Buying off market single family home

[Christopher Owens]

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?

[Jerry Puckett]

Hi @Christopher Owens

@Eliott Elias is correct. Now that you have verbal price and term agreement, the next step is to embody that in a contract. In Texas, you'll want to use the Trec one to four single family. If you are planning to finance through a lender, you'll also want the Third Party Financing Addendum

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.

Hope that helps!