a local ordinance or building code . . ."  

My understanding is that the property cannot be rented out until it meets code.  Now that 125% includes all the additional *allowed* Costs. 

So, I can't go in and start knocking down walls but I can repair that hole in the floor/wall and bring the wiring and plumbing up to code.  

Too, I've found that the former owner can't just show up on my doorstep with a check.  (S)he must petition the court that handled the auction because there may be other liens, etc. that need to be added to her costs. 

(When I started this, I felt like it was going to be a learning experience.)

Thanks, Ben.  We'll see.  I guess if I really thought I was too old, I wouldn't be ordering books to get my real estate license. :-)

I'm too old to get into this but I'm thrilled about starting small and seeing where this takes me and my two sons.   I'm reading everything I can and attended my first webinar tonight.  We bought our first house at a tax auction and it is going to be a real learning experience.   Considering going for my Texas real estate license.