All Forum Posts by: Leslie McIntosh

Thanks @Guy Gimenez

They said I can do anything I want  but they will not mark it as open house on the mls   So might as well just used aa discount broker it seems   At least for the listing side   
any tips for getting them to mark it as an open house?

Agreed. Talking to my partners about next steps.  
The realtor is happy to mark it open house for me. His broker will not allow it.  🤷🏻‍♂️ 

Thanks!  I am more frustrated that the broker agency refuses to mark it as open on the mls. 
I hear both sides of the open house argument. But I really do not understand it.  
We are open to offers creative or not. We are focused on finding a WRAP buyer for this property though.  
I have been asking to do my own open house for a bit but just not making headway with the broker.  Probably won’t do business with this company in the future.  I will definitely think twice if I see their logo. 

What are the requirements for an owner to hold an open house in Texas?  

I have a townhouse in Spring Branch TX that we are looking to sell owner finance. I have it listed with a broker, but they refuse to hold any open houses. I have been trying to get them to let me host the open house for a couple months now, but the broker is not cooperative and will not post the open house on the MLS. They say I can do what I want on my own. My realtor in Galveston says it is no problem and owners can host their own showings without a RE license. I found this on TREC and sent to my current broker, but they still will not post open house on the MLS:

https://www.trec.texas.gov/agency-information/rules-and-laws/trec-rules

§535.4 License Required

(g) Unless otherwise exempted by §535.5 of this chapter (relating to License Not Required) and §1101.355(d) of the Act, a business entity owned by a broker or sales agent which receives compensation on behalf of the license holder must be licensed as a broker under the Act.

§535.5 License Not Required

( c ) A real estate license is not required for an individual employed by a business entity for the purpose of buying, selling, or leasing real property for the entity. An entity is considered to be an owner if it holds record title to the property or has an equitable title or right acquired by contract with the record title holder. An individual employed by a business entity means a person employed and directly compensated by the business entity. An independent contractor is not an employee.

What am I missing?   

What can I show them to get the approval to show an open house on the MLS with me hosting as the owner of the property?

Thanks!  Les

I tried PenFed for an investment property in TX.  Apparently it has to be a homestead property for the state of TX.  60 day wait times as well as of today.

@Ronald Rohde. Perfect. Thank you! I am working with the lender as well. So I can clear these thru them before we finalize the contract.

@Ronald Rohde thanks that is a possibility. Do you have any insight as to which of these would be allowed?

I can have my title company draw up a contract, I was just trying to keep it simple by using the default state form.

Howdy,

I am looking for ways to incorporate known costs into a Texas standard TREC condo form between myself and the seller on an off market deal.

I have a list of things that I want done, so I would like to include these in the contract and bump the sales price to cover these by the seller to minimize out of pocket costs.

I have just completed a remodel on a similar unit in the building so I know pretty much what I want to do this round 😉

New AC needed. $5400

Electrical work needed. $1500

Plumbing work (replace all shutoff valves as recommended by HoA & install shutoff valves for the unit) $1500

SS appliances $1750

Furniture $2500

Lighting fixtures $800

Replace doors and paint $1500

What can be included?

My title company said they would just need an invoice at closing to cut a check to the contractor.

From my research (I am not a realtor) it appears this must go in section 7.d(2) of the form:

https://www.trec.texas.gov/sites/default/files/pdf-forms/30-14_3.pdf

(2) Buyer accepts the Property As Is provided Seller, at Seller’s expense, shall complete the

following specific repairs and treatments: ________

. Do not insert general phrases, such as “subject to inspections,” that do not identify

specific repairs and treatments.)

Looking forward to your feedback. Thanks for the creative financing assist! The last condo put a bigger strain on my finances than I expected, so trying to learn from it this round 😇

Thanks. Les

Thanks.  This house was the short sale, just over a year ago now.  Working to get them to review the appraisal now..  know of any lenders that tend to have better appraisals?  The appraisal game is so overloaded, I am sure we have inexperienced appraisers out there. 

Thanks, Les