Austin, Texas Creative Real Estate Attorney, Realtor, and Investor
As I outlined in my previous article about lease options, the Texas legislature has made it very difficult to sell a house on a “rent-to-own” or lease-purchase basis. The statute – Texas Property Code Chapter 5, Subchapter D, beginning with Section 5.061 - prohibits any executory contract for the sale of residential property if the property [...]
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Buying a house with a wraparound mortgage is one of many ways to buy real estate with owner financing. Any time a seller will finance part of the purchase of a home, it’s usually a good thing, especially if it means you, the buyer, don’t have to apply for a new bank loan. There are [...]
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If you have a basic understanding of owner financing in general and wraparound mortgages in particular, you can sell your house on a wrap, hopefully faster and at a better price than waiting for all cash or a new loan. Like the garden-variety real estate sale, selling on a wrap involves a contract, an inspection [...]
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2009 is a great time to be a first-time home buyer. The real estate market has slowed down quite a bit and prices have leveled off. Interest rates are at historic lows. And the government is practically begging you to buy a house with its first-time home buyer tax credit and super-generous loan programs. If [...]
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The Texas legislature is at it again. Just a couple of years after severely restricting the ability of real estate investors to sell residential property on a lease option or contract for deed, our representatives have passed a law requiring a massive disclosure whenever a seller conveys a house without paying off the underlying mortgage(s). [...]
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Most people are familiar with the Latin phrase caveat emptor, which means “buyer beware,” but investors and other homeowners attempting to sell their houses on a “rent to own,” lease option, or lease purchase should learn a new phrase: caveat vendor, or “seller beware.”
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If you’re a Texas real estate investor, you will have many occasions when you will have to use the TREC form that most realtors use exclusively. My previous article explained how to turn the TREC form into an investor-friendly form. But if there are no brokers involved, or they don’t mind if you and your seller [...]
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If you’re a real estate investor in Texas, you’ve undoubtedly had to submit offers on the standard Texas Real Estate Commission form that real estate agents practically insist on using. Many realtors won’t take you seriously unless you submit your offers on the TREC form. The problem is that the TREC form isn’t necessarily investor-friendly [...]
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The wraparound mortgage is an excellent and perfectly legal way for investors and homeowners to sell their properties faster and for more money than by selling for cash only. It’s also a great way for realtors to get their listings sold before they expire and avoid losing their commissions.
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