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Randy Dodd's Blog

By Randy Dodd | Agent in Abilene, TX

Commitment to Invest in Real Estate: Where the Paper meets the Pin

The Commitment to Invest in Real Estate
The Commitment to Invest in Abilene Texas Real Estate
Where the Paper meets the Pin
In several post over the last couple of weeks I’ve outlined the process of Investing in Real Estate. How to select an Investment Property, how to evaluate the investment and determine selected property will render a return in the investment. If you are an Abilene Texas Investor just now finding my blog in one of the many locations and want to find them it should not be that difficult, My Facebook business page contains most if not all, as well as my web site.
In this post I want to touch on what to do after locating and evaluating the property. You have come to an offer price, Now What? The State of Texas has made it fairly simple for Realtor with promulgated forms (that’s a fancy word).
The Sales Agreement or Contract for Sale is fairly simple well thought out by real estate Lawyers and developed over the years of sale contracts. Your Realtor/Agent and you should be very precise with the terms of what you are looking to do and when, as well as when you want things done. The contract establishes a timeline outlines responsibilities and leads the real estate transaction to closing. Timelines amended its just paperwork to deal with (uhg). Simply Stated: It’s a legal document used in the sale of real estate.
Examples if what you will find on the Contract:
Purchase Price, Down Payment, Deposits & Escrow (where escrow goes), timeframe for agreements and accepted dates along with any contingencies. Then there the proration's of Taxes, Insurances, Buyer & Sellers Commission splits, Contingencies for Financing. Lets not forget timeframe for title work, physical inspection, surveys pest inspections.
A lot of things have to take place to get the deal done. Keep in mind an offer does NOT BUY THE PROPERTY,yes even full price offers... You may get a counter offer on price, closing date, money down or just about anything in the contract.
At this point there is still a long way to go to get the keys in your hand and the property in your name.

Randy Dodd, Realtor, ePro, GRI, TAHS
Licence # 0583833
www.RandyDodd.net

Rosanna's Realty
2301 Barrow Abilene Texas 79605
(325) 692-5275 Office
(325) 692-5277 Fax
(325) 733-4405 Cell Phone
 
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