Broker / Investor with lead on investment opportunity

[Shawn Chervinskis]

I'm a licensed real estate broker in Texas and have focused my real estate activities on helping clients through standard brokerage services: buy, sell, rent, or lease.  I'm in a better cash position than I was when I started real estate and would like to take some opportunities to invest instead of handing deals off to my buyers list.

I have a lead on a property that the owner has vacated.  I was able to contact her and she is interested in selling and it sounds like we're in the same ballpark.  I disclosed that I was a broker/investor at first substantive contact and provided TREC's IBS and Consumer protection notice.  It's not technically a distressed sell as taxes and mortgage are paid.  No divorce or foreclosure.  She just moved out and moved in with family.

I'd like to get some feedback on how to proceed with an offer and what documentation is required as well as what others in my position have done that may not be legally required or required by TREC but a good best practice to ensure the sellers understands the transaction process and the relationship.

For example, I know as a TREC broker, I have to use TREC's promulgated contracts and attachments, even on personal deals.  I think there are some exceptions that say the contract can be drafted by an attorney but the language by TREC is confusing.  

In any case, this is obviously not an intermediary relationship and this person will be un-represented. I will provide a CMA to let her know what the market value is if she went through the rigor of hiring a broker to list the property. I will also provide a net proceeds sheet to show what she's going to clear after closing. From there, I plan to send it to the title company and let it follow the standard workflow.

Any other requirements or best practices for this transaction? 

I'm actually in a similar situation with the sell of my house.  Someone knocked on my door and wants to view and make an offer on my home.  A property up the street was for sale and his family didn't like it but saw mine on Zillow and wanted to shoot his shot.  He also knows I'm a broker.  I advised him if he made an offer he'd have to hire a selling agent at his expense.  He does not want to do that to save money.  Not even sure if I need to provide him a CMA as he's chasing me.  But will definitely ensure that he and his wife understand he is not represented.

Interesting how both of these opportunities have presented themselves within a couple of weeks of each other.   I'm more concerned with the feedback on the first scenario.  Thanks in advance.